HELP and other Government Study and Training Loan Repayments

FranOrangeFranOrange Member Posts: 4

Elite is incorrectly calculating the repayment of the above loans where there is more than one type of loan.

Where there is, for example, a HELP loan and an SFSS loan, and the the client is above the repayment threshold, Elite is calculating a percentage repayment on both of these loans (as per the old repayment rules).

Instead, under the repayment rules for 2020, there is a repayment hierarchy (order of repayment) with the percentage of repayment still based on the income thresholds.

The hierarchy (in order of payment) is, HELP. VSL, SFSS, SSL, ABSTUDY SSL, TSL.

If they have more than one outstanding loan (eg HELP and SFSS), the HELP repayment will be applied first, at the repayment percentage, until the HELP loan has been repaid, then any SFSS repayment amount will be applied.

When will this issue be fixed?

Comments

  • Michael LeeMichael Lee Reckon Staff Posts: 27

    Hi. This is Michael from Reckon Elite Support. I've passed your question on to Elite Development & will post back here when I hear back from them.

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