HECS / HELP debt
An interest-free government loan for university fees. Indexed each June, repaid via your tax return once you earn over the threshold.
HECS-HELP is the Australian Government loan program that covers most domestic university tuition. There's no interest, but the debt is indexed each 1 June. From 2024, indexation is the lower of CPI or the Wage Price Index.
Repayments start automatically once your income reaches the compulsory threshold (around $54,435 for FY 2024-25) and scale up by income band, taken out of your pay alongside tax.
Voluntary repayments aren't usually worth making unless indexation is high and you have nothing better to do with the cash — the loan is one of the cheapest forms of debt available in Australia.
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