HECS-HELP debt repayment is an important aspect for individuals who have taken out a student loan. The repayment threshold for the 2021-2022 financial year is $47,014. Once your income exceeds this threshold, a percentage of your income will be automatically deducted to repay your HECS-HELP debt.
The repayment percentage starts at 1% and gradually increases as your income rises. The maximum repayment rate is 10%. It's worth noting that the repayment rates and thresholds may change annually, so it's essential to stay updated with the latest information from the ATO with the help of hecs repayment calculator 2023.
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