HECS vs Full Fees (1 Viewer)

[nickyroony]

Dunno where this should go, so I'll just chuck it here.

Anyone know the real pros and cons of both HECS and full fees? In the end, which one do you end up paying more on, and by how much? I've heard in the end paying full fees end up making you pay less (since you need to pay interest on HECS), but dunno how true that is. Any clarifications?

 

[Generator]

Full fees costs at least triple what HECS does.

Just to add to the above, for the current HECS-Help rates, go here.

Also,

Loan fees, interest and indexation

There are no loan fees charged on HECS-HELP loans. All HECS-HELP loans are indexed each year to reflect changes in the Consumer Price Index (CPI) but are otherwise interest

Please, visit this site. It should provide an answer to any question that you may have regarding the HECS-Help system.

 

[nickyroony]

Breathe man, geez just wondering. I came to this country like 5 years ago okay? So what the hell if I don't know how things work. Back off.

 

[nickyroony]

Sorry if I've offended you by being so "thick". It's attitudes like the one you're giving me that prevent people from asking for the right information for fear of looking stupid.

If you think you're doing people a service by dismissing what I'm asking, think again.

Oh and by the way man, didn't have to send me a PM to abuse too. That's kindda low.

 

[Loz_metalhead]

Don't be so harsh.

 

[nickyroony]

I'm worried that anyone could think like this and more that you couldn't find this out for yourself.

Please inform anyone you may have suggested this thought to that it is in fact incorrect.

I see. Well glad you're worried about others and sorry that I may have misled someone. You could've said so in a nicer way.

Anyway, now that I know the difference, peace out.

 

[nickyroony]

Yeah I'm a citizen. See, what led me to believe that full fees might be cheaper than HECS is that people keep telling me HECS is a loan, rather than a government subsidy. And for some damn reason I was told that it ends up being more than full fee cuz you have to pay interest on it (?). So yeah that's why I got confused.

Thanks Generator for the link to the site.

 

[hipsta_jess]

Temp. Res: full fee
Perm. Res: HECS, upfront
Citizen: HECS, deferred if desired.

And, to the thread starter, if you "came to this country like 5 years ago", that means you've spent the majority of your secondary education here, receiving all the same information as "local" students, and .'. you should know all this crap.

 

[nickyroony]

And, to the thread starter, if you "came to this country like 5 years ago", that means you've spent the majority of your secondary education here, receiving all the same information as "local" students, and .'. you should know all this crap.

I spent a large chunk of that 5 years learning English and get through highschool. So excuse me if I'm just starting to get my head around this.

 

[nickyroony]

Ok HECS does have interest.

But, comparatively speaking it's minimal.

Effectively its 25% interest on your loan if you don't pay it upfront (paying up front isn't a discount, you just pay the complete HECS without the interest).

Full Fee you don't pay interest, although if you take out a full fee loan there is interest on that loan.

So effectively you can have a total debt of say 6800 x3 versus 18000 x 3 or more depending on how you fund that full fee degree.

The 6800 is inclusive of the 'interest'.

I see.. that's a LOT clearer, thank you.

Komaticom: LOL nice XD

 

[Monstar]

so how much for a commerce degree?

 

[Templar]

Effectively its 25% interest on your loan if you don't pay it upfront (paying up front isn't a discount, you just pay the complete HECS without the interest).

One off 25% penalty would be a better way to put it, 25% interest just sounds very dodgy and misleading. Actual interest rate is ~4% (or whatever inflation is atm).

I would think your commerce degree costs somewhere around $20k for three years in total.

 

[Raginsheep]

so how much for a commerce degree?

About 6000+ a year.

My advice, you will nearly always come out financially better with HECS than full fee.

 

[vanush]

this thread if seriously whack. out of another dimension.. you got people who like nickyroony who only after 5years of english are using analogies, then you got people who somehow don't know what the fob acronym is. GEEZ

 

[volition]

gooo gooo HECS!!! I think maybe the person you were talking to might have been talking about whether to DEFER your HECS payments or pay them upfront. (rather than "full fee for the degree vs HECs place"). They're different things, but it should be clear now.