Higher Education Loan Programme (HELP)
HELP (new window), formerly HECS or HECS-HELP, is a university place subsidised by the Commonwealth Government. This is also known as a 'Commonwealth supported' place.
HELP is a loan paid directly to your education institution which covers most of your tuition fees - you make a contribution to the cost of your education but the federal government pays for most of it.
FEE-HELP
FEE-HELP is a fee-paying place for non-Commonwealth supported university places. FEE-HELP is available for eligible students - it's paid directly to your education institution and you pay the rest.
Time to pay up
If you defer your HELP or FEE-HELP payment, the Australian Tax Office (ATO) is notified and your debt becomes tied to your tax file number. The interest you pay on your loan is directly tied to the Consumer Price Index (CPI).
Unless you want to make a voluntary payment (new window) - for which you receive a 10% discount on lump sum payments over $500 - compulsory repayments only start when your annual income reaches a certain threshold. In the 2007-08 financial year, the threshold is $39,825. To find out more, visit the Australian Tax Office (new window).
There is a maximum amount you can loan through this system. In 2007-08 the maximum loan to cover tuition fees is $80,000, or $100,000 for dentistry, medicine or veterinary science. These limits may change each year so check with the ATO if you need further information.
TAFE courses
Type 1 TAFE courses have a tuition fee with a minimum charge of $50 and a maximum of around $839. Your books and materials are extra. These places are supported by the federal government.
Type 2 TAFE courses aren't supported by the federal government and you have to pay your tuition fees to the institution directly.
Financial assistance
If you're under 25 and studying full-time, you may be eligible for Youth Allowance, a fortnightly payment made to you by the Australian Government while you are studying.
If you're 25 or over and studying full-time, you may be eligible for Austudy.
See what government assistance you may be eligible for or find out how to qualify for Centrelink (new window) payments direct.
Scholarships
Most institutions offer a range of scholarships, awards or bursaries. Visit your university's website to see what's available or see our 'Scholarships and Philanthropic Programs' page for more information.
Need help sorting your finances?
Most people need some sort of help when it comes to managing their money.
Visit the source (new window) for information about managing your money while studying or visit our pages in the 'Managing Money' section for tips and advice.
Emergency! Emergency!
If you find yourself under financial pressure your TAFE, university or student union might be able to help with an emergency loan.
These are usually provided for essential services like rent, household bills or medical expenses. Failing that, your bank, building society or credit union might also be able to help.
Links
Centrelink - Youth Allowance
Explains who is eligible for Youth Allowance payments, what is considered full-time study, how to claim payments, how much you will get and more.
Going to Uni
Federal government information about HELP and FEE-HELP.
The Australian Tax Office - Overview of the Higher Education Loan Program
Information about the changes to the HELP system.
The Source - Money For Study
Information and links about how to juggle finances while studying, get loans and apply for financial assistance.
The Victorian Tertiary Admissions Centre (VTAC)
Detailed information about processing fees, course codes and scholarships in Victoria.
