Owen Rascovitch

So it's...

So the last thing you want to do is use a credit card to pay off your HECS debt.

Yes.

It's like reverse compounding.

Yeah, you definitely don't want to get into financial strife to pay off your HECS debt.

The government doesn't rush you.

They let you pay it off over your whole career.

Sometimes there's – I met some teachers in their 40s that were still paying off HECS debt.

So it's just something.

If you're not working, you're not paying it.

Yeah.

Actually, that's funny because the government actually brought down the level of income that you have to hit before you start paying it back.

That's because they were finding that some people would never repay their HECS debt because they would get a job that wasn't necessarily the highest pay in the industry, so they'd never hit that threshold.

Or if they did, they might do that and then they might be stay-at-home parents.

and they never go back to work.

They don't do a credit check for giving you the HECS debt.

It's all just done through the uni system and I think all you need is your tax file number down and there you go.

Yeah, unis are happy to accept.

I think you're allowed up to $104,000 I think when I last looked in terms of total.

So you can stack a couple of bachelor degrees together there.