What are the impacts of paying HECS off early after forgetting payments?

Question

AdamH · Accepted Answer

Short answer: If you pay it all off voluntarily, you will not owe any additional amounts. When you lodge a tax return, you repay your HECS debt based on your income. The employer contributions on your payslip are simply extra tax withheld. If not enough has been withheld to cover your tax debt (including compulsory HECS repayment) you will receive a debt for the difference. If too much is withheld, this will contribute to a refund. If you 100% voluntary pay off your HECS debt, there will be no compulsory repayment on your income tax return. Paying my HECS HELP student loan | ATO Community (https://community.ato.gov.au/s/article/a079s0000009GnGAAU/paying-my-hecs-help-student-loan)

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