HECS Debt

HECS Debt

Higher Education Contribution Scheme (HECS) and Higher Education Loan Program (HELP) is a form of government loan with repayment incorporated in the tax system. This loan is provided for tertiary education, which you need to repay as soon as your income reaches more than the minimum repayment threshold.

Tertiary Education Repayment

Yearly adjustments are made on repayment thresholds to implement the changes of your weekly earnings on the average. There is a list of repayment thresholds as well as the rates on compulsory repayment of HECS and HELP loans. The table shown is for the financial year of 2013-14.

Taxable Income Repayment Rate (2013 - 2014)
Below $49,096 Nil
$49,097–$54,688 4.0%
$54,689–$60,279 4.5%
$60,280–$63,448 5.0%
$63,449–$68,202 5.5%
$68,203–$73,864 6.0%
$73,865–$77,751 6.5%
$77,752–$85,564 7.0%
$85,565–$91,177 7.5%
Over $91,178 8.0%