Today, there are two ways Aussies can choose to finance their college educations. If they pay up front, they get a 10 percent discount. Most don’t do that, however. That’s where Australia’s income-based repayment plan comes in.
Australians borrow money from the government through the Higher Education Loan Program (or HELP—get it?) and related offshoots. When it comes time to repay the bill, the monthly amount has nothing to do with the sum borrowed.
Instead, debtors earning more than AU$54,000 ($38,000) pay between 4 and 8 percent of their income, depending on how much they take home annually. Unemployment or illness? Salary falls under the minimum earnings required for repayment? No worries. Payments temporarily cease, with no interest or penalties accruing to the borrower.
Finally, making payments is easy. It’s an automatic deduction. And, yes, a borrower can repay the loan early, if he or she so desires.
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