What are HECS-HELP loans?

TL;DR

This video provides a brief overview of the Hex and Help Debt, explaining what they are and how they work for Australian students.

Transcript

foreign private wealth I thought I'd do a very quick video this week on the hex and help debt if you are a student in Australia you may have heard of the hex help debt it is what a large majority of Australian students use to fund the course that they are wanting to study the hex help debt is a Australian government loan that allows you to fully fu... Read More

Key Insights

• 🧑‍🎓 Hex and Help Debt are used by Australian students to fund their tertiary education at Commonwealth supported places.
• 🤱 The loans do not cover expenses like laptops, accommodation, or university fees.
• 🧑‍🎓 Repayments for the loans start once the student's income exceeds approximately $48,000.
• 🫥 Hex and Help Debt can be tracked through the MyGov account and are indexed annually in line with inflation.
• 😘 The interest rates on the loans have been historically low, but they have increased recently due to the pandemic.
• 🪈 There are eligibility requirements to fulfill in order to qualify for Hex and Help Debt.
• 👻 Certain courses may allow students to borrow a higher amount, but these are usually science-related programs.

Questions & Answers

Q: What is Hex and Help Debt?

Hex and Help Debt are government loans that Australian students can apply for to fund their courses at Commonwealth supported places. They cover the cost of individual course units.

Q: What expenses are not covered by Hex and Help Debt?

Hex and Help Debt only covers the cost of course units and does not include expenses like laptops, accommodation, or university fees such as amenities.

Q: Are there eligibility requirements for Hex and Help Debt?

Yes, the main eligibility requirements are being an Australian resident, studying at a Commonwealth supported place, and the majority of the study duration being in Australia.

Q: How much can students borrow with Hex and Help Debt?

Currently, the borrowing limit is approximately $113,000. Anything above that limit would need to be funded by the student themselves.

Summary & Key Takeaways

• Hex and Help Debt are Australian government loans that allow students to fully fund their courses at Commonwealth supported places.

• These loans only cover the cost of individual course units and do not include other expenses like laptops or accommodation.

• Repayments for the loan start once the student earns above approximately $48,000, and the interest rate is indexed annually.