Education & Study Loan Calculator

Last updated: May 2026. Reflects current Australian metrics.

Forecast your repayments for a private student loan. Perfect for coding bootcamps, short courses, or international students not eligible for government HELP loans.

Study Costs

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$
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Loan Terms

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Monthly Repayment

While you study and after graduation

$0
Amount Financed (Loan Size) $0
Total Interest Paid $0
True Cost of Education $0

Includes your savings contribution, the loan, and all interest charges.

Private Education Loans in Australia

While most Australian domestic students rely on the government's HECS-HELP or FEE-HELP programs to defer their tuition costs, there are several situations where government help is not available:

How do they differ from HECS?

A private student loan is essentially an unsecured personal loan. Unlike HECS, which only requires repayments when your income passes a $54k threshold, a private loan requires mandatory monthly repayments immediately, regardless of whether you have graduated or found a job.

Furthermore, private loans charge a true, compounding interest rate (often 9% to 15%), whereas HECS only charges indexation linked to inflation.

Study Now, Pay Later (SNPL)

Some private education providers partner with specialist fintech lenders (like ZeeFi or StudyPay) to offer 'Study Now, Pay Later' payment plans. These can sometimes offer interest-free periods, but they usually charge hefty upfront establishment fees or high monthly account keeping fees. Always use this calculator to compare the true total cost of the payment plan against a standard bank personal loan.

Related Calculators

HECS Repayment Education Loan University Savings Goal

Learn about HECS-HELP and indexation at the Australian Taxation Office (ATO).

10 Frequently Asked Questions

1. What is HECS-HELP?
The Higher Education Loan Program helps eligible students pay their tuition fees. Repayments are processed through the tax system.
2. Is interest charged on HECS?
No, HECS debt does not accrue interest. Instead, it is indexed annually to inflation (CPI) to maintain its real value.
3. When do I start repaying HECS?
You only start making compulsory repayments when your income exceeds the minimum repayment threshold for that financial year.
4. How is HECS indexed?
On June 1st each year, the outstanding balance is multiplied by the indexation rate. Recently, the government changed this to the lower of CPI or WPI.
5. Does HECS affect getting a home loan?
Yes, banks treat your compulsory HECS repayment as an ongoing expense, which reduces your borrowing power.
6. Can I make voluntary repayments?
Yes, you can make voluntary payments to the ATO via BPAY at any time to reduce your balance before indexation occurs.
7. Are there bonuses for voluntary payments?
Historically there were, but the government currently does not offer a discount or bonus for voluntary HECS-HELP repayments.
8. What happens if I move overseas?
If you move overseas, you are still required to declare your worldwide income to the ATO and make HECS repayments if you earn above the threshold.
9. What is a FEE-HELP loan?
Similar to HECS-HELP but for full-fee paying places. FEE-HELP sometimes incurs a 20% loan fee for undergraduate courses.
10. How is the repayment rate determined?
The repayment rate is a percentage of your Repayment Income, starting at 1% and scaling up as you earn more.