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HECS-HELP Debt

Annual Income (before tax)

Income Growth (% p.a.)

Indexation Rate (% p.a.)

Voluntary Monthly Payment

Repayment Schedule

Year	Opening Balance	Indexation	Compulsory	Voluntary	Closing Balance
1	$30,000	$960	$1,300	$0	$29,660
2	$29,660	$949	$1,674	$0	$28,935
3	$28,935	$926	$1,724	$0	$28,137
4	$28,137	$900	$2,131	$0	$26,907
5	$26,907	$861	$2,195	$0	$25,573
6	$25,573	$818	$2,637	$0	$23,754
7	$23,754	$760	$2,717	$0	$21,798
8	$21,798	$698	$3,198	$0	$19,297
9	$19,297	$618	$3,294	$0	$16,621
10	$16,621	$532	$3,817	$0	$13,337
11	$13,337	$427	$3,931	$0	$9,833
12	$9,833	$315	$4,499	$0	$5,648
13	$5,648	$181	$4,634	$0	$1,195
14	$1,195	$38	$1,234	$0	$0

About HECS-HELP Repayments

How does it work?

HECS-HELP is the Australian Government's student loan scheme. Your debt is repaid through the tax system — once your income exceeds the minimum repayment threshold (currently $54,435 for 2024-25), a percentage of your income is automatically withheld by your employer or assessed at tax time.

Key facts

No interest — HECS-HELP debts don't attract interest, but they are indexed annually (usually on 1 June) to maintain their real value.
Indexation — From 2023 onwards, indexation is capped at the lower of CPI or the Wage Price Index (WPI).
Voluntary repayments — You can make extra payments at any time. Since 2017, there's no bonus for voluntary repayments.
Overseas? — If you live overseas and earn above the threshold, you still need to repay through the ATO.

2024-25 Repayment Rates

Rates range from 1% (income $54,435–$62,850) up to 10% (income above $159,663).