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HELP and Trade Support Loan debt

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I have an outstanding HELP debt from University study and I’m currently undertaking a traineeship which makes me eligible for a Trade Support Loan. Once I reach the repayment threshold for HECS/TSL, will I have to pay back both debts at the same time, effectively doubling the payments I will have to make? Or, do the two different debts get 'pooled' in to essentially one debt, paid off one at a time?

 

I am considering taking out the TSL but am concerned that once I reach repayment threshold I will be paying off two debts at the same time.

 
 
Thank you,
Harry D
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Devotee

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Hi @harryd

 

Welcome to Community! Thanks for your patience while we looked into this for you.

 

If you choose to take out a trade support loan (TSL), you will have a higher education loan program (HELP) account and a TSL account. Your accounts will not be pooled and paid out as a single loan - a repayment hierarchy will be applied and your HELP loan will be repaid before the TSL loan.

 

You can find more information on compulsory repayments and repayment income thresholds on our website.

 

Hope that helps! Thanks @AmandaE

1 REPLY 1

Best answer

Devotee

Replies 0

Hi @harryd

 

Welcome to Community! Thanks for your patience while we looked into this for you.

 

If you choose to take out a trade support loan (TSL), you will have a higher education loan program (HELP) account and a TSL account. Your accounts will not be pooled and paid out as a single loan - a repayment hierarchy will be applied and your HELP loan will be repaid before the TSL loan.

 

You can find more information on compulsory repayments and repayment income thresholds on our website.

 

Hope that helps! Thanks @AmandaE

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