Paying my HELP debt

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How is my HELP or study loan repaid?

Study loans (which include HELP, SFSS, VSL, SSL, ABSTUDY SSL and TSL) are re-paid through compulsory repayments (including overseas levy), voluntary repayments or both.

Compulsory repayments are made when your repayment income exceeds the repayment threshold. This includes your:

• taxable income
• fringe benefits
• investment loss
• super contributions
• foreign employment income

You should inform your employer of your study loan on your tax file number declaration form or withholding declaration form if you’re already employed. This lets them know to withhold amounts from your pay throughout the year to cover your anticipated compulsory repayment.

Your compulsory repayment rate increases as your income increases – the more you earn, the higher your repayment.

You can also choose to make voluntary repayments at any time to reduce the balance of your debt. You may still have to make a compulsory repayment or pay an overseas levy if, after making your voluntary repayment:

• you still have a debt; and
• your repayment income is above the minimum repayment threshold.
  
  

Voluntary repayments can be made at any time to reduce the balance of your loan. They are non-refundable and are paid directly to us.

You may still have to make a compulsory repayment or pay an overseas levy if:

• you still have a debt
• your repayment income exceeds the repayment threshold.
  
  

How can I check my HELP or study loan balance?

You can check out how much you have left to pay by logging into your account in our online services via myGov.

What if my employer withholds incorrect amounts?

If your employer fails to withhold amounts from your pay throughout the year, or withholds too much, we’ll calculate your debt or refund after you lodge your tax return.

If a debt causes you financial hardship, you can talk to us about setting up a payment plan.

Why isn't my loan decreasing?

The amounts your employer withholds from your pay  won't come off your loan until you've lodged your income tax return and we've calculated your repayment amount.

Once your income tax return is lodged and your compulsory repayment is calculated and paid onto our account, you will see it come off your loan as an annual lump sum rather than weekly or fortnightly payments.