YOOT

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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Night_Lurker

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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davocol

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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Now the proud owner of an AU xr8 220... OHHH YeAh

YOOT

OK sweet - that seems to have answered some of my questions, the important ones anyway.

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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?

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BSR MERCHANDISING MANAGER

" i will own another V8, just what type of body it's in is another question. "

Night_Lurker

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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Dellboy999

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)

Dellboy999

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dave_au

$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

SM

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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Mess with the bull, get the horns!

Night_Lurker

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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