ATAR Notes: Forum
Uni Stuff => Universities - Victoria => University of Melbourne => Topic started by: liuetenant on January 23, 2012, 06:46:48 pm
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Do you know what it means by:
The final 50 points of the DipLang is Higher Education Contribution Scheme (HECS) free.
???
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apparently u have to cross credit at least 25 points to be eligible...but what exactly is this? lol
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apparently u have to cross credit at least 25 points to be eligible...but what exactly is this? lol
I haven't read up on this in a while, but here goes.
A diploma is 100 points I think. You can cross credit up to 50 points of study (4 subjects) from your undergrad degree.
For example, say you are completing a BSc and also want to do a Diploma in Languages. You need to take 100 points (8 subjects) in language to complete the Diploma, however 50 of these points can also give you credit towards your breadth in the BSc, meaning that you no longer need to do breadth anymore in this situation.
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Do you know what it means by:
The final 50 points of the DipLang is Higher Education Contribution Scheme (HECS) free.
???
I think it means that it's free.
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Ok heads up. i called them. And yes, gloamglozer is correct! Lol. i didn't know what HECS actually was. But technically, the last 50 points is free...that is, you don't have to pay for the remainder 50 points!
HOWEVER...READ fineprint:
as taken from the handbook:
The HECS exemption is available to new generation undergraduate degree students but not to Bachelor of Engineering students. Only the final 50 points of the Diploma in Languages are HECS-free – students must have completed the first 50 points of the Diploma (either through a cross crediting arrangement or in addition to their degree requirements) to be eligible for the HECS-free 50 points.
sigh...so you basically have to spend 4 of your breadth or 4 subjects within your core to meet that 50. then your other 50 will be free...unfortunately, i want to use my breadth!
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unfortunately, i want to use my breadth!
You want to... use your breadth? ???
What is this madness?
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Ok heads up. i called them. And yes, gloamglozer is correct! Lol. i didn't know what HECS actually was. But technically, the last 50 points is free...that is, you don't have to pay for the remainder 50 points!
HOWEVER...READ fineprint:
as taken from the handbook:
The HECS exemption is available to new generation undergraduate degree students but not to Bachelor of Engineering students. Only the final 50 points of the Diploma in Languages are HECS-free – students must have completed the first 50 points of the Diploma (either through a cross crediting arrangement or in addition to their degree requirements) to be eligible for the HECS-free 50 points.
sigh...so you basically have to spend 4 of your breadth or 4 subjects within your core to meet that 50. then your other 50 will be free...unfortunately, i want to use my breadth!
You only have to use your breadth if you are planning on cross crediting. If you wish, you can do 400 points, which means you do not have to sacrifice any breadth.
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unfortunately, i want to use my breadth!
You want to... use your breadth? ???
What is this madness?
haha...yes, i have other interests, you know :P creative writing..science...commerce..depending on which course i decide to get into...
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Does anyone know if any other diplomas also have the same policy - that is, final 50 points HECS free? In particular, the U21 Diploma in Global Issues?
Generally not a good idea to bump old threads but nonetheless I highly doubt the global issues or any other concurrent diploma is HECS free. I'm going to take a stab in the dark and make a (educated) guess that the reason the DipLang has some HECSfree is to encourage students to study languages.
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i know the math diploma also has the 50 points hecs free,not sure about anything else though.
and you don't even have to complete your diploma to get the 50 points hecs free. so say i cross credited four subjects from my bsci, did 2 more under the diploma and then went "screw it i ceebs" i still dont have to pay anything. :'D
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It seems like the exemption is only available for the languages and maths diplomas.
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who gives a fuck. it's not like you have to pay upfront anyway!
the discount is negligible!
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who gives a fuck. it's not like you have to pay upfront anyway!
the discount is negligible!
Yes the discount is negligible but it makes sense to be aware of how much debt you are raking up regardless-keeping HECS as low as possible means you will have more disposable income once you start working.
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who gives a fuck. it's not like you have to pay upfront anyway!
the discount is negligible!
um i dont wanna spend my entire life paying off my hecs debt
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Generally not a good idea to bump old threads
It's totally fine to bump them if you do so in a relevant and appropriate way and the thread can still be useful to other members ;)
With regard to paying upfront and getting the discount or not, my personal stance is as such. Keeping the $500 for now when I'm a poor uni student and then paying it back later when I'm (hopefully) employed full-time is I reckon more valuable than paying $450 now which is less than I'd have paid otherwise, but I don't have the money to put towards extra-curriculars, textbooks, uni life, etc.
And really with interest it's far more valuable to put the $500 in the bank. Over the course of ten years with a 4% interest rate (a bit generous but #YOLO) $500 becomes $740 (compounded per annum). So after paying back your HECS you now have $190 more than if you'd given up the money 10 years ago to save $50.
didn'taccountforinflationsrsynotsry
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interest free loans are pree good aye?
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interest free loans are pree good aye?
Indeed. Just to clarify though the interest I was referring to is from your deposit with the bank, not the interest on your student loans.
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^haha I know. But I meant I'd rather keep my money in a bank account and get interest from it than pay off my hecs since its interest free. :'D
they're also getting rid of the 10% off thing starting next year.
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It's totally fine to bump them if you do so in a relevant and appropriate way and the thread can still be useful to other members ;)
With regard to paying upfront and getting the discount or not, my personal stance is as such. Keeping the $500 for now when I'm a poor uni student and then paying it back later when I'm (hopefully) employed full-time is I reckon more valuable than paying $450 now which is less than I'd have paid otherwise, but I don't have the money to put towards extra-curriculars, textbooks, uni life, etc.
And really with interest it's far more valuable to put the $500 in the bank. Over the course of ten years with a 4% interest rate (a bit generous but #) $500 becomes $740 (compounded per annum). So after paying back your HECS you now have $190 more than if you'd given up the money 10 years ago to save $50.
didn'taccountforinflationsrsynotsry
Interest rates for normal savings accounts are usually only a half percent higher than inflation, but I still agree with your point. You're not really going to make a profit out of it, but I agree that as a uni student that money is more valuable to you now compared to once you'll be working full time.
Inflation rate government loan is the best loan you're ever going to get. Gearing ftw.
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^haha I know. But I meant I'd rather keep my money in a bank account and get interest from it than pay off my hecs since its interest free. :'D
they're also getting rid of the 10% off thing starting next year.
So we agree! And yeah especially if they're getting rid of the 10% discount, it just further mitigates the 'cost' of taking out the loan.
Fyrefly, you're right. The reason I ignored that there's no real tangible profit was just to use the numbers to illustrate my point of the value now and then.