Combined HELP loan limit
What is the combined HELP loan limit?
The combined HELP loan limit is a cap on what you can borrow from the Australian Government to cover the costs of your tuition fees. The HELP loan limit will replace the current FEE-HELP limit from 1 January 2020.
What loans are included in the limit?
The HELP loan limit will include HECS-HELP, FEE-HELP, VET FEE-HELP and VET Students Loans.
When does it begin?
The combined HELP loan limit begins from 1 January 2020.
Do my past HELP or VSL debts count?
Yes. Existing FEE-HELP, VET FEE-HELP and VET Student Loan debts will be carried over and count towards your HELP loan limit.
Any previous HECS-HELP debts will not be included in the HELP loan limit.
From 1 January 2020 onwards, new HECS-HELP borrowing will count towards the limit.
What happens to my FEE-HELP balance and the FEE-HELP limits?
On 1 January 2020, your FEE-HELP balance will become your HELP balance.
On 1 January 2020, the FEE-HELP loan limits will become the HELP loan limits.
What are the HELP loan limit amounts?
For 2020, the HELP loan limit is $106,319 for most students.
The limit for students studying medicine, dentistry and veterinary science courses leading to initial registration will be $152,700.
Renewable HELP balance
What is a renewable HELP balance?
The renewable HELP balance is your available borrowing capacity for HECS-HELP, FEE HELP, VET FEE HELP and VET Student Loans. It will be your available HELP balance.
How is my available HELP balance calculated?
Your available HELP balance is your HELP loan limit of that given year, minus your HECS-HELP, FEE HELP, VET FEE-HELP and VET Student Loans borrowing.
Taking out a loan will reduce your available HELP balance, and making a repayment will increase your available HELP balance.
What does renewable mean?
Any repayments you make on your HELP debt will credit your available HELP balance, up to your applicable HELP loan limit.
When do HELP balance credits start?
Repayments starting from the 2019-20 income year will credit your available HELP balance.
When the Australian Taxation Office (ATO) checks your tax return and issues you with a notice of assessment, they will inform the department of any repayments you made on your HELP debt.
These repayments will credit your HELP balance (therefore increasing it).
What repayments credit my HELP balance?
Any voluntary repayments you make will credit your HELP balance when the ATO tells the department about your repayments.
Any compulsory repayments will credit your HELP balance once:
- you have completed your tax return,
- have been issued a notice of assessment, and
- the ATO notifies the department of any repayments you made on your HELP debt.
Your fortnightly PAYG repayments will not credit your HELP balance until you complete your tax return and it is processed by the ATO.
Where do I find my available HELP balance?
From 1 January 2020, the department will have an application available for students called myHELPbalance. Promotion will occur in the second half of 2019, so keep a look out for more information.