Recently signed on as an apprentice and they have this thing called a trade support loan. Basically it works similar to a HECS debt, as it's paid off through the tax system once you're earning $50,000 a year. It's a $20,000 loan that is paid in weekly installments that add up to $8000 in the first year, $6000 second, $4000 third and $2000 in the fourth year. If (when) you complete the apprenticeship, a 20% discount is applied to the loan.
Is it worth applying for this if I don't need it, putting it in a savings account and earning interest on it, given I'll get 20% taken off when I finish the apprenticeship? It sounds like free money to me but I'm assuming it's not that simple. Can someone better at economics than me give me some advice? Arigatou gozaimusu, gracias y merci beaucoup.
Is it worth applying for this if I don't need it, putting it in a savings account and earning interest on it, given I'll get 20% taken off when I finish the apprenticeship? It sounds like free money to me but I'm assuming it's not that simple. Can someone better at economics than me give me some advice? Arigatou gozaimusu, gracias y merci beaucoup.
