If you're looking to apply for university next year, we have designed a short course that goes through everything step-by-step. It covers how to order your preference list, how applications are assessed and how to get multiple offers! Check it out: yourcompass-university.thinkific.com/courses/application-optimisation
I graduated uni in 2013 with about 30k of HECS. I was lucky enough to be gaining full time employment straight away but now 10 years later I still have about 9k left in HECS. I’ve just done my tax return for FY 22-23 and it shook me the CPI jumped from 0.5-1.5% in the previous years to 7.1% this FY. This encouraged me to pay off all my tax return money towards paying off HECS.
Extremely surprised to see that so many people don’t exercise even the most basic caution and at least have a read through the terms of the largest financial arrangement they’re about to enter in their youth.
I had no idea about how the indexing adds cost to a student or graduates HECS debt. They don't go around advertising that, wish that they were more transparent about that before starting studies.
My thoughts exactly, Branden! It’s a real shame because our system is actually pretty good in comparison to other countries but this has caused students to completely neglect the financial aspect of studying leading many to sign themselves up for debt they never needed 😔
Keep in mind that it’s just indexation. Meaning the value of the loan yesterday will always be equal to the value of the loan tomorrow. The government aren’t making extra money, just making sure they don’t lose out on the loan they gave you once the cost of living and wages goes up
@@Anthony-si8ihtrue but one issue is as everything else adjusts its prices for inflation by increasing prices of products/services etc, Allot of peoples salaries aren’t adjusted nearly as much to offset those increases in prices. So those people are still worse off not knowing about the indexation hecs debt adjustments.
I started with $83k in debt and thanks for indexing its not around $95k . Buy the EOFY I’ll have paid 9k towards it. I’m gonna chuck all my tax back towards it plus around $25k of my own money. I can’t stand having this debt hanging over my head. Also seeing 10% of my pay disappear each week hurts. This whole indexing thing was NOT made clear to me. Without making extra payments I’d be paying this off for 20 years thanks to indexing
As an employee of TAFE NSW this is a great tool for us as well to support students. I do a lot of my own research but we are not given a lot of education on how HECS and fee help works. We do have a student finance team but being so incredibly busy this is going to help me a lot
As I said in the video, you are VERY rare and I am very impressed! haha If you know anyone else starting uni and you feel like this could help them, maybe share this video with them? It would really help us out and it would potentially help them too 😁 Regardless, thanks so much for watching and commenting! Really appreciate it!
I'm so glad you found it helpful!! Sorry for the late reply. From memory, when you are in the student portal, viewing the Outstanding Payments section, there should be option to defer payment onto HELP loan. But this process likely varies from uni to uni so I would recommend contacting student support and they should definitely know the process for you specifically!
HECS fees have really exploded over the past 15 years. My masters degree at UQ cost $9000 total and because I was working full time I was able to pay it off in a couple of years.
This is the part I don’t understand , I will be working full time while doing my degree and earn about 83k so will I pay it off from the start or do you wait for the course to finish ??
I am an Australian Permanet Resident and on the website it says that I am not eligible for a HECS-HELP even though I am enrolled in a CSP program. It would also mean that I can not get FEE-LOAN as well. but it shows my HELP Balance as $113,028. Is that of no use now??
Does anyone know whether or not there is a way to get your nsw help debt refunded if you never finished any degrees or unfinished units due to lifelong disability that have been diagnosed with and were not aware of having at the time but that limited ability to study?
Another thing to note as well as that indexations doesnt start until after 1 year from graduating. i.e. if u graduated 2022, it will index first at June 1st 2023.
"Back in my day"...(2003 Graduation) discount incentives were applied to HECS Loans psid off in full AND Loans where a "substantial lump-sum" payment was made. Does this still apply?
Apart from Engineering and Medecine getting into Debt is a good idea because after that one will make a good contribution to the entire society no matter where one lives or sojourn In Australia.
Fee-help is the only option for courses that aren’t CSP, unfortunately :/ But it’s not too late to join a CSP course, please take a look at my reply to your other comment on this video: th-cam.com/video/WbyQ5IlvmFI/w-d-xo.html
I’ll simplify it for you. They always said it was an interest free loan to help Australians get educated…but the government has printed so much money and regulated the free market that the charge you interest on your loan because your loan is a liability for them. It’s a scam. Otherwise only rich kids would go. My 60k loan went to 65k in one financial year, so you pay the 5k from your tax return and it stays at 60k. The 7.1 percent last year was to scare the shit out of ppl not paying off their loan.
It’s a scam that the government pays off a huge percentage of your student loan? It’s a scam that domestic students pay a quarter of what international students pay for their loan? It’s a scam that you didn’t decide to pay your fees before indexation rate hit? It’s a scam that you’ve made your HECS loan become a huge 60k? It’s a scam that you didn’t decide to make prepayment for tuition fees just before every consensus date?
