Higher Education Support Act 2003
Chapter 4
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Repayment of loans
PART 4-1
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INDEBTEDNESS
Division 140
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How are accumulated HELP debts worked out?
Subdivision 140-B
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Former accumulated HELP debts
SECTION 140-10
HELP debt indexation factor
140-10(1)
The HELP debt indexation factor for a person for 1 June in a financial year is the number (rounded to 3 decimal places):
(a) if the *Secretary has determined, under section 142-10 , that the indexation of the person ' s *accumulated HELP debt for the financial year is to be reduced - worked out using the formula in subsection (1A); and
(b) in any other case - worked out as follows: Method statement
Step 1.(a) the *index number for the *quarter ending on 31 March in that financial year; and
(b) the index numbers for the 3 quarters that immediately preceded that quarter.
Step 2.(a) the *index number for the *quarter ending on 31 March in the immediately preceding financial year; and
(b) the index numbers for the 3 quarters that immediately preceded that quarter.
Step 3.
For the purposes of paragraph (1)(a), the formula to work out the *HELP debt indexation factor for the person is:
For the purposes of rounding a *HELP debt indexation factor, the third decimal place is rounded up if, apart from the rounding:
(a) the factor would have 4 or more decimal places; and
(b) the fourth decimal place would be a number greater than 4.
The HELP debt indexation factor for a person for 1 June in a financial year is the number (rounded to 3 decimal places):
(a) if the *Secretary has determined, under section 142-10 , that the indexation of the person ' s *accumulated HELP debt for the financial year is to be reduced - worked out using the formula in subsection (1A); and
(b) in any other case - worked out as follows: Method statement
Step 1.
Add:
Step 2.
Add:
Step 3.
The HELP debt indexation factor for 1 June in the financial year is the amount under step 1 divided by the amount under step 2.
140-10(1A)
For the purposes of paragraph (1)(a), the formula to work out the *HELP debt indexation factor for the person is:

where:
A
means the *HELP debt indexation factor for 1 June in the financial year worked out using the method statement in subsection (1).
B
means the number of days in the applicable calendar year determined for the person by the *Secretary under subsection
142-10(2)
.
140-10(2)
For the purposes of rounding a *HELP debt indexation factor, the third decimal place is rounded up if, apart from the rounding:
(a) the factor would have 4 or more decimal places; and
(b) the fourth decimal place would be a number greater than 4.
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