Is it actually compulsory to pay off a portion of my HECS/HELP loan each pay cycle?
I am confused about the wording on https://www.ato.gov.au/individuals/study-and-training-support-loans/compulsory-repayments/.
I want to know if I can tell my employer to stop withholding HECS/HELP repayments each fortnight and instead hold that money in my own account and pay it off manually each year before indexation is applied on my loan.
Is this allowed?
Hi @Miicah,
We've actually been asked this question before.
Short answer - no.
Your employer must withhold the compulsory repayments.
You're free to make extra repayments yourself throughout the year though, they're applied as soon as they're received.
Hi @Miicah,
We've actually been asked this question before.
Short answer - no.
Your employer must withhold the compulsory repayments.
You're free to make extra repayments yourself throughout the year though, they're applied as soon as they're received.
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