about Fee paying and the 20% discount (1 Viewer)

[fantasia]

ok thanks for all the replies and suggestions guys!.

at the moment i'm not going to waste 10K each year for full fee access, so i'm planning to apply for a transfer via UAC, to move from commerce to commerce/law within UNSW. If that doesnt work then i'll just do graduate law.

 

[Phanatical]

UWS has Law with a UAI cutoff of just 91 or so.

 

[Phanatical]

Even better, there's parking at UWS too.

And the air's cleaner than in the city.

 

[fantasia]

If you really want to do the course why not do it at UTS as Frigid said. Or is the university choice all that matters.

i want to major in actuarial studies for my commerce degree, but only Macq and UNSW offer that.

 

[Demandred]

SO ...

Not matter what u choose, whether it is HECS or upfront fee paying.... in the end u still pay the same amount after u finished paying what u owe? but HECS gives u are 20% discount of the total sum compared to HECS?

 

[Phanatical]

Theoretically, you owe more money if you defer your HECS payments until after university. However, since this is not tied to inflation, you will still owe X dollars, even when X dollars is worth less in 10 years.

 

[mishka]

there was an interesting article in the Sun Herald yesterday about repaying HECS... they said that you're better off to defer it because interest is based on inflation which is at ~2.5%

it works out different because HECS is government subsidised. full fee paying people get lower UAI (i don't know if that is BECAUSE they're paying or because there's not as many full fee people).

 

[LeftrightOut]

SO ...

Not matter what u choose, whether it is HECS or upfront fee paying.... in the end u still pay the same amount after u finished paying what u owe? but HECS gives u are 20% discount of the total sum compared to HECS?

No. Full fee paying place costs more than a HECS place EVERY TIME. Only people who can not get in via HECS would contemplate fee paying. Full fee paying is also what some graduate courses are.

Let's summarise once more
HECS != full fee paying
HECS=You pay Government
Full fee paying=You pay University
20% discount is HECS not full fee paying, the uni wants it's money NOW and will not give you a discount for it, the government would prefer to have it sooner rather than later so gives you discount.

 

[LeftrightOut]

there was an interesting article in the Sun Herald yesterday about repaying HECS... they said that you're better off to defer it because interest is based on inflation which is at ~2.5%

It depend who you listen to, others argue paying up front is a bigger net gain than you could get by investing the money over the same period of time. It depends on how worried you are about debt, my HECS debt will be fairly decent by the end of the year and the government takes a chunk out of my paypacket come tax time for the privilege. Of course you'd be silly not to defer if you plan on moving and living overseas once you finish uni

it works out different because HECS is government subsidised. full fee paying people get lower UAI (i don't know if that is BECAUSE they're paying or because there's not as many full fee people).

More people want to get in for cheap so HECS demand is high. Not many people can afford the more realistic cost a full uni education so UAIs for full fee paying reflect this.

 

[Mambomeg]

that confused me, so i shall make my own summary.
NB- all payments are done per semester, so you only pay for one semester at a time, or defer payment for one smester at a time.

HECS = cheap, higher UAI. Pay upfront and get 20% off, or defer payment until you graduate and are earning a certain amount (HECS-HELP), and dont get the discount. Limit of 7 years in a HECS place (some exceptions). Only available to Australian citizens and permanant residents, or NZ citizens.

FEE PAYING = Expensive, lower UAI. Have to pay upfront every semester, no discounts. Can get FEE HELP from government, and defer payments of up to $50,000, to be paid back when you graduate and are earning a certain amount. (that 50k limit is going to be increased though i think....)

International fee paying= for international students, must be paid upfront, no discounts.

hope thats all right.... feel free to dispute it.

 

[Generator]

Only three universities in the state (USyd, UNSW, ACU) currently offer full-fee places, right?

 

[LeftrightOut]

that confused me, so i shall make my own summary.

Sounds about right. I left out FEE HELP because anyone contemplating it for undergraduate study will be hit with a 20% loan fee on top of their full uni fees + indexation every year. Which in my opinion means you would be an extremely desperate person to take them up on that offer instead of just going to a bank and getting out a loan.
http://www.hecs.gov.au/pubs/fee_help_2005/assistance/assistance_6_6.htm

Your HECS entitlement also increases once you are over a certain age threshold so you can go back for more HECS places once you finished your initial entitlement.
http://www.hecs.gov.au/pubs/icss2005/part_3/3_6.htm

 

[Mambomeg]

i had a friend who looked into it and she is much better off getting fee help than getting a bank loan, because of the extreme interest rates and the fact that banks arent all that willing to take a chance on students unless they have something to back them up... eg... parents with money.
But vet science is a bit different to most because its $30,000 a year, so i guess it depends on your situation.

 

[acmilan]

So if you pay using HECS do you have to pay the full yearly contribution (say $6k) up front at the beginning of the each year for the 20% discount or upfront at the beginning of each semester (which would be $3k per semester) to get the discount?

And also can you decide to pay for more than what they actually specify, say you have an extra $2k lying around and add it to the $6k per year and use it to get a 20% discount?

 

[Mambomeg]

you pay at the beginning of each semester, and you can only pay for that semester, you cant pay in advance for the next semester. ( i think thats what u were asking... not sure...)