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_belstonefox(Newbie)Newbie
15 Feb 2021

Hello,

I'm considering beginning a uni degree that will incur a HELP debt of around $33000. I'm 52, so I'm aware that I won't have a huge amount of time to pay this off before I reach retirement, particularly as I'll be starting at a very low pay scale. I'd like to know what happens to my debt when I retire, please, if my super will be my main source of income? As well, apart from any remaining compulsory repayments, would the rest of my debt be cancelled upon my death?

Any assistance regarding these answers would be greatly appreciated - thanks so much.

31,097 views
5 replies
31,097 views
5 replies

Most helpful response

Most helpful replyATO Certified Response

BlakeATO(Community Support)Community Support
ATO Certified Response15 Feb 2021

Hi @belstonefox,


Your study and training loan, if unpaid at your retirement, will still exist.


This means that if your income passes the compulsory repayment threshold, you'll still be liable for a compulsory repayment, even if your main income source is your super.


When you pass away, all tax returns up until your passing need to be completed.


If your income requires it, the compulsory repayments will still be raised, even if lodged after your passing.


Any outstanding loan which remains after your death is cancelled.


You can read more about loan repayments on Study Assist.

All replies

Most helpful replyATO Certified Response

BlakeATO(Community Support)Community Support
ATO Certified Response15 Feb 2021

Hi @belstonefox,


Your study and training loan, if unpaid at your retirement, will still exist.


This means that if your income passes the compulsory repayment threshold, you'll still be liable for a compulsory repayment, even if your main income source is your super.


When you pass away, all tax returns up until your passing need to be completed.


If your income requires it, the compulsory repayments will still be raised, even if lodged after your passing.


Any outstanding loan which remains after your death is cancelled.


You can read more about loan repayments on Study Assist.

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HECS/HELP debt upon retirement and death | ATO Community