Repaying a Higher Education Loan Program (HELP) loan:Select one:A.is calculated at a flat 5 percent of all income, regardless of how much income is earnedB.must be through the PAYG system, there is no allowance for voluntary lump sum paymentsC.is compulsory once threshold levels of income are attainedD.attracts a 100% bonus for voluntary payments

Answered: Repaying a Higher Education Loan…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Repaying a Higher Education Loan Program (HELP) loan:

Select one:

is calculated at a flat 5 percent of all income, regardless of how much income is earned

must be through the PAYG system, there is no allowance for voluntary lump sum payments

is compulsory once threshold levels of income are attained

attracts a 100% bonus for voluntary payments

Expert Solution

Step 1

Higher Education Loan Program (HELP) is an initiative by the Government of Australia. This program provides loans to students who are approved for higher education. It allows students to defer the costs of tuition until their income reaches a certain threshold at which level the repayment level commences.