I guess I’m stupid. I didn’t realise they changes the interest rates on HECS. Is it true, you basically should pay it off ASAP because the interest now is massive (I think it says 7% on mygov). I always understood HECS was almost interest fee so I just left it for a long time. Now I’m desperately trying to pay it off quickly so I don’t have the compounding debt.

  • w2qw@aussie.zone
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    1 year ago

    The rate is announced before it’s applied. You just need to make a volentary payment before June 1 next year.