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It is also possible to make voluntary payments to further reduce the debt. Until 31 December 2004 voluntary payments over $500 earned a 15% bonus, from 1 January 2005 this was reduced to 10% and from 1 January 2012 this was reduced to 5%. [27] [28] From 1 January 2017 the Government removed the 5% repayment bonus.
Bruce James Chapman AO (born 16 September 1951) [1] is an Australian economist and academic known for being the founder or architect of the HECS system. [2] HECS is the Higher Education Contribution Scheme loans system. He was a professor at the College of Business and Economics, Australian National University. [3]
Income-contingent repayment is an arrangement for the repayment of a loan where the regular (e.g. monthly) amount to be paid by the borrower depends on his or her income. . This type of repayment arrangement is mostly used for student loans, where the ability of the new graduate borrower to repay is usually limited by his or her inco
Campaigning against the Abbott-Turnbull-Morrison Governments' plans to deregulate university [38] and reduce the HECS repayment threshold. [39] The introduction of a cap of 50% course weighting for all exams and the move to a restricted open-book format as the default option for final exams from 2016
New Mexico's Health Professional Loan Repayment Act, funded with state and federal dollars, allows health care workers to get their outstanding student loans repaid on a case-by-case basis.
9 August – Federal Education Minister Amanda Vanstone cuts $1.8 billion from higher education funding, as well as a lowering of the HECS repayment threshold from $28,495 to $20,701 and HECS increases of between 35 and 125%.
To increase the repayment rate of borrowers, information sharing between Government departments was introduced in 2010. [44] From 1 April 2012, the maximum time for a repayment holiday was reduced from 3 years to 1 year. [45] From 1 April 2012, access to student loans was cut for people over 55. Also, an annual loan administration fee of $40 is ...
Traditionally, repayment starts six months after graduation or leaving school. [citation needed] Federal student loan interest rates are established by Congress and listed in § 20 U.S.C. § 1087E(b). Because the interest rates are established by Congress, interest rates are a political decision.