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A common mistake made by those with HECS debts means they are still making loan repayments out of their pay packets each week, even when the debts have already been paid off. By checking a box on a tax file declaration form that requires an employer to automatically withhold repayments from their pay — a common method of paying off the loan — workers are signing up for potentially endless deductions.
“It’s common sense that you should keep an eye on your loan balance, specifically so that you avoid this situation. “Each year, you should be aware of your current loan balance, your minimum repayments and where your loan balance is headed.” If you forget, there are two steps you’ll need to take to stop the repayments from being made, and to get back the overpaid sum. “In the first instance, contact your employer’s payroll department to get your regular repayments stopped,” Chapman said.
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