My daughter has $11000 HECS dept.she wants to do a tafe course but this debt needs to be payed off first.if I pay it in full will the dept be marked as payed immediately or will she have to wait until end of financial year for it to show as payed
Hi @Bill68,
When you make a voluntary payment to pay off the HECS debt in full, the payment is applied to the loan account straight away. The debt will show as paid immediately once the payment is processed, which typically takes at least 4 business days. Your daughter won't need to wait until the end of the financial year for the debt to show as paid.
Voluntary repayments are applied to the loan balance as soon as they're processed, unlike compulsory repayments which are only applied once a year after lodging a tax return. This means once your payment clears, the debt balance will be zero and this will be reflected in her ATO online account.
To make the voluntary repayment, log into ATO online services through myGov. From the menu, select Tax > Accounts > Loan accounts. From there, you'll see the loan balance and the option to make a voluntary repayment via BPAY, credit or debit card. You can also check other payment options on the ATO website.
After the debt is paid off, your daughter should check her loan account balance through ATO online services or the ATO app to confirm the debt shows as zero.
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