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.

(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; and

  (d)   reductions of those debts under section   142 - 15 or 144 - 10.

(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.