Removal of discount for early payments of HELP debts
From 1 January 2014, the Government will remove the 5% Higher Education Loan Program (HELP) voluntary repayment bonus, applied to payments of $500 or more, subject to the passage of legislation.
If you make a voluntary repayment of $500 or more on or before 31 December 2013,you will receive a bonus of 5%. The bonus is 5% of the value of the payment made, not 5% of the outstanding debt. You will not receive a bonus on repayment amounts that exceed the balance of your HELP account.
Voluntary repayments of $500 or more received after 31 December 2013 will not attract a bonus.
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