As someone who’s journeyed through undergraduate, postgraduate, and master’s degrees, I understand the ins and outs of HECS/HELP debt like the back of my hand. In the past year, changes have been made to how much you have to earn before you pay money back, and it’s important to break down what this means for all of us – whether you’re just starting your university journey, in the thick of it, or already out in the workforce.

So, what’s the buzz about these changes? Well, let’s dive in.

First off, one of the shifts is a change to the repayment threshold, something that’s revised each year. Now, this might sound like a mouthful of jargon, but essentially, it means how much you have to earn before you start paying back your HECS/HELP debt. You can read more about how your level of income is affected here.

When the repayment threshold changes, it means how much of your student loan you may back may also change year-to-year. Remember, your employer holds back some money for estimated HECS/HELP debt before it goes into your bank account – or if your self-employed, it’s often paid out by you at the end of the financial year or quarterly.

Now, for those of us who’ve already tossed our graduation caps in the air, what does this mean? Well, if you’re already paying off your HECS/HELP debt, you might start noticing a difference in your pay slip.

But what if you’re still studying, or thinking about hitting the books in the near future? The amount you have to pay back is relative to your income. So, while you might be handing over some of your hard-earned cash, it’s not like you’ll be living off two-minute noodles forever. Plus, think of it as an investment in yourself – that piece of paper at the end of your degree is worth its weight in gold.

And here’s a little tip from someone who’s been there: Start thinking about your repayment strategy early. Sure, it might not be the most exciting topic of conversation, but trust me, future you will thank you for it. Whether it’s setting up automatic deductions or putting a little extra aside each pay day, every little bit helps. It’s important to do what works for you.

So, what’s the bottom line? Thousands of students and graduates across the country are navigating the same waters when it comes to student debt. Take a deep breath, crunch those numbers, and remember why you started this journey in the first place.

At the end of the day, a HECS/HELP debt is just a small bump on the road to success. So, chin up, shoulders back, and keep pushing forward – you’ve got this.

Like every article on this website, this is not personal financial advice.