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Repaying an Australian University Loan

Australian University Loan Repayments

An Australian worker earning $807 per week would pay back $8 a week for the student loan that funded their degree. (1% of the Salary)

An Australian worker earning $2,300 per week would pay back $230 a week for the student loan that funded their degree. (10% of the Salary)

Australian University Loan Repayments

Repayments for Students Loans were set to commence once the Student was working and earning $55,000 per year.

The 2017 Budget is set to change this threshold down to $42,000, from July 2018.

Repayments will begin at a rate of 1% on an income of $42,000 and rising to a rate of 10% once the wages reach $119,882 per year.
The ATO will calculate the compulsory repayment for the year and include it on the income tax notice of assessment.

Example Australian Student Loan Repayments from July 2018

An Australian worker earning $807 per week would pay back $8 a week for the student loan that funded their degree. (1% of the Salary)

An Australian worker earning $2,300 per week would pay back $230 a week for the student loan that funded their degree. (10% of the Salary)

An Australian worker earning $3,000 per week would pay back $231 a week for the student loan that funded their degree. (10% of the Maximum threshold)


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The rate will vary between the Minimum and Maximum Thresholds.

Source:

http://studyassist.gov.au/sites/studyassist/…/hereform-faqs

 



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