What is FEE-HELP?
FEE-HELP is a loan scheme to help students pay all, or part, of their tuition fees. You can only access FEE-HELP if you’re planning to study at a university or other private higher education institution that has been approved to offer FEE-HELP to eligible students.
Am I eligible?
- Be enrolled in an eligible unit of study, offered by an approved FEE-HELP provider, by the census date; AND
- Be an Australian citizen undertaking one unit of study in Australia; OR
- Be a permanent humanitarian visa holder, residing in Australia for the duration of your unit; OR
- Be a permanent visa holder undertaking bridging study for overseas-trained professionals, and residing in Australia for the duration of study.
When do I starting paying back my loan?
You’ll start repaying your HELP debt once your taxable income reaches the compulsory repayment threshold. This threshold is adjusted every year. The threshold for 2016-17 is $54,869.
How much can I borrow?
In 2016 you can borrow up to $99,389 under the FEE-HELP scheme. For students studying medicine, dentistry and veterinary science courses, the FEE-HELP limit is $124,238.
The idea of studying now and paying later is certainly appealing, but exactly how much will you have to pay once your salary reaches the compulsory repayment threshold? The amount is calculated as a percentage of your income, so the more you earn, the higher your repayments will be.
|2016-2017 repayment rates|
|2016-2017 Repayment rates||Repayment % rate|
|$54,869 – $61,119||4.0%|
|$67,369 – $70,909||5.0%|
|$70,910 – $76,222||5.5%|
|$76,223 – $82,550||6.0%|
|$82,551 – $86,894||6.5%|
|$86,895 – $95,626||7.0%|
|$101,900 and above||8.0%|
Can I pay off my debt sooner?
You can make a voluntary repayment on top of your compulsory repayments at any time. If you make a payment of $500 or more, you’ll receive a 5% discount on the payment amount. To get started with your FEE-HELP application, or for more information, you can head to the StudyAssist website.