Introduction of HESA bill
Proposed changes to the HECS-HELP upfront discount and HELP voluntary repayment bonus in 2014
The previous Government's 2013‑14 Budget included changes to the HELP scheme from 1 January 2014. The legislation to give effect to these changes has been introduced to Parliament. If this legislation is passed there will be changes to the HECS-HELP upfront discount and the HELP voluntary repayment bonus which may affect you. See details of the proposed changes below:
Removal of the HECS-HELP upfront discount
Students enrolled in a Commonwealth supported place can make an upfront payment of all or part of their student contribution for units in a course of study. Currently, eligible students receive a ten per cent discount for any upfront payments of $500 or more. Once the legislation takes effect, students will not receive a discount for upfront payments.
Removal of the HELP voluntary repayment bonus
HELP debtors can make a voluntary repayment towards their HELP debt to the Australian Taxation Office at any time and receive a five percent bonus on payments of $500 or more. If the Bill is passed, the bonus will be removed from 1 January 2014.