What rate do you pay back HECS?

For the 2021-22 income year, the compulsory repayment HECS-HELP threshold is $47,014…

What is the HECS interest rate?

While there is no interest payable on your HELP debt, indexation is applied in line with changes to cost of living. In 2021 the indexation factor is 0.6%.

How do I find out my HECS debt balance?

For a current balance on your HECS-HELP debt you can either:

1. Contact the Australian Taxation Office (ATO) on 13 28 61 or;
2. view your HELP debt online via the myGov website.
3. Commonwealth Supported students commencing in 2020 and students with an existing FEE-HELP loan can view their HELP debt online via myHELPbalance.

What are the repayment thresholds for HECS-HELP?

2020-2021 HELP & TSL repayment thresholds and rates 2020-2021 Repayment income Repayment % rate Below $46,620 Nil $46,620 – $53,826 1.0% $53,827 – $57,055 2.0% $57,056 – $60,479 2.5%

Are there any tax deductions for HECS HELP?

Are HECS-HELP repayments tax deductible? Voluntary repayments made by you or someone other than your employer are not tax deductible. Your employer may be able to claim a tax deduction for voluntary repayments it makes on your behalf, but it may also be liable for fringe benefits tax on the repayments. For more information, contact the ATO.

What is the Higher Education Loan program ( HECS )?

Higher Education Loan Program or HELP is a loan program to help eligible students enrolled in Commonwealth supported places to pay their student contribution amounts. Before 2005, this was know as “HECS”. HECS-HELP debt has to be repaid through the taxation system once your repayment income is above the compulsory repayment…

When does HECS interest rate start in Australia?

Since The Higher Education Contribution Scheme (HECS) was introduced for tertiary education in Australia, it has charged an “interest rate” on 1 June each year. A few years ago the Government changed the name of the debt to the Higher Education Loan Program (HELP) but it essentially is the same thing.