Removal of the upfront payment discount and voluntary repayment bonus
There are currently two Bills before Parliament that may remove the 10 per cent upfront payment discount and the five per cent voluntary repayment bonus. If either Bill is passed, the discount and the bonus may be removed. The earliest this may happen is 1 January 2015, depending on the passage of the Higher Education Support Amendment (Savings and Other Measures) Bill 2013. For more information on the Bill’s status, visit the APH website.
If that Bill is not passed, then the earliest that the discount and bonus can be removed is 1 January 2016. This depends on the passage of the Higher Education and Research Reform Amendment Bill 2014. For more information on the Bill, visit the Budget - Student Overview page.
Additional updates will be published as further information becomes available.
Note the two Bills have now passed Parliament. For updated information about these changes, see the following webpage - Loan Repayment.