Changes to Higher Education Loan Programme from 2012/13

The following changes to the HECS-HELP Discount and Voluntary Repayment Bonus are effective from 1 January 2012:

HECS-HELP Discount

The HECS-HELP discount applied to up front student contribution payments of $500 or more made directly to the University, has been lowered to 10 per cent (from 20 per cent).

Voluntary Repayment Bonus

HELP voluntary repayments of $500 or more receive a 5% bonus on the payment. If you pay off your entire debt and the amount is less than $500, you may still receive a bonus.

There are several ways to make a voluntary repayment. For information about voluntary repayments go to HELP and Financial Supplement - voluntary repayments.

The following changes proposed to be effective from 1 January 2013:

Removal of Commonwealth assistance for overseas residents

The Government has announced that, subject to the passage of legislation, it is amending the Higher Education Support Act 2003 to remove eligibility for Commonwealth supported places and the HELP schemes for Australian citizens not resident in Australia.

From 1 January 2013, a person will not be eligible for Commonwealth support or a HELP loan if a higher education provider reasonably expects the person will not undertake any of their course of study in Australia.

Where to find out more

For more information please visit Study Assist or go to HELP and Financial Supplement - voluntary repayments.