HECS vs Fee Help
The cost of higher studies has gone up exponentially in recent times, and it has become very difficult for parents to secure admission for their children in prestigious colleges and universities and also to bear all the related expenses. Any help or assistance is most welcome for students and parents in present times. HECS and Fee help are two such programs that provide monetary help to students in their endeavor of getting admission in educational institutions of higher studies. These programs are similar and applicable to commonwealth supported places. Students are often confused between HECS and Fee help. This article attempts to highlight the differences between these two programs.
What is HECS help?
HECS help is a government supported scheme that pays for the educational fees of the eligible candidates who enroll under the program. The money provided under this commonwealth supported program is provided to eligible students is either in the form of discount or as a loan. To be eligible to receive assistance, it is necessary for a student to be an Australian citizen or he must have a permanent humanitarian visa. When HECS is provided in the form of discount, a student pays his student contribution upfront to receive a 10% discount in the total fee. Many students prefer to receive HECS help in the form of a loan that they repay, only when, their annual income reaches a level of $47,196.
Once a student get HECS help, the government pays his student contribution in the educational institution and the student’s Tax File Number records the amount as a debt against his name that he has to repay once his income level reaches $47,196.
What is Fee help?
Fee help is a government scheme that helps eligible students in paying a part or all of their tuition fees when enrolling in an educational institution for higher studies. This loan scheme does not provide or cover for expenses not related with tuition fees such as text books or accommodation. There is a limit to the amount of money that is made available to a student under this scheme and once a student starts using money from this amount, he has a fee balance that is left from this amount and which he is left with. A student is eligible to receive monetary help under Fee help loan scheme if he fulfills citizenship criteria and residency requirements. His 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).
What is the difference between HECS and Fee Help?
• Fee help is a loan scheme offered by Australian government to eligible students as a help to pay their tuition fees.
• HECS help is a loan offered by Australian government, to cover student contribution when enrolling for higher studies in educational institutions.
• HECS help can be either a loan or in the form of discount. On the other hand, Fee help is a limit set by the government and the student consumes depending upon his needs.
• HECS is an assistance to pay for student contribution as a commonwealth supported student. It is for undergraduate programs.
• Fee help is a loan for students who pay their full tuition fees and is repaid after they achieve an income level that is threshold.