What is your HECS debt so far? (2 Viewers)

[Collin]

Exactly. So don't even attempt to ask me how my clever mother got to that conclusion, because it's a $60,000 question an 180IQ genius wouldn't be able to deduce.

 

[boredofschool]

HECS repayments can be avoided by making sure ur income stays below the threshold lol...

but that would probably defeat the whole purpose of going to uni

 

[Lazarus]

Originally posted by JKDDragon
She claims that she's met certain circumstances where for example, people travel overseas for a year or so.. come back and their HECS are gone. Please tell me that's false.

It used to happen... like a decade or two ago. Not anymore.

 

[Ragerunner]

Parents pay for mine.

I pay my parents back when I work.

Not only does it save money, but it is much more flexible since your not paying the government.

 

[Collin]

Originally posted by Lazarus
It used to happen... like a decade or two ago. Not anymore.

See how old she is??

Well isn't that smart of the government. Bet the international departures list was high around the 80s. Hehe.. hehehehehe scammers.

 

[saves.the.day]

Originally posted by Lazarus
It used to happen... like a decade or two ago. Not anymore.

haha i heard about this too. Imagine the amount of people that took advantage of this little loophole

 

[golfstick]

Originally posted by santaslayer
Mine for this semester alone is:

$2888.03 !!

have a fucking cry, mine is slightly over $3300

 

[Ziff]

You could always get your degree here, rake up a massive HECS debt and then travel overseas... and sort of not return ever... this will keep you out of the Australian tax system so you don't have to pay back the HECS

 

[Xayma]

Originally posted by Ziff
You could always get your degree here, rake up a massive HECS debt and then travel overseas... and sort of not return ever... this will keep you out of the Australian tax system so you don't have to pay back the HECS

Or just return to retire.

Hmm are the HECS payments tax deductable or taken from after tax income or before it? *Realises he really should be asking his dad this but he specialises on FBT

 

[redruM]

$0 so far. had to pay upfront for 1st sem. it will start accumulation by next sem....for a very long time

 

[hipsta_jess]

Originally posted by redruM
had to pay upfront for 1st sem.

why?

 

[enak]

Maybe he didnt have his TFN by then.

 

[Minai]

mine's around $7,800 so far

 

[blue_chameleon]

$0.00

Paid upfront for first semester, and the rest will be defered.

Apparently it is cheaper in the long run to defer payment of HECS, which I cant understand why this would be, as there is interest paid the HECS debt, is there not? Wouldnt this mean it would cost more than paying upfront in-full and avoiding the interest.

Did anybody else here of this? Lazarus, anybody?

 

[Generator]

See the indexation thread... No interest is paid, but the debt is adjusted.

 

[mic]

my parents paid for my first semester, and i'll try to persuade them to pay for my 2nd. it's band 1, so it's not TOO bad.

as for the next few years, i'll see how much money i have on me. but i would rather pay my parents back than the government

 

[cayte]

Originally posted by blue_chameleon
$0.00

Paid upfront for first semester, and the rest will be defered.

Apparently it is cheaper in the long run to defer payment of HECS, which I cant understand why this would be, as there is interest paid the HECS debt, is there not? Wouldnt this mean it would cost more than paying upfront in-full and avoiding the interest.

Did anybody else here of this? Lazarus, anybody?

It's got to do with the value of a dollar today -v- value of a dollar in 10, 15 years time. Even after regarding the CPI (which is what increases the value of your debt), the value of {a dollar/the cost of living} today is likely to be larger than {a dollar/the cost of living} in ten years time. That is to say, for example, what you may have paid $2000 for in 1990 you might pay $4000 for today. So, unless you are to start having to pay off your HECS debt as soon as you graduate (thus minimising the increase in the cost of living and meaning the debt is worth much the same as when you incurred it), you are better off deferring the payments. Of course the 25% discount is a sweetener for upfront payments, but economic analysts have shown that even taking this into account you are usually better off deferring.

Crystal clear?

That said, my debt is still 0 (thanks to my own bat, not my parents).

 

[crazybrad]

i think we all have fallen into the trap in signing documentsand not actually knowing what we are getting ourselves into.

 

[boredofschool]

advice I got from my economics teacher at school was....
don't be in a hurry to pay off ur hecs debt cause its the lowest interest rate u'll find around

 

[iambored]

Originally posted by mic
as for the next few years, i'll see how much money i have on me. but i would rather pay my parents back than the government

and you'll be paying them without 25%

Originally posted by boredofschool
advice I got from my economics teacher at school was....
don't be in a hurry to pay off ur hecs debt cause its the lowest interest rate u'll find around

yeah i've heard that as well!