The cost of higher education has increased significantly in recent times, making it challenging for parents to secure admission for their children in prestigious colleges and universities and bear all the related expenses. Assistance programs such as HECS and Fee help provide financial support for students pursuing higher education. These programs are similar and apply to Commonwealth-supported places, but students often find it confusing to differentiate between HECS and Fee help. This article will discuss the differences between these two programs.
HECS help is a government-supported scheme that covers the educational fees of eligible candidates enrolled in the program. The funding provided under this Commonwealth-supported program is either in the form of a discount or a loan. To be eligible for assistance, a student must be an Australian citizen or have a permanent humanitarian visa. When HECS is offered as a discount, a student pays their student contribution upfront to receive a 10% discount on the total fee. Many students prefer to receive HECS help in the form of a loan, which they repay when their annual income reaches $47,196. Once a student receives HECS help, the government pays their student contribution to the educational institution, and the student’s Tax File Number records the amount as a debt against their name, which they must repay once their income level reaches $47,196.
Key Takeaways
- HECS help is a government-supported scheme that covers the educational fees of eligible candidates enrolled in the program, either in the form of a discount or a loan.
- Fee help is a government scheme that helps eligible students pay a part or all of their tuition fees when enrolling in an educational institution for higher studies, but does not cover non-tuition-related expenses.
- The main difference between HECS and Fee help is that HECS help covers student contributions for Commonwealth-supported students in undergraduate programs, while Fee help is a loan for students who pay their full tuition fees and is repaid after they achieve a certain income level.
Fee help is a government scheme that assists eligible students in paying part or all of their tuition fees when enrolling in higher education institutions. This loan scheme does not cover non-tuition-related expenses such as textbooks or accommodation. There is a limit to the amount of money available to a student under this scheme, and once a student starts using money from this amount, they have a fee balance remaining. A student is eligible for financial assistance under the Fee help loan scheme if they meet citizenship criteria and residency requirements, and their institution must also be an approved Fee help provider. The limit of Fee help amount for medicine, veterinary, and dentistry courses is $112,134 ($116,507 for the year 2013), while for all other courses, it is $89,706 ($93,204 for the year 2013).
