HECS-Help, fee-help, upfront. This is everything you need to know about paying for university in Australia

CONFUSED about CSP, HECS-help and fee-help? This is everything you need to know about university fees, and how to pay them, in Australia.

There are myriad options when it comes to paying for university. Picture: Thinkstock

THERE are many things to tick off your university to do list and we’re guessing ‘paying for university’ isn’t at the top. We agree; it’s a headache just thinking about it. But whether you decide to pay your bill now or later, it’s important to understand all the costs involved.

Depending on the fee structure of your course and the type of institution (a public university or private institute), domestic students will be offered one of two types of places — a Commonwealth Supported Place (CSP) or Australian full-fee place. If you’re not paying for your degree upfront, you will have to pay for your course via a government loan, the most common option known as HECS-HELP if you’re attending a public university.

Many universities have set up their own financial assistance offices that offer no/low interest loan schemes, scholarships and grants. Picture: ThankStock

HECS-HELP

HECS-HELP is the Australian Government’s Higher Education Contribution Scheme, an interest-free loan that enables you to defer payment of your fees and is available to students who receive a CSP. You repay the loan over time when you are earning above the annual income that exceeds the minimum repayment threshold set by the government — in 2016-17 it is $54,869. Under this scheme you can also choose to pay your student contribution at enrolment.

To qualify for HECS-HELP, you must:

Be studying in a Commonwealth Supported Place;

Be an Australian citizen; or be a New Zealand Special Category Visa holder who meets the long-term residency requirements; or be a permanent humanitarian visa holder;

be enrolled in each unit at your university by the census date;

Meet the relevant HECS-HELP residency requirements; and

Submit a valid Request for Commonwealth support and HECS-HELP form by the census date (or earlier administrative date) to your university.

Can’t pay your tuition fees upfront? There is always fee-help for postgraduates. Picture: Thinkstock

FEE-HELP

This loan type is available to students who receive a full-fee place and are available at private institutions and at public universities for postgraduate students only. If you are eligible for one of these loans, there are three payment types to choose: you can either pay for your course fees upfront and in full each semester; make partial repayments during your course and pay the remainder when you are earning above the threshold (like HECS-HELP) or you can defer all your fees until you are earning a set annual income that exceeds the minimum repayment threshold.

No interest loans for students who are experiencing financial hardship and crisis support packages are just some of the initiatives and programs being introduced to help students pay for their degrees. Pictures: Thinkstock

When deciding on how to pay for university, a good starting point is speaking to your university. Many institutions, both public and private, have set up their own financial assistance offices that offer no/low interest loan schemes, scholarships and grants.

Swinburne University of Technology has partnered with Good Shepherd Microfinance to provide students in financial hardship access to the No Interest Loans Scheme (NILS), a no interest, no charge, no fee loan facility available to eligible applicants.

“We are the first education institute to develop a Financial Inclusion Action Plan, which is a demonstration of our commitment to our students,” says Dr Andrew Smith, vice-president of students at Swinburne. No interest loans for students who are experiencing financial hardship and crisis support packages are just some of the initiatives and programs being introduced.

Financial advisers are also available at each campus to assist students with budgeting, loans, grants, Centrelink advice and tax help.

The University of Melbourne has also developed a comprehensive website called Future Students, and is described as a one-stop shop for advice on course costs as well as details on loans and scholarships opportunities and how to apply for them.