Don’t be silly, there’s no need to apologise! It is all very confusing so I am more than happy to help. You can technically start making repayments whenever you want. But when your annual income reaches the compulsory repayment threshold (which for 2021-2022 is $48,361) then you are required to start paying back your loan. The amount you will have to repay will depend on your annual income each year. The way you make these compulsory repayments is usually automatic. Your employer should withdraw the repayments from your pay check (like a tax). As far as I am aware there isn’t a deadline for when your loans need to be 100% paid off. I hope that makes sense! Don’t hesitate to reply if you have any other questions! 😁
I wouldn't go as far to say it is a scam as I would argue we have the better system compare to other nations. But to your point, students definitely need to be more informed of the consequences of these loans. Hopefully this video helps even in a small way! Thanks so much for commenting!!
I'm not smart enough for uni, I can't drive a car, I'm blind and have autism, bipolar ADII and ADHD so no hope for me most I can get it a $1000 flex credit card with Westpac maybe invest into weight loss and photo shoots and start an onlyfans so I can fix my eyes and pay for a private psychiatrist for my ADHD!!!
As far as I am aware, if we experienced deflation, our HELP loans would actually decrease! If the values on this website (atotaxrates.info/individual-tax-rates-resident/hecs-repayment/) are correct then this actually happened in 1998 where HELP loans were decreased by 0.1%!
If you're looking to apply for university next year, we have designed a short course that goes through everything step-by-step. It covers how to order your preference list, how applications are assessed and how to get multiple offers! Check it out: yourcompass-university.thinkific.com/courses/application-optimisation
I graduated uni in 2013 with about 30k of HECS. I was lucky enough to be gaining full time employment straight away but now 10 years later I still have about 9k left in HECS. I’ve just done my tax return for FY 22-23 and it shook me the CPI jumped from 0.5-1.5% in the previous years to 7.1% this FY. This encouraged me to pay off all my tax return money towards paying off HECS.
Extremely surprised to see that so many people don’t exercise even the most basic caution and at least have a read through the terms of the largest financial arrangement they’re about to enter in their youth.
Very detailed and clear explanation. Definitely needed this starting uni this year!
Thanks for clearing up a lot of the questions I had in my mind.
I had no idea about how the indexing adds cost to a student or graduates HECS debt. They don't go around advertising that, wish that they were more transparent about that before starting studies.
My thoughts exactly, Branden! It’s a real shame because our system is actually pretty good in comparison to other countries but this has caused students to completely neglect the financial aspect of studying leading many to sign themselves up for debt they never needed 😔
Keep in mind that it’s just indexation. Meaning the value of the loan yesterday will always be equal to the value of the loan tomorrow. The government aren’t making extra money, just making sure they don’t lose out on the loan they gave you once the cost of living and wages goes up
@@Anthony-si8ihtrue but one issue is as everything else adjusts its prices for inflation by increasing prices of products/services etc, Allot of peoples salaries aren’t adjusted nearly as much to offset those increases in prices. So those people are still worse off not knowing about the indexation hecs debt adjustments.
I started with $83k in debt and thanks for indexing its not around $95k . Buy the EOFY I’ll have paid 9k towards it. I’m gonna chuck all my tax back towards it plus around $25k of my own money.
I can’t stand having this debt hanging over my head. Also seeing 10% of my pay disappear each week hurts.
This whole indexing thing was NOT made clear to me.
Without making extra payments I’d be paying this off for 20 years thanks to indexing
Finally someones talkng about student debt in Australia!
As an employee of TAFE NSW this is a great tool for us as well to support students. I do a lot of my own research but we are not given a lot of education on how HECS and fee help works. We do have a student finance team but being so incredibly busy this is going to help me a lot
dam going to university in a few days, luckily I watched this video before applying as I now have a deeper understanding. thanks for the video
As I said in the video, you are VERY rare and I am very impressed! haha If you know anyone else starting uni and you feel like this could help them, maybe share this video with them? It would really help us out and it would potentially help them too 😁
Regardless, thanks so much for watching and commenting! Really appreciate it!
Thank you for this! Amazing content, really clear and concise with the information : )
My pleasure! I am glad you found it useful 😁
These content ain't gettin enough appreciation
I'm about to start uni and when I applied, I did this too but I'm still unsure about how this fully works
Dude. Your a legend ..on point no complaints
Awesome video, very clear and now understand the system 👍
Awesome! Couldn’t have asked for a better outcome! Glad you found the video useful 😁
Thank you for making this video, it was very helpful! :)
My pleasure! Thank you for commenting 😁
Thank you for this. I NEEDED THIS
Not a problem! It was my pleasure 😁
Ahhh, this has made it so much easier to understand!! THANK U SM!! Do you know how we put the student amenities fee onto our loan?
I'm so glad you found it helpful!! Sorry for the late reply. From memory, when you are in the student portal, viewing the Outstanding Payments section, there should be option to defer payment onto HELP loan. But this process likely varies from uni to uni so I would recommend contacting student support and they should definitely know the process for you specifically!
superb video, well done!!!
