HECS/HELP debt threshold has changed. Compare how much you'll pay this year to last year

Did you get an email from the Australian Tax Office (ATO) about your HECS-HELP debt repayment rate changing?

The 2023-24 financial year threshold has been raised, which means some who made compulsory payments in 2022-23 won’t have to this year.

Last financial year, people earning more than $48,361 had to make compulsory payments.

But, as of July, people can earn up to $51,549 before they’ll have to pay.

Here’s what the changes mean for you.

What’s a HECS-HELP repayment rate?

The repayment rate is the percentage of your total annual income you’ll have to pay the ATO to chip away at your debt.

The idea is that, the more you earn, the more you pay off.

For example, if you earn $66,000 a year, your HECS-HELP repayments will be 2.5 per cent…