Commonwealth Consolidated Acts

HIGHER EDUCATION SUPPORT ACT 2003 - SECT 140.1

             (1)  There are 2 stages to working out a person's * accumulated HELP debt for a financial year.

Stage 1--Former accumulated HELP debt

             (2)  The * former accumulated HELP debt is worked out by adjusting the preceding financial year's * accumulated HELP debt to take account of:

                     (a)  changes in the Consumer Price Index; and

                     (b)  the * HELP debts that he or she incurs during the last 6 months of the preceding financial year; and

                     (c)  * voluntary repayments of the debt; and

                     (d)  * compulsory repayment amounts in respect of the debt; and

                     (e)  if compulsory repayment amounts are not required to be paid in respect of the debt--the * HECS-HELP benefit (if any).

(See Subdivision 140-B.)

Stage 2--Accumulated HELP debt

             (3)  The person's * accumulated HELP debt is worked out from:

                     (a)  his or her * former accumulated HELP debt; and

                     (b)  the * HELP debts that he or she incurs during the first 6 months of the financial year; and

                     (c)  * voluntary repayments of those debts.

(See Subdivision 140-C.)

Note:          Incurring that financial year's accumulated HELP debt discharges the previous accumulated HELP debt and HELP debts under this Part: see section 140- 35.

Subdivision 140-B--Former accumulated HELP debts