Hecs help? (1 Viewer)

[j3nay08]

When i enrolled for my degree i elected to pay a $500 upfront payment to receive a 20% discount on my HECS debt; however when i went onto the Fees statement on the SOLS website a summary of outstanding balances lists that i owe $1,664.00 due by the 31st of March and a further $1,664.00 by the 31.08.09. I was hoping to pay my HECS debt after i graduate uni... I thought that by electing to pay the upfront fee i would be entitled to the discount, but not have to pay the fees per semester...

 

[Iruka]

You only get the discount on the bit that you pay up front.

 

[spence]

That's just the due date for if you want to get the discount, if you don't pay the rest it should automatically defer payment

 

[j3nay08]

That's just the due date for if you want to get the discount, if you don't pay the rest it should automatically defer payment

I hope that is the case. According to the site "Late fees are charged on overdue payments and could lead to the cancellation of your enrolment." I'm guessing that if i can't afford to make upfront payments i can contact the uni and nominate to defer my entire loan and not receive the discount, right?

How do you fellow BOS members pay of your loans? Do you make contributions, or alternatively just take out a full HECS loan?

 

[GinoIs]

Full hecs.

You get the discount but at the time being you can use that extra money for the little things in life to get you by and/or enjoying your youth while you still can:

Going out with friends
Saving for that overseas trip during the summer holidays
That motorbike you can cruise around it
A new computer
ipod & car stereo
new clothes?

You have decades to pay off your HECS - and if you're doing a degree which promises a good salary, then i'm sure you can sacrifice that pay. You're only that age once - so might as well enjoy it without the burdon of saving for your HECS.

I'm currently saving up for a new motorbike
And i've got a ski trip planned between the sem1/sem2 break

 

[H@wkeye!]

If you pay up front u get a discount, as said 25%, but paying up front, mean paying the remainder 75% - but i think u've worked this out already.

As said before by... GinoIs, most people defer, i have for my new degree. You only have to repay your HECS after you earn (not sure exactly) more then $45k I was earning $43k last year, and my HECS debt didn't touch my income.

No interest helps heaps too. My ex, was from the US, had a debt of over $100k (aus) which she had 3 years to pay off, before massive interest hit, and it was already being charged interest. In the UK, everyone gets massive overdrafts, so here, HECS, IMHO is one of the best systems for uni payment in the world!

So... USE IT! I know i'm going to (again - don't ask how much i owe already....)

 

[Pwnage101]

if u can pay your stuent contribution upfront before each semester do it, cause u get the 20% discount

and yes, HECS is 'interest free', but remember that it is adjusted to inflation (~3% p.a.), which many people do not know

so yeh, if u dont have the money, don't stress about it

but if u do have he money, i'd suggest u consider paying it...

 

[j3nay08]

...You have decades to pay off your HECS - and if you're doing a degree which promises a good salary, then i'm sure you can sacrifice that pay. You're only that age once - so might as well enjoy it without the burdon of saving for your HECS.

^ TRUE! Thanks for the feedback. I'm more than likely going to defer the entire amount.