HELP LOAN LIMIT PLANNING

HELP loans

Many domestic students and certain types of visa holders undertaking their graduate studies at Monash are doing so with the assistance of a HELP loan issued by the Australian government. If you are one of these students, we encourage you to keep an eye on your HELP balance as indexation can increase your debt over time and there are limits to how much can be outstanding on your loan if you wish to continue with your studies. Monash University has more information about this here.

Below are some things we encourage you to do to keep on top of your HELP debt.

 

1. Check your HELP balance

Keep track of your balance early and regularly by visiting myHELP balance portal.

 

2. Try your best ahead of time to calculate the likely cost of completing your degree

Where you can, research the costs of the units remaining on your degree, factoring in indexation increases set by the ATO.

 

3. Monitor fee increases and census dates

You can do this by:

• visiting Monash’s Web Enrolment System 
• going to the ATO website
• checking your myGov account and Commonwealth Assistance Notices

 

4. Engage with Monash’s financial support services

If you’re anticipating any difficulties over paying off your HELP debt while you are still studying, you can look into the University’s services via the financial assistance page or fee payment plans.

 

5. Speak to an MGA advocate

If you have any questions about your HELP loan planning process, get in touch with our advocacy service by emailing us at mga-advocacy@monash.edu.

 

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Disclaimer: The MGA does not provide financial advice. The information on this page is intended as general guidance only and should not be considered professional financial advice. We encourage students to refer to the official sources linked above or seek independent professional advice where appropriate.