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HECS Vs FEE Loan (1 Viewer)
- Thread starter mija
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Xayma
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HECS-HELP and FEE-HELP serve two different purposes.
HECS-HELP is for HECS courses for Australian citizens. If you defer, you do not pay any extra (except it is adjusted to the CPI to keep it fair), and you may put up to 7 years equivalent full time study towards it.
FEE-HELP is for local FEE paying places, when taking out a FEE-HELP loan a once off 20% administration charge is applied, it is then adjusted in line with the CPI like HECS. Up to $50 000 may be taken out against FEE-HELP (excluding the 20% charge).
Both of them are paid back like income tax once you past a threshold ($36 000 I think).
HECS-HELP is for HECS courses for Australian citizens. If you defer, you do not pay any extra (except it is adjusted to the CPI to keep it fair), and you may put up to 7 years equivalent full time study towards it.
FEE-HELP is for local FEE paying places, when taking out a FEE-HELP loan a once off 20% administration charge is applied, it is then adjusted in line with the CPI like HECS. Up to $50 000 may be taken out against FEE-HELP (excluding the 20% charge).
Both of them are paid back like income tax once you past a threshold ($36 000 I think).
wrong_turn
the chosen one
i still dont get it...
so if you pay full fee, you get the lowered uai, and this is HELP right?
however, with HELP, isnt it like 50 000 grant, and is what if we cant transfer after the first year into a hecs position? arent youo then stuffed?? like when it shows the couse prices, is that per year or all of it together??
so if you pay full fee, you get the lowered uai, and this is HELP right?
however, with HELP, isnt it like 50 000 grant, and is what if we cant transfer after the first year into a hecs position? arent youo then stuffed?? like when it shows the couse prices, is that per year or all of it together??
wrong_turn
the chosen one
but i dont have to pay it at first, the 50 000 grant pays that for me, right?? ???
MoonlightSonata
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Firstly, you can choose whether to pay HECS or FEES.
If you choose HECS, it is the normal UAI cut-off and you will gain a debt which is garnished from your salary once you reach a certain amount.
If you choose FEES, the cut-off will be up to 5 points lower than the HECS cut-off, but you will have to pay upfront and a much larger fee.
Then, if you decide you want to take out a loan to pay for the FEE-paying option, the government will pay the upfront FEE payment for you now and you will have a debt which is garnished from your salary once you reach a certain amount. The maximum amount the government will pay (ie. the maximum loan) is $50,000. Note that borrowing to pay for FEEs will leave you with a much higher debt than HECS. There is also a 20% fee on the loan as well, additional to the amount you borrow.
If you choose HECS, it is the normal UAI cut-off and you will gain a debt which is garnished from your salary once you reach a certain amount.
If you choose FEES, the cut-off will be up to 5 points lower than the HECS cut-off, but you will have to pay upfront and a much larger fee.
Then, if you decide you want to take out a loan to pay for the FEE-paying option, the government will pay the upfront FEE payment for you now and you will have a debt which is garnished from your salary once you reach a certain amount. The maximum amount the government will pay (ie. the maximum loan) is $50,000. Note that borrowing to pay for FEEs will leave you with a much higher debt than HECS. There is also a 20% fee on the loan as well, additional to the amount you borrow.
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wrong_turn
the chosen one
but what if i can get a transfer into a hecs position after the first year?
and also, if i cant get the change first year, what are the chances of changing after second and third etc etc? to be more specific, unsw law.
and say if i cant do this? that means i will be screwed?? :S
and also, if i cant get the change first year, what are the chances of changing after second and third etc etc? to be more specific, unsw law.
and say if i cant do this? that means i will be screwed?? :S
