2023-2024 Repayment Income Thresholds and Rates

What's the New Repayment Rate?

Here's what the 2023-24 financial year's repayment rates are, according to the Australian Taxation Office (ATO):

• Base repayment income threshold: $48,364
• Repayment income threshold for the 1% HELP loan: $57,096
• Repayment income threshold for the 4% HELP loan: $69,105

If your taxable income is below the base repayment income threshold, you don't have to make any HELP repayments.

If your taxable income is between the base repayment income threshold and the repayment income threshold for the 1% HELP loan, you'll repay 1% of your HELP debt.

If your taxable income is between the repayment income threshold for the 1% HELP loan and the repayment income threshold for the 4% HELP loan, you'll repay 1% of your HELP debt for the first $11,732 of your taxable income above the base repayment income threshold, and 4% of your HELP debt for the remaining income.

If your taxable income is above the repayment income threshold for the 4% HELP loan, you'll repay 4% of your HELP debt.

What is a HECS-HELP Loan?

A HECS-HELP loan is a loan from the Australian Government that helps you pay for your higher education. You don't have to start repaying your loan until you've finished your studies and are earning above the repayment income threshold.

How Much of My HELP Debt Do I Need to Repay This Year?

The amount of HELP debt you need to repay this year will depend on your taxable income and the type of HELP loan you have.

You can use the ATO's online HELP Repayment Calculator to estimate how much you'll need to repay.