Tertiary students hit as HECS threshold dives

WEB HECS changes 8 pe c5 20190626
ADDED STRESS: Wangaratta university student Karl Schmidt will be required to start paying his $30,000 HELP debt after he graduates much sooner than expected, eventually joining the 2466 Indi taxpayers who paid $8.6 million in repayments during the 2016-17 financial year. PHOTO: Leah Anderson-Byrne.

LOCAL university graduates should be reminded they’ll be forced to reach in their pockets sooner to pay off their Higher Education Loan Program (HELP) debt, also known as HECS, starting from Monday, July 1.

Under HECS-HELP loan changes made by the Federal Government in 2016, debtors earning more than $45,881, which equates to around $700 take home per week, can expect to start forking out their wages to begin repaying their student debt.

The lowest income threshold to make compulsory repayments was slashed from $55,874 in 2017-18, to $52,957 just 12 months ago, before the impending further $7000 reduction next week.

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