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-C
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Accumulated HELP debts
SECTION 140-26
Reduction in HELP debts incurred before 1 January 2025
140-26(1)
For the purposes of working out a person ' s * former accumulated HELP debt in relation to the person ' s * accumulated HELP debt for the financial year starting on 1 July 2024, section 140-5 has effect as if the method statement in subsection (1) of that section included the following step after step 6:
Step 7.
140-26(2)
For the purposes of working out a person ' s * accumulated HELP debt for the financial year starting on 1 July 2024, section 140-25 has effect as if the first formula in subsection (1) of that section were omitted and substituted with the following:
For the purposes of working out a person ' s * former accumulated HELP debt in relation to the person ' s * accumulated HELP debt for the financial year starting on 1 July 2024, section 140-5 has effect as if the method statement in subsection (1) of that section included the following step after step 6:
Step 7.
Reduce the amount worked out under step 6 by 20%.
140-26(2)
For the purposes of working out a person ' s * accumulated HELP debt for the financial year starting on 1 July 2024, section 140-25 has effect as if the first formula in subsection (1) of that section were omitted and substituted with the following:
| Former accumulated HELP debt + [(HELP debts incurred − HELP debt repayments) × 0.8] − Location-preferred HELP debtor reduction |
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