How To Check HECS Debt
Last Updated on 27 January 2024 by Ryan Oldnall
HECS debt is a significant part of many Australian students’ lives, and keeping tabs on it is important. In this brief article, we’ll guide you through the process of checking your HECS debt with images.
How to Check HECS Debt
1. Creating a myGov Account:
Start by creating a myGov account if you haven’t already. It’s your gateway to various government services, including Medicare, Centrelink and the ATO.
2. Linking Your TFN:
Link Tax File Number (TFN) to your myGov account if not already linked. This step is crucial for accessing your HECS information.
3. Accessing ATO Online Services:
Once you’re logged in to myGov, navigate to the Australian Taxation Office (ATO) services section.
4. Checking Your HECS Debt Balance:
Look for your HECS account summary. It will display your current debt balance. You can also delve into your transaction history for more details.
5. HECS Statement:
If you need a comprehensive overview of your HECS debt, click the Higher Education Loan Program (HELP) hyperlink. This provides a breakdown of your dated debits, credits, and balance.
Tips for Managing HECS Debt
1. Understanding Your Repayment Obligations: Be aware of your obligations when it comes to repaying your HECS debt, including the income threshold.
2. Planning for Repayments: Plan your finances to accommodate HECS repayments when you reach the threshold. This prevents financial surprises and ensures you remain on track with your repayments.
Trust me, nothing worse than underpaying and getting a huge tax bill!
3. Taking Advantage of Discounts and Incentives: Make use of any discounts or incentives available for early repayments. Whilst these do not currently exist, they have cropped up at different points over time.
As your HECS Debt is likely a long-term debt it will likely take a decade or so to pay back. So chances are such incentives may come about in that time.
4. Keeping Personal Information Up to Date: Ensure your personal details, especially your contact information, are up to date with the government. This ensures you receive important notifications about your HECS debt. 
Frequently Asked Questions
Q: How To Make Voluntary HECS Payments?
A: To make a voluntary repayment follow the steps outlined in this guide. When on step 5, scroll to the bottom of the page. You will see the following Voluntary repayment button.
Q: How Much HECS Do I Owe
A: This question is highly individualised and will be impacted by all the factors listed throughout the article. To check this information follow the steps provided in this article.
Q: How To Pay Off HECS Debt Early
A: To pay off your HECS debt early you will need to make voluntary repayments in addition to your compulsory repayments. Both performing both of these measures will ensure you pay off the debt quickly.
However, you should consider if this is the best financial decision. If you’re unsure consider seeking financial advice.
Q: What was the HECS Indexation 2023
A: The HECS indexation for 2023 was 7.1%. This means if you had a $50,000 HECS-HELP debt balance on June 1, 2023, the government would have applied an indexation rate of 7.1%.
This would result in your new debt balance increasing to $53,550, reflecting a $3,550 increase [1]
Q: Why Is My HECS Debt Not Going Down
A: Your HECS debt is not likely not going down due to the level of indexation applied against your debt. In the case of 2023, inflation was very high at 7.1%.
This means that for the average person their debt either remained relatively the same or even went up! I covered Why Is My HECS Debt Not Going Down? in a recent article.
