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Old 12-02-2003, 00:41   #1 (permalink)
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Question Can someone give me the low down on HECS?

Ok, so I have finished uni and have around $20,000 to pay back. Currently I am being taxed around $30 a week extra for automatic repayments and for a limited time can receive 15% bonuses on advanced repayments.

What I'd like to know is, apart from the inflation interest this loan accrues, I heard the government want to charge interest on HECS. When is that going to happen and how much time do I have?

Also I heard there is going to be an end to the 15% bonus bening offered, does anyone else know when that time is?

Is there anything else I should know about HECS while I am paying it off?
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Old 12-02-2003, 00:45   #2 (permalink)
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Re: Can someone give me the low down on HECS?

hmm not sure about any of them i just pay when its tax time. The company I work for set aside extra tax for HECS...this may help:

http://www.ato.gov.au/individuals/pa...02/008&mnu=998
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Old 12-02-2003, 01:46   #3 (permalink)
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Re: Can someone give me the low down on HECS?

In my opinion the 15% bonus now is just a nice way of saying that if you dont pay it now we will charge you 15% interest. My bill is roughly the same *sigh*
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Old 12-02-2003, 01:47   #4 (permalink)
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Re: Can someone give me the low down on HECS?

OK sweet - that seems to have answered some of my questions, the important ones anyway.
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Old 12-02-2003, 14:31   #5 (permalink)
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Re: Can someone give me the low down on HECS?

You guys have got your work cut out for you - Uni was an option I couldn't afford. What type of time frame do they give you to pay it back?
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Old 12-02-2003, 14:36   #6 (permalink)
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Re: Can someone give me the low down on HECS?

Quote:
Originally Posted by philbie
You guys have got your work cut out for you - Uni was an option I couldn't afford. What type of time frame do they give you to pay it back?
as long as it takes..you have to earn over 21k a year (i think) before you start paying it back...but interest on it...i have 9k left on mine eeek but when i go back to uni next year its around 12k a year for 3 years SHIIITTE..
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Old 12-02-2003, 14:39   #7 (permalink)
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Re: Can someone give me the low down on HECS?

Well I am some what glad I didnt goto uni, working and paying back all that money, geez, I have done alright I reckon for no Uni :0)

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Old 12-02-2003, 17:25   #8 (permalink)
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Re: Can someone give me the low down on HECS?

$23,450 is the threshold this year I believe, 25348 next year (2004)

Night Lurker - how can you be forced to repay 12k a year ? The upper income bracket only requires contributions of 6% of annual income. U'd have to be on 200,000 a year!

All questions answered here:
http://www.hecs.gov.au/pubs/hecs2004/8.htm

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Old 12-02-2003, 17:31   #9 (permalink)
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Re: Can someone give me the low down on HECS?

Cheapest loan you ever get boys, you simply dont notice it leaving your pay until you finish paying for it, and then you wont believe how much extra your pay is. Definitely pay the lump sums if you can.
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Old 12-02-2003, 18:19   #10 (permalink)
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Re: Can someone give me the low down on HECS?

Quote:
Originally Posted by dave_au
Night Lurker - how can you be forced to repay 12k a year ? The upper income bracket only requires contributions of 6% of annual income. U'd have to be on 200,000 a year!
Sorry should have worded it better...i am heading back to uni next year and the fees are 12k a year. putting it on PELS...
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