Higher Education Support Act 2003
A person ' s accumulated HELP debt , for a financial year, is worked out as follows:
|Former accumulated HELP debt||+||HELP debts incurred||-||HELP debt repayments||-||Very remote HELP debtor reduction|
HELP debt repayments
is the sum of all of the *voluntary repayments (if any) paid, on or after 1 July in the financial year and before 1 June in that year, in reduction of the *HELP debts incurred in that year.
very remote HELP debtor reduction
means the amount by which the person ' s *accumulated HELP debt is to be reduced as a result of a determination made by the *Secretary in relation to the person under section 142-15 :
(a) on or after 1 June in the preceding financial year; and
(b) before 1 June in the financial year.
Paula is studying part-time for a Degree of Bachelor of Science. On 1 June 2009, her former accumulated HELP debt was worked out using Subdivision 140-B to be $20,000. She incurred a HELP debt of $1,500 on 31 August 2008. No repayments have been made in the 12 months from 1 June 2008.
Paula ' s accumulated HELP debt on 1 June 2009 is worked out by taking her former accumulated HELP debt of $20,000 and adding the $1,500 HELP debt incurred on 31 August 2008. That is:
$20,000 + $1,500 = $21,500
For the purposes of the definition of HELP debts incurred in subsection (1), use the following method statement: Method statement
Take the HELP debts (if any) that the person incurred during the first 6 months of the financial year. Group them according to whether the debts are in relation to:
There will be more than one group of debts under paragraph (a) if the person incurred debts in relation to more than one course of study with a provider. Similarly, there could be more than one group of debts under paragraph (b), (c), (e), (ea), " (f), (g) or (h).
Work out the total for each group of debts. If the total for a particular group is an amount consisting of a number of whole dollars and a number of cents, the total for that group is taken to be the number of whole dollars. If the total for a group is an amount of less than one dollar, the total for the group is taken to be zero.
If there is more than one group of debts for the person, add together the totals for all of the groups.
The person incurs the *accumulated HELP debt on 1 June in the financial year. 140-25(3)
The first financial year for which a person can have an *accumulated HELP debt is the financial year starting on 1 July 2005.