Hello,
Just wondering if someone who is a bit more mathematically minded can help me with my calculation. I'm just trying to calculate how long it'll take before my HECS debt is paid but including the adjustment they make for inflation.
My debt is ~50k at present. This is mainly due to an expensive post-grad degree I did for one year (didn't finish this degree) which pretty much doubled the balance. I am currently paying $130/fortnight (3.5k/year) in compulsory repayments.
I'm trying to calculate whether it'd be worthwhile going back and finishing this degree. If it's going to take me say 30 years or more to pay off the existing debt than I might as well finish the degree as I likely won't pay the debt off anyway. I might as well get something for the money I'll be paying.
Thanks
Just wondering if someone who is a bit more mathematically minded can help me with my calculation. I'm just trying to calculate how long it'll take before my HECS debt is paid but including the adjustment they make for inflation.
My debt is ~50k at present. This is mainly due to an expensive post-grad degree I did for one year (didn't finish this degree) which pretty much doubled the balance. I am currently paying $130/fortnight (3.5k/year) in compulsory repayments.
I'm trying to calculate whether it'd be worthwhile going back and finishing this degree. If it's going to take me say 30 years or more to pay off the existing debt than I might as well finish the degree as I likely won't pay the debt off anyway. I might as well get something for the money I'll be paying.
Thanks