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OPTIONS FOR PAYING FOR YOUR HIGHER EDUCATION STUDIES

OPTIONS FOR PAYING FOR YOUR HIGHER EDUCATION STUDIES. Presentation outline. This presentation explains the basics about paying for your higher education studies. It will tell you: at which higher education providers you can receive an Australian Government loan or discount

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OPTIONS FOR PAYING FOR YOUR HIGHER EDUCATION STUDIES

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  1. OPTIONS FOR PAYING FOR YOUR HIGHER EDUCATION STUDIES

  2. Presentation outline • This presentation explains the basics about paying for your higher education studies. • It will tell you: • at which higher education providers you can receive an Australian Government loan or discount • the different types of places offered by providers • how Government loans and discounts work • where you can get further information

  3. 42 (includes 3 institutions with equivalent status) can provide subsidised places (Commonwealth supported places) and fee-paying places more than 50 generally have only fee-paying places (a few also offer Commonwealth supported places in areas of ‘National Priority’ – mostly education and nursing) Types of higher education providers These providers offer Australian Government loans to students to pay their tuition costs Private universities and approved private providers Public universities Go to www.goingtouni.gov.au for a list of providers

  4. Types of places – Commonwealth supported • Subsidised by the Government • Students contribute to the cost of the course – the ‘student contribution’ – unless the provider sets a zero contribution • Government sets maximum amount providers can charge • Eligible students have access to a HECS-HELP loan or a 20% discount if they choose to pay some ($500 or more) or all of their student contribution up-front • Mainly in undergraduate degrees

  5. Types of places – fee-paying • Not subsidised by the Government • Students pay cost of the course set by the provider • Government sets minimum amounts for tuition fees but no maximum • Eligible students have access to a FEE-HELP loan for their tuition fees • Most postgraduate courses are fee-paying (except research degrees)

  6. Higher Education Loan Programme (HELP) HELP gives eligible students access to a loan from the Australian Government to pay their student contribution or tuition fee. • HECS-HELP– for Commonwealth supported students • Loan available for the full amount of the student contribution • If student pays up-front, HECS-HELP provides a 20% discount for full up-front payments or up-front payments of $500 or more • FEE-HELP– for fee-paying students • Loan available for tuition fees up to a life time limit of $102,000 for courses in medicine, vet science and dentistry, and $81,600 for all other courses • 20% loan fee for undergraduate courses (added to the loan amount when the debt is incurred but not included in limit)

  7. Accessing a HELP Loan Student applies to a Tertiary Admissions Centre or Provider for Commonwealth supported place or fee-paying place • Student is offered and accepts a Commonwealth supported place Student is offered and accepts a fee-paying place When the student enrols in their course at the provider they decided whether to pay up-front and/or access a HELP loan UP-FRONT LOAN GO TO NEXT SLIDE

  8. Accessing a HELP Loan PAY UP-FRONT Students who do not access a loan must pay up-front. Commonwealth supported students who pay up-front must pay their student contribution by the “census date” (this occurs about 20% of the way into the semester) and must fill out a Request for Commonwealth support form to access Commonwealth support. Fee-paying studentsshould ask the provider about payment arrangements. • HELP LOAN • Commonwealth supported students and fee-paying students must, by the “census date”: • complete a Request for Commonwealth support and HECS-HELP form or a Request for FEE-HELP assistance form • provide a Tax File Number. • Students can make payments before the census date if they don’t want a loan for the full amount.

  9. Repayment of HELP loans • Loans are repaid through the taxation system when a person’s income reaches a minimum threshold ($39,825 in 2007-08) • The more a person earns, the more they pay (ranges from 4% to 8% of income) • Outstanding debts are indexed to reflect changes in the cost of living (by the Consumer Price Index) • No real rate of interest • 10% bonus for voluntary repayments of $500 or more

  10. Further information • Booklets • Information for Commonwealth supported students • FEE-HELP information • The Going to Uni website www.goingtouni.gov.au • Searchable Course Finder • Links to providers’ websites • Online versions of booklets • Student enquiry line – 1800 020 108

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