HECS-HELP $500 upfront discount

[Raahem]

hi can someone explain what this means "upfront payments of $500 or more attract a 20% discount"

is that to say, i pay $500, but get $600 off my debt?
thanks

[_avO]

no if you pay any amount over 500, you get 20% off the amount you paid. so eg pay $500 get $100 back, pay $1,000 get $200 back, pay $5,000 get $1,000 back

EDIT: crap didn't read properly, yeah that's right xD

[m@tty]

No, not $600 - $625 (because 20% of 625 is 125 and is the discount you get for paying $500 (adds up to 625)).

[Raahem]

No, not $600 - $625 (because 20% of 625 is 125 and is the discount you get for paying $500 (adds up to 625)).

even better ^__^
thanks avO and m@tty!

[_avO]

lol really? i thought it would be 20% of the amount u paid, not the total that is credited that looks like 25% back

[m@tty]

You get an additional 25% of what you paid.

The discount is 20% on the total taken off your debt. So out of the 5 parts you pay 4 and 1 is the discount. 4/5 of 625 is 500.

This is the same as 25% of what you paid