HELP Loan Repayment: Who Qualifies and What You Get
Learn how income-contingent repayments work for your Higher Education Loan Program debt and how to manage your balance.
This scheme provides a way for individuals to pay back their Higher Education Loan Program debt based on how much they earn.
Who it's for
This is for individuals who have an outstanding debt through the Higher Education Loan Program (often referred to as HELP or HECS).
What you get
You receive an income-contingent repayment schedule. This means your repayment amounts are tied to your income level rather than a fixed monthly payment.
What it costs you
You do not pay a fee to join the scheme, but repayments are handled through automatic withholding. Once your income reaches a certain threshold, your employer will deduct the required amount from your pay to put toward your debt.
The catch to know
The balance of your debt is subject to indexation, which is an annual increase applied to the total amount you owe. It is important to check your current balance in May before this annual indexation is applied to ensure you have an accurate view of your debt.
How to apply
- Monitor your income levels to see if you have reached the repayment threshold.
- Check your debt balance annually to track indexation.
- Ensure your employer has your correct details for automatic withholdings.
- Log in to the official tax portal to view your current balance.