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FEE-HELP

What is FEE-HELP?

FEE-HELP is an interest free Commonwealth loan that assists eligible full 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 Commonwealth Government-imposed loan fee of 25% applies to FEE-HELP debts from the 1st of January 2011. 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 Higher Education Fee Schedule Semester 1, 2012 (PDF, 28k)

» View Southbank Institute's Higher Education Fee Schedule Semester 2, 2011 (PDF, 32k)

» View Southbank Institute's Higher Education Fee Schedule Semester 1, 2011 (PDF, 47k)

» View Southbank Institute's Higher Education Fee Schedule Semester 2, 2010 (PDF, 50k)

» View Southbank Institute's Higher Education Fee Schedule Semester 1, 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 (25%). The FEE-HELP limit in 2012 is $89,706 for all courses except for medicine, veterinary science, and dentistry, for which the FEE-HELP limit is $112,134.

As a student uses FEE-HELP to pay their tuition fees, the amount they are able to borrow in the future is reduced. 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.

A FEE-HELP balance is impacted by loans accessed through both FEE-HELP (Higher Education) and VET FEE-HELP.

Example

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

Tuition Fee = $1,500 x 2 = $3,000
FEE-HELP debt = $3,000 + (3000 x 25%) = $3,750
FEE-HELP balance = $86,422 - $3,000 = $83,422

Fiona’s remaining FEE-HELP balance is $83,422

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 ($47,196 2011-2012).

Repayments do not reset the maximum that can be borrowed, and once the FEE-HELP limit is reached, alternative payment methods must be used.

Is there any incentive voluntary payments of my FEE-HELP loan?

Yes. A 10% bonus will be granted for any voluntary payments over $500 which is are made directly to the ATO.

Example

Fiona has a debt of $3,600 and she makes a voluntary repayment of $1,500.

With the 5% bonus, the value of her repayment is: $1,500 x 1.05 = $1,575
Fiona’s total debt is reduced to: $3,600 - $1,575 = $2,025
Fiona’s bonus amount is: $1,575 - $1,500 = $75

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Last updated 7 February, 2012