Thanks a lot for sharing man..
Good stuff! Thanks for clarifying : )
HECS fees have really exploded over the past 15 years. My masters degree at UQ cost $9000 total and because I was working full time I was able to pay it off in a couple of years.
And that's why we have a skill shortage and why ppl do not want to go to uni.. it costs tooo much
This is the part I don’t understand , I will be working full time while doing my degree and earn about 83k so will I pay it off from the start or do you wait for the course to finish ??
Amazing video man, i really loved this
Thanks so much for the kind words! I am glad you enjoyed it 😁
Yes, please make a CSP Video
You got it! Thanks for commenting by the way 😁
Hola linda
I am an Australian Permanet Resident and on the website it says that I am not eligible for a HECS-HELP even though I am enrolled in a CSP program. It would also mean that I can not get FEE-LOAN as well. but it shows my HELP Balance as $113,028. Is that of no use now??
Does anyone know whether or not there is a way to get your nsw help debt refunded if you never finished any degrees or unfinished units due to lifelong disability that have been diagnosed with and were not aware of having at the time but that limited ability to study?
Another thing to note as well as that indexations doesnt start until after 1 year from graduating. i.e. if u graduated 2022, it will index first at June 1st 2023.
Negative, mine indexed while I was still at uni
"Back in my day"...(2003 Graduation) discount incentives were applied to HECS Loans psid off in full AND Loans where a "substantial lump-sum" payment was made. Does this still apply?
Apart from Engineering and Medecine getting into Debt is a good idea because after that one will make a good contribution to the entire society no matter where one lives or sojourn In Australia.
Thanks for commenting, James!
Oft i had no idea
great video
Thank you! 🙏🏼
hi I already applied for fee-help. Can I change? I haven't started studying yet but its going to start supper soon
Fee-help is the only option for courses that aren’t CSP, unfortunately :/ But it’s not too late to join a CSP course, please take a look at my reply to your other comment on this video: th-cam.com/video/WbyQ5IlvmFI/w-d-xo.html
Thank you 👍
My pleasure, David!
I’ll simplify it for you. They always said it was an interest free loan to help Australians get educated…but the government has printed so much money and regulated the free market that the charge you interest on your loan because your loan is a liability for them. It’s a scam. Otherwise only rich kids would go. My 60k loan went to 65k in one financial year, so you pay the 5k from your tax return and it stays at 60k. The 7.1 percent last year was to scare the shit out of ppl not paying off their loan.
It’s a scam that the government pays off a huge percentage of your student loan? It’s a scam that domestic students pay a quarter of what international students pay for their loan? It’s a scam that you didn’t decide to pay your fees before indexation rate hit? It’s a scam that you’ve made your HECS loan become a huge 60k? It’s a scam that you didn’t decide to make prepayment for tuition fees just before every consensus date?
Im still a bit confused… when do you pay the loan? And is there a deadline to pay them back? Im still young so sorry for my innocence
Don’t be silly, there’s no need to apologise! It is all very confusing so I am more than happy to help. You can technically start making repayments whenever you want. But when your annual income reaches the compulsory repayment threshold (which for 2021-2022 is $48,361) then you are required to start paying back your loan. The amount you will have to repay will depend on your annual income each year. The way you make these compulsory repayments is usually automatic. Your employer should withdraw the repayments from your pay check (like a tax). As far as I am aware there isn’t a deadline for when your loans need to be 100% paid off.
I hope that makes sense! Don’t hesitate to reply if you have any other questions! 😁
Let me summarise - DON’T DO IT! It’s a TRAP!!
Pay cash or don’t go to uni.
I don’t know if I would go that far but thank you for sharing! 😁
Can international students apply for a HECS-HELP loan ?
Read study assist eligibility for international students
What a scam ....hecs...most students dont realise the consequences of this it could mean 100k to be a barista
I wouldn't go as far to say it is a scam as I would argue we have the better system compare to other nations. But to your point, students definitely need to be more informed of the consequences of these loans. Hopefully this video helps even in a small way! Thanks so much for commenting!!
😊😊😊
Thanks for commenting, Karina!
First!
You did it haha Thanks so much for commenting :)
I'm not smart enough for uni, I can't drive a car, I'm blind and have autism, bipolar ADII and ADHD so no hope for me most I can get it a $1000 flex credit card with Westpac maybe invest into weight loss and photo shoots and start an onlyfans so I can fix my eyes and pay for a private psychiatrist for my ADHD!!!
Rare 😎
🙏🏼
Blah blah blah
What happens if the cost of living for a given year is negative? How would that reflect in the indexing of hec?
As far as I am aware, if we experienced deflation, our HELP loans would actually decrease! If the values on this website (atotaxrates.info/individual-tax-rates-resident/hecs-repayment/) are correct then this actually happened in 1998 where HELP loans were decreased by 0.1%!