View your loan account online

Going online

We keep track of any loans you have deferred for payment through the tax system. Your account contains a record of your loan (or loans) including:

• indexation amounts
• voluntary and compulsory repayments
• overseas levy amounts.

You can use our online services to view your loan account and other information, such as your payment reference number (PRN) and voluntary repayment options.

To access our online services for individuals, you need to create a myGov account and link it to the ATO.

If you already have a myGov account linked to the ATO, you can log in at any time.

Find the balance of your loan accounts

To locate the balance of your loan accounts:

1. Access ATO online services.
2. Select Tax.
3. Select Accounts.
4. Select Loan accounts.

You can make voluntary repayments at any time to reduce the balance of your loan.

Sign in to myGov and update details

Can't see your loan information?

As your loan information is transferred to us from other government agencies, there may be a delay between when you acquire the loan and when it is reflected in your loan balance.

At any time during the year, you can contact us to request a statement.

Indexation

The indexation rate for study and training loans is based on the Consumer Price Index (CPI) or Wage Price Index (WPI) – whichever is lower.

Your loan may grow over time if you don't make any compulsory or voluntary repayments.

There is no interest charged on loan accounts. However, when your loan is more than 11 months old, the balance is subject to indexation. The indexation figure is calculated each year and applied on 1 June each year.

Indexation maintains the ‘value’ of the education so that no matter how long it takes to repay, a student would repay an amount that is more like the cost of education today. The indexation figure is calculated each year.

Indexation rate calculation change

We are processing recredits for 2023 and 2024 indexation rate changes. Most people will see these credits on your account by the end of January. Some credits will take a bit longer than others to show on your account depending on the complexity (for example, if there is a non-pursuit waiver on your account).

If your study loan is in credit after the adjustment, you may receive a refund for this amount to your nominated bank account, provided you have no outstanding ATO or other government debts.

What you'll see on your account

If you receive an indexation recredit, your account will display:

• Processed date field – a date in December or January
• Effective date field of 1 June 2023 or 1 June 2024, or both
• Transaction description 'Amendment to indexation'
• Credit column – the difference between the indexation amount first applied and the new indexation amount calculated with the reduced rate.

If you're getting a refund, you'll also see:

• A transaction to transfer the credit to your income tax account – this will show as a debit in the loan account.
• A credit on your income tax account ready to refund to your nominated bank account.
• A debit transaction in your income tax account when the refund issues.

The time it takes to appear in your bank account will depend on your financial institutions processing timeframes.

To view your income tax account in myGov, select Tax, Accounts, and Tax accounts.

If you have a non-pursuit waiver, you'll also see:

• Transaction description – Correction sundry – indexation adjustment
• a debit amount which will reverse the difference because you already had the indexation waived.

The original transaction for the indexation applied to the account on 1 June of the relevant year will not change. It will still show as 7.1% for 2023 and 4.7% for 2024.

For more information, see Study and training loans – what's new.