In 2020 the government is introducing changes to the FEE-HELP and HECS-HELP limits for HELP loans.
We do not have much additional information at this stage, but students can find out more on the StudyAssist Website: 2020 loan limit changes
The following advice was last updated on 1 July 2019. Check the StudyAssist Website for the most current information.
See also: New Student Entitlements Management System (SEMS) portal for FEE-HELP and HECS-HELP Balances
What is the combined HELP loan limit?
The combined HELP loan limit is a cap on what you can borrow from the Australian Government to cover the costs of your tuition fees. The HELP loan limit will replace the current FEE-HELP limit from 1 January 2020.
Do my past HELP or VSL debts count?
Yes. Existing FEE-HELP, VET FEE-HELP and VET Student Loan debts will be carried over and count towards your HELP loan limit.
Any previous HECS-HELP debts will not be included in the HELP loan limit. From 1 January 2020 onwards, new HECS-HELP borrowing will count towards the limit.
How is my available HELP balance calculated?
Your available HELP balance is your HELP loan limit of that given year, minus your HECS-HELP, FEE HELP, VET FEE-HELP and VET Student Loans borrowing.
Taking out a loan will reduce your available HELP balance, and making a repayment will increase your available HELP balance.
When do HELP balance credits start?
Repayments starting from the 2019-20 income year will credit your available HELP balance.
When the Australian Taxation Office (ATO) checks your tax return and issues you with a notice of assessment, they will inform the department of any repayments you made on your HELP debt.
These repayments will credit your HELP balance (therefore increasing it).
What repayments credit my HELP balance?
Any voluntary repayments you make will credit your HELP balance when the ATO tells the department about your repayments.
Any compulsory repayments will credit your HELP balance once:
- you have completed your tax return,
- have been issued a notice of assessment, and
- the ATO notifies the department of any repayments you made on your HELP debt.
Your fortnightly PAYG repayments will not credit your HELP balance until you complete your tax return and it is processed by the ATO.
Where do I find my available HELP balance?
From 1 January 2020, the department will have an application available for students called myHELPbalance. Promotion will occur in the second half of 2019, so keep a look out for more information.