HECS or HELP Debts

If you did further study and have a HECS or HELP debt there are a few things to keep in mind. Firstly these debts are increased once per year just like paying interest on a loan.  They are increased or indexed by whatever the yearly inflation figure is on the 1st of June each year.  It will be by about 3% this year. If you are close to paying off your debt then you could consider doing so prior to the 1st of June and you’ll also get a 10% discount for repaying a lump sum. If you pay your debt out in full then when you submit your tax return you’ll get a refund of all the payments taken out during the year.