new HECS system (1 Viewer)

[MiuMiu]

You're in debt, they take any money and assets you have to pay it off (I don't think they can take stuff off your family though).

And no, you don't pay interest on HECS but they do adjust it according to the CPI (inflation)

 

[pigs_can_fly]

so with these hecs changes next year, if i start my degree this year, does that mean i'm exempt, like the increases only apply to ppl starting in 05?

 

[Dingo2004]

yes pigs but if u transfer into another course or uni then you will b liable for the new hecs scheme

 

[MiuMiu]

yep thats right pigs

 

[pigs_can_fly]

ok cool...i feel kinda lucky

but of course fees will still rise for us cos of inflation rite?

 

[MiuMiu]

not by that much, probably like $500 bucks

 

[pigs_can_fly]

that's still something

 

[Lexicographer]

Originally posted by Ms 12
You're in debt, they take any money and assets you have to pay it off (I don't think they can take stuff off your family though).

Actually I was reading the HECS book on the way to enrollment the other day. It turns out that HECS is one of those wonderful kinds of debt where the balance is cancelled on occassion of death.

SO, my plan is to go and become a career academic - I'll get a PhD, stress myself out and die of relief when I get the award.

---------
To explain WHY HECS is cancelled at death, I'll use the booklet's explanation of why it was implemented. Back in 1982 students were able to study at university for free. However, this was an extremely expensive system for the government to support, and it was "deemed reasonable" that students would contribute to the cost of providing education which would ultimately lead to a better life for them. Thus, should one die with an outstanding HECS debt, there is nobody left to benefit from that person's studies. Hence it would become unfair for someone else to pay for said studies.

 

[pigs_can_fly]

yeah, but they take it out of your assets/estate, although they can't ask ur relatives for money

 

[jlh]

actually since hecs fees are calculated in accordance with the CPI (inflation), the increase in HECS won't really make a difference to us because wages usually rise in accordance with inflation, so therefore cancelling out the increase in inflation.

hope ya get me, thats not the technical explanation but for those planning to do econ1002, you will learn it!! LOL...

 

[pigs_can_fly]

yeah i know, but while we're still studying and not working, it feels as if its substantially increasing

 

[pigs_can_fly]

yeah...thats wot i meant