FEE-HELP

What is FEE-HELP?

FEE-HELP is an interest free Commonwealth loan that assists eligible fee paying students to pay their Tuition Fees. The accumulated debt is indexed according to the Consumer Price Index (CPI). At Southbank Institute of Technology eligible students can use FEE-HELP for the Associate Degree in Civil Engineering.

FEE-HELP covers the cost of Tuition Fees for any units of study at the Associate Degree level. A loan fee of 20% applies to FEE-HELP debts. There is no application fee for FEE-HELP and no interest charged on the FEE-HELP debt.

Indexation of your FEE-HELP debt, in line with the Consumer Price Index (CPI), occurs when your debt has existed for 11 months or more.

What does FEE-HELP cover?

FEE-HELP provides a loan for Tuition Fees only. This means it does not cover text books, materials, equipment, travel, accommodation or general living expenses, or any additional costs identified under Incidental Fees.

» View Southbank Institute's Schedule of Fees and Institute Dates 2010 (PDF, 1.3MB)

FEE-HELP limit

The FEE-HELP limit is the maximum amount a person can borrow under FEE-HELP over their lifetime. This limit excludes any loan fee (20%). The FEE-HELP limit in 2010 is $85,062 for all courses except for medicine, veterinary science, and dentistry, for which the FEE-HELP limit is $106,328.

Once a student has borrowed their entire FEE-HELP limit (their FEE-HELP balance is zero), they may not access FEE-HELP assistance for future study even if they have commenced repaying their loan.

Example

Jodi studies two units in her first semester and decides to use FEE-HELP assistance.
Jodi has a FEE-HELP balance of $85,062

Tuition Fee = $1,500 x 2 = $3,000
FEE-HELP debt = $3,000 + (3000 x 20%) = $3,600
FEE-HELP balance = $85,062 - $3,000 = $82,062

Jodi’s remaining FEE-HELP balance is $82,062

When will my FEE-HELP loan have to be repaid?

The Australian Tax Office (ATO) will take compulsory repayments through the taxation system when your income reaches the minimum threshold for compulsory repayment ($43,150 2009-2010).

Repayments do not reset the maximum that can be borrowed.

Is there any incentive to voluntarily pay off my FEE-HELP loan?

Yes. A 10% bonus will be granted for any voluntary payments over $500 to the ATO.

Example

Jodi has a debt of $3,000 and she makes a voluntary repayment of $1,500.

With the 10% bonus, the value of her repayment is: $1,500 x 1.10 = $1,650
Jodi’s total debt is reduced to: $3,000 - $1,650 = $1,350
Jodi’s bonus amount is: $1,650 - $1,500 = $150

Fee paying courses of study

If you choose to study a full fee paying course then the government does not contribute towards your course costs. The fees for these courses are set by Southbank Institute of Technology.

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Last updated 23 December, 2009

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