HECS Repayment Calculator
Figuring out HECS repayments can be confusing (because the rate changes every year!)--It can get tiring especially when you have other financial worries. Maybe you don't know how much you'll need to repay each year or how your income affects your repayments. Many Australians face the same questions and need simple answers to manage their education loans.
Just use the HECS Repayment Calculator! This tool gives you a clear estimate of how much you'll need to repay, based on your income and other details. Whether you just graduated or have been repaying your loan for a while, understanding your repayment obligations is essential for good financial planning. With a few easy steps, you can enter your income, residency status, and current debt balance to get an instant estimate of your yearly HECS repayment. Manage your finances post-education without taking another “maths” course with our HECS Repayment Calculator. Get an accurate estimate and plan your budget!
Estimate Your Student Debt with Quick HECS Repayment Calculator
This Loan Repayment Calculator helps in determining your compulsory repayment amount for various loan accounts, including the Higher Education Loan Program (HELP). Keep in mind that this is just an estimate. The exact amount will be known after you file your income tax return.
The calculator can also help you figure out repayments for other loans in Australia like VET Student Loan (VSL), Student Financial Supplement Scheme (SFSS), Student Start-up Loan (SSL), ABSTUDY Student Start-up Loan (ABSTUDY SSL), and Trade Support Loan (TSL).
Use Our HECS Repayment Calculator
Our easy-to-use HECS Repayment Calculator can help you make an estimate! This tool is designed for Australian resident taxpayers only. Here’s how to use it:
Understanding How HECS-HELP Loan Calculations Work
What is HECS-HELP
The Higher Education Contribution Scheme-Higher Education Loan Program (HECS-HELP) is a loan program by the Australian Government. It assists eligible students in paying their student contribution amounts for higher education.
This program is available to Australian citizens and certain permanent humanitarian visa holders studying in Commonwealth Supported Places (CSPs) at approved higher education institutions like universities.
Higher Education Loan Program (HELP)
HELP loans are available from tertiary education institutions such as universities and registered training organizations. The scheme includes several categories based on the type of institution and course:
How Does the HECS Repayment System Work
Repaying a HECS-HELP debt depends on your income. Here’s how it works:
Income Threshold
You start repaying your loan when your income exceeds a certain amount. For the 2023-24 income year, this amount is $51,550.
Repayment Rates
The amount you repay is a percentage of your income. This percentage increases as your income increases. For the 2023-24 financial year, repayment rates range from 1% for incomes just above the threshold to 10% for higher incomes. The Australian Taxation Office (ATO) will calculate your compulsory repayment and include it in your income tax notice of assessment. Use our calculator to get an estimate beforehand!
Debt Indexation
Loan indexation is a mechanism similar to interest but specifically designed to adjust the loan amount in line with inflation. HECS-HELP debts are adjusted for inflation to keep their value. This adjustment is called indexation and happens on June 1 each year. For example, starting June 1, 2024, HECS-HELP debts are expected to increase by 4.7%. So, it means you’ll have more interest than last year.
Voluntary Repayments and Tax Deductions
You can make voluntary repayments anytime, but these are not tax-deductible. Employers can also make voluntary repayments on your behalf, which might be tax-deductible but could incur fringe benefits tax.
Example Calculation for 2024
Here’s an example for the 2024 income year:
So, you would need to repay $1200 for that year through the tax system.
Related Topic: Latest update about HECS Repayment Threshold
Track Your HECS-HELP Repayments
To find out how much you owe on your HECS-HELP debt, you have two options:
See How Much You’ll Repay - HCES-HELP 2023-2024 Thresholds and Rates
Repayment Income | Repayment % rate |
Below $51,550 | Zero |
$51,550 - $59,518 | 1% |
$59,519 - $63,089 | 2% |
$63,090 - $66,875 | 2.5% |
$66,876 - $70,888 | 3% |
$70,889 - $75,140 | 3.5% |
$75,141 - $79,649 | 4% |
$79,650 - $84,429 | 4.5% |
$84,430 - $89,494 | 5% |
$89,495 - $94,865 | 5.5% |
$94,866 - $100,557 | 6% |
$100,558 - $106,590 | 6.5% |
$106,591 - $112,985 | 7% |
$112,986 - $119,764 | 7.5% |
$119,765 - $126,950 | 8% |
$126,951 - $134,568 | 8.5% |
$134,569 - $142,642 | 9% |
$142,643 - $151,200 | 9.5% |
$151,201 and above | 10% |
2013-2024–Previous Years HCES Threshold
Income Year | Compulsory Repayment Threshold |
2023-24 | $51,550 |
2022-23 | $48,361 |
2021-22 | $47,014 |
2020-21 | $46,620 |
2019-20 | $45,881 |
2018-19 | $51,957 |
2017-18 | $55,874 |
2016-17 | $54,869 |
2015-16 | $54,126 |
2014-15 | $53,345 |
2013-14 | $51,309 |
2012-13 | $49,095 |
Understand how the calculator works to calculate your HCES-HELP Repayments. If you can’t then let the HECS Repayment Calculator do it for you! No more guessing or worrying about your student debt. Aside from HCES, we also have a calculator for HELP, VSL, and SSL–Our tool gives you instant estimates based on your income and situation.