Jody is employed as a Civil Engineer earning $130,000 and is studying a Master in Business Administration, costing $37,000 and takes 1½ years. Her salary puts her into one of the higher repayment thresholds at 9.5% resulting in a monthly FEE-HELP repayment of $1029.17.
Using her Study Loan, Jody will likely drawdown on the facility 4 times so her first drawdown is $9,250 and her monthly repayments start at $172.37. As she draws on the facility, her payments step up at each draw to a maximum $722.11 when it’s fully drawn.
Remember as she pays for her course; the course invoices paid in that financial year, the loan interest and course related expenses are tax deductible.