Bonus for HELP voluntary repayments still available

The HECS/HELP upfront discount and the HELP voluntary repayment bonus will continue for the time being.

Legislation to implement the 2013/14 Budget changes to the HECS/HELP program that was to take effect from 1 January 2014 has not been passed by the Senate. This means that, until further notice, if you pay off your debt or make a voluntary repayment of $500 or more you will still receive a bonus of 5%.

Note: the bonus amount relates to the value of the payment made, not the value of the outstanding debt – for example, if you make a $1,500 voluntary repayment, your bonus will be $75 ($1,500 x 5%) and your debt will be reduced by $1,575. You will not receive a bonus on repayment amounts that exceed the debts you have incurred.

The best time to make your voluntary repayment is before indexation is applied to your debt on 1 June. The indexation rate for 2013 was 2.0%. It is important to allow enough time for the payment to be received and processed before 1 June