HECS and Supplement loan

[MoOaNdLiTtLePoPpEt]

hi i have a question.

my dp will be earhning $60,000 next financial year and from what i can gather he has to pay 6.5% back for his HECS and 3% for the financial supplement loan.

however i do not work and we have one child.

also on the ato sight it says something about the medicare levy and if you are entitled to it, or part of it then you wont have to pay the HECS or supplement loan repayments?

is this correct? any info would be helpful!
just trying to work out our finances...
thanks
jackie

[MoOaNdLiTtLePoPpEt]

SOMEONE? ANYONE?? please....

[ashleerose]

Sorry i dont know the answer but you would probably be best calling the ATO or looking up this information on the HECS website.

But i have a question for you (as i am now in the process of applying for uni) i would like to know what the financial supplement loan is?

Thanks

[MoOaNdLiTtLePoPpEt]

oh, it was like a loan type thing thru centrelink/comm bank they used to have to help you with the cost of living thru uni...they don't have it anymore...

[Cheeky Monkies]

Don't get me started about the supplement loans. I'm still fuming years later about needing to have them to get through uni because of my parents income. Such tosh they were always broke and in debt and could only afford to help me out when I was truly desperate. And nor could I live with them to cut costs as they live in the country.

Anyway sorry that was just my whinge...moving on.

Not sure I can really answer your question but I think that the supplement loans only go on your own income and doesn't take into account spouse and dependants etc. However your hubby's place of employment should be taking out extra tax for this already (if he has filled in the forms for this previously) so hopefully that should already been gone from his pay and so therefore no bill come tax time. Actually should be the same with his HECS. But I could so easily be wrong.

As someone else has said best calling the ATO or HECS people to get accurate info.

[MoOaNdLiTtLePoPpEt]

yep his work are taking it out! so at tax time we don't get a bill...

with HECS and SFSS loan it is $205 in total P/F plus his tax as well which is 500 ish P/F..argh...so hard to get anywhere! lol.

i totally agree the supplement loan was good while trying to get thru uni, if you had no other financail support...but it does suck big time...but like you, i and he needed to take it out to get by! pfftt...no use complaining, we don't have a choice (and so much for his degree, he doesn't even want to work in that field...argh!).

[Cordelia]

I didn't think it was that big a percentage? You'll get a letter in the mail about it soon anyway. DH has one as well... actually, apologies - he has 3. We've just paid off 1. (over $7000) They are dangerous - I'm glad they got rid of them.

If you find out could yo please post? Thanks!

[wild at heart]

Wouldn't it just come out of hubby's pay (when he declares to employer that he has a supplement or HECS debt)? I can see below that someone has already said this sorry!

I assume then that when you do your tax, consideration would be given to the household income then you would get a deduction based on that?

I'm sure I haven't answered your question!

Maybe ask an accountant?

[MoOaNdLiTtLePoPpEt]

yep his work are taking it out! so at tax time we don't get a bill...

with HECS and SFSS loan it is $205 in total P/F plus his tax as well which is 500 ish P/F..argh...so hard to get anywhere! lol.

i totally agree the supplement loan was good while trying to get thru uni, if you had no other financail support...but it does suck big time...but like you, i and he needed to take it out to get by! pfftt...no use complaining, we don't have a choice (and so much for his degree, he doesn't even want to work in that field...argh!).

as quoted above...yes his employer is taking it out.

and it is only based on his income (not mine)....not that i have one, as i am a full time SAHM.