HECS-Help and Fee Help (1 Viewer)

[hellomike]

I've been reading the GoingToUni website from the Government and I noticed something. It has never occurred to me to apply for Domestic Fee Paying but isn't this the same as CSP anyway? The Government pays for all your fees but you pay a student contribution. DFE, you pay everything but you can apply for FEE-HELP.

So what's the big difference at the end?

 

[kami]

The loans are pretty much the same, except with a loan for a FEE place there is a cap of 100 grand for medicine, dentistry and veterinary and 80 grand for everything else. There is also a 20% surcharge when you take out the loan. Otherwise the concept is the same (though obviously the amount you need to pay for your degree is different).

 

[hellomike]

So for example, if the annual course fee is $1000, I have to pay upfront $200 and it can't be included in the FEE-HELP?

 

[uhawww]

Actually, I have no idea why the UAC website says the FEE-HELP max is $80k for everything else. According to goingtouni.gov.au: "In 2006, the FEE-HELP limit is $50,950".

It also states "There is a loan fee of 20% for FEE-HELP loans for undergraduate courses of study. The FEE-HELP limit does not include the loan fee." So I think the 20% is just included ontop of the loan and you repay it with the rest.

 

[Rafy]

The FEE-HELP limit was increased to $80 000 (from $50 950) in last year's federal budget.

 

[uhawww]

The FEE-HELP limit was increased to $80 000 (from $50 950) in last year's federal budget.

Oh I see. Would you also happen to know if the 20% 'loan fee' is just on top of the loan and repayed later (like interest) or if it's needed to be payed up front? The way it's worded is a bit confusing on goingtouni.

 

[kami]

Oh I see. Would you also happen to know if the 20% 'loan fee' is just on top of the loan and repayed later (like interest) or if it's needed to be payed up front? The way it's worded is a bit confusing on goingtouni.

It goes on the commonwealth assistance notice, so I think you'd be able to defer it as well. I'm not a 100% sure though.

 

[ari89]

Oh I see. Would you also happen to know if the 20% 'loan fee' is just on top of the loan and repayed later (like interest) or if it's needed to be payed up front? The way it's worded is a bit confusing on goingtouni.

From what I've read, you don't have to pay anything up front. (I got some 60 page booklet on FEE-HELP that the form says you must read before applying for it...)

And if you're gonna apply make sure you have a TFN...

 

[Trebla]

Does anyone actually pay the student contribution upfront? Is it cheaper overall that way?

 

[ari89]

Does anyone actually pay the student contribution upfront? Is it cheaper overall that way?

HECS HELP or FEE HELP student contribution?

For hecs-help it would be cheaper since there would be no 20% loan fee...with FEE-HELP if you pay back some of the loan at a payment of over $500 u get a sizable discount

 

[hellomike]

Thanks for the information.

 

[Rekkusu]

On the Long Run, if you can afford to pay your loan Upfront every semester, it will save you quite an amount.

However, if you are doing it upfront, most likely you'll be needing your parent's help with this.

 

[Huratio]

For fee-help it would be cheaper since there would be no 20% loan fee...with FEE-HELP if you pay back some of the loan at a payment of over $500 u get a sizable discount

You mean HECS-HELP (20% discount on partial and up-front payments)

Whereas FEE-HELP is charged a 20% loan fee.

 

[ari89]

You mean HECS-HELP (20% discount on partial and up-front payments)

Whereas FEE-HELP is charged a 20% loan fee.

Thanks for pointing it out

I edited my post....it was late at night and i meant to say hecs help where the first fee help was (i edited it).

Similarly to with HECS-HELP you get a considerable discount on repayments for Fee-hepl when they're over $500. So it is possible to save a bit of money on your fee-help loan.

And yes I am well aware of the 20% loan fee on fee-help loans

 

[hellomike]

Just to clear everything up, you can choose not to pay anything and ask the Government to pay the whole amount. You then pay an extra 20% of the annual fee.