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 2018-19 is $51,957.
How much can I borrow?
In 2019 you can borrow up to $104,440 under the FEE-HELP scheme. For students studying medicine, dentistry and veterinary science courses, the FEE-HELP limit is $150,000.
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.
|2018-2019 repayment rates|
|2018-2019 Repayment rates||Repayment % rate|
|$55,874 – $62,238||4.0%|
|$62,239 – $68,602||4.5%|
|$68,603 – $72,207||5.0%|
|$72,208 – $77,618||5.5%|
|$77,619 – $84,062||6.0%|
|$84,063 – $88,486||6.5%|
|$88,487 – $97,377||7.0%|
|$97,378 – $103,765||7.5%|
|$103,766 and above||8.0%|