Who should read this information?
Changes to repayment arrangements
Repayment rates for 2006-07 income years
Repayment rates for 2007-08 income years
Further assistance
Who should read this information?
You should read this information if you incurred a loan under any of the following schemes:
- Higher Education Contribution Scheme (HECS)
- Postgraduate Education Loan Scheme (PELS)
- Open Learning Deferred Payment Scheme (OLDPS)
- Bridging for Overseas Trained Professionals Loan Scheme (BOTPLS).
See also:
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Changes to repayment arrangements
Prior to 1 January 2005, any HECS, PELS, OLDPS and BOTPLS debts you incurred were added together and collected as one debt, called an accumulated HECS debt.
On 1 June 2006 your accumulated HECS debt became an accumulated HELP debt. Any HECS-HELP, FEE-HELP and OS-HELP debts you incur are added to this debt. You have just the one HELP debt.
Following on from the higher education reforms, since 1 January 2005 the bonus on voluntary repayments changed from 15% to 10%.
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Repayment rates for the 2006-07 income year
The following table gives the repayment rates for the 2005-06 and 2006-07 income year.
|
|
| For HELP repayment income for 2006-07 in the range |
% rate to be applied to total repayment income |
| Below $38,149 |
Nil |
| $38,149-$42,494 |
4.0% |
| $42,495-$46,838 |
4.5% |
| $46,839-$49,300 |
5.0% |
| $49,301-$52,994 |
5.5% |
| $52,995-$57,394 |
6.0% |
| $57,395-$60,414 |
6.5% |
| $60,415-$66,485 |
7.0% |
| $66,486-$70,846 |
7.5% |
| $70,847 and above |
8.0% |
Repayment rates for the 2007-08 income year
The following table gives the repayment rates for the 2007-08 income year.
|
For HELP repayment income for 2007-08 in the range |
% rate to be applied to total repayment income |
| Below $39,825 |
Nil |
|
| $39,825-$44,360 |
4.0% |
| $44,361-$48,896 |
4.5% |
| $48,897-$51,466 |
5.0% |
| $51,467-$55,322 |
5.5% |
| $55,323-$59,915 |
6.0% |
| $59,916-$63,068 |
6.5% |
| $63,069-$69,405 |
7.0% |
| $69,406-$73,959 |
7.5% |
| $73,960 and above |
8.0% |
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Further assistance
For further assistance on repayments contact the Tax Office on 1300 720 092
and ask for the Repaying your HECS debt 2006-2007 (NAT 3913) booklet.
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