Higher Education Support Act 2003

Chapter 4 - Repayment of loans  

PART 4-1 - INDEBTEDNESS  

Division 140 - How are accumulated HELP debts worked out?  

Subdivision 140-B - 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

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.