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Whats going on with HECS ? (1 Viewer)

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Nah_f_u_studies

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This year’s Federal Budget has bought some bad news for students: discount incentives for those repaying their HECS debts will be reduced from the first of January, 2012.

The changes proposed by the government include:

a reduction in the HECS-HELP discount applied to up-front student contributions of $500 or more before the census date from 20 per cent to ten per cent
a reduction in the HELP voluntary repayment bonus applied to voluntary payments of $500 or more from ten per cent to five per cent.

Anyone care to interpret for me plz ?
 
jamesfirst

jamesfirst

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i dont get it. but it sounds fucking bad cos you said it was a bad news.


OMG. I have to get HECS. I cant afford uni fees.
 
K4M1N3

K4M1N3

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At least we are eligible for hecs, a friend of mine from south africa isn't an aus citizen, so he is pretty much fucked....unless he gets a scholarship.
 
Hermes1

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K4M1N3 said:
At least we are eligible for hecs, a friend of mine from south africa isn't an aus citizen, so he is pretty much fucked....unless he gets a scholarship.
Click to expand...
im a permanent resident. can i still get hecs.
 
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Nah_f_u_studies

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Thats really unlucky does Australia do full scholarships or is that just America ?
The website said it was bad news and i think it means that if you are repaying HECS before you earn however much then you still pretty much have to pay most of it ... if u get my drift
 
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funnytomato

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Nah_f_u_studies said:
This year’s Federal Budget has bought some bad news for students: discount incentives for those repaying their HECS debts will be reduced from the first of January, 2012.

The changes proposed by the government include:

1. a reduction in the HECS-HELP discount applied to up-front student contributions of $500 or more before the census date from 20 per cent to ten per cent
2. a reduction in the HELP voluntary repayment bonus applied to voluntary payments of $500 or more from ten per cent to five per cent.

Anyone care to interpret for me plz ?
Click to expand...
say the student contribution is 5000 dollars each year

if you're PR, you'll need to pay the full amout upfront

if you're an Australian citizen, you can choose either option 1 or 2.

1 is quite simple, you just need pay 4000 upfront, which will be raised to 4500

for 2, if you take a loan for it, you don't need to pay it back until you earn more than approximately 40k p a , once your income exceeds that, a small percentage of your income will be used to repay the loan(full amout), which does not generate interest, but will be adjusted according to CPI
However, if you choose to pay for it voluntarily, you'll get a discount. Say there's 1000 remaining on the loan, and you wish to pay it voluntarily, you'll only to need to pay 900, which be raised to 950

and the "over 500" just means you can choose to take a loan for part of it and then pay remaining amout upfront
 
s2 SEductive

s2 SEductive

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Lol to those that aren't citizens have to do some stupid test . GL with that :p
 
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