When you must repay your loan
You must start making compulsory repayments against your study or training support loan when your repayment income exceeds the minimum repayment threshold, even if you are still studying or undertaking an apprenticeship.
The repayment thresholds are adjusted each year to reflect any changes in average weekly earnings.
Compulsory repayments are made through your tax return but you can also make voluntary repayments at any time to reduce your loan balance.
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Your repayment income
Your repayment income is calculated using the following amounts from your tax return and payment summaries:
- taxable income
- reportable fringe benefits
- total net investment loss (which includes net rental losses)
- reportable super contributions
- any exempt foreign employment income amounts.
Example: Repayment income for the 2015–16 income year
Christina has a taxable income of $50,420. In her tax return she claims:
- a total net investment loss of $1,250
- total reportable fringe benefits of $4,560
- exempt foreign employment income of $2,580
- reportable super contributions of $15,000.
Christina's repayment income for 2015–16 is $73,810 ($50,420 + $1,250 + $4,560 + $2,580 + $15,000).
End of example
From 1 January 2016, if you have moved overseas and have a Higher Education Loan Programme (HELP) or Trade Support Loan (TSL) debt, you will have the same repayment obligations as people who live in Australia. This applies if you already live or intend to move overseas for a total of more than six months in any 12-month period.
You will need to update your contact details using our online services via myGov. You will also be required to make compulsory repayments towards your debt from 1 July 2017.
If you have a Financial Supplement or Student Start-up Loan (SSL) debt and go overseas, we will continue to maintain your loan account. Your debt will not be waived and the amount outstanding will continue to be indexed each year until you have paid off your debt.
You can still make voluntary repayments when you are overseas.
You must start repaying your loan when your repayment income exceeds the minimum repayment threshold.