HECS or not to HECS?

For most of us, there isn't a choice of whether we use HECS-HELP, an interest-free loan that the Australian Government allows domestic students to use. Thankfully, I'm blessed with parents who have the money on hand to pay for my degree, and I'm super-duper appreciative.

My parents have agreed to pay for my tuition up-front when we were given a 20% discount. Unfortunately, about a year ago it changed to 10% (Labour trollin lols) and after some analysis, I've found it more cost effective to allow HECS to accumulate loan.

In the included spreadsheet, I compare the NPV (net present value) of each of the two following options:

1. Pay upfront making full utilisation of the 10% discount.
2. Use HECS-HELP until university is over. A deposit account is opened with the balance of the NPV of option 1, and an annual 4% interest rate is accrued bi-annually. The loan is paid off using the deposit account.

Linky link to the analysis~

tldr; option 2 came out in front, saving the student over $2,000. That's enough for a decent computer that will make your old uni puter to shrivel up in a corner and die. Worth.

Although, if option 1 had a 20% discount like originally, it would save you over $4,000!

This sort of feels like a rich person problems post :/ If there's any errors in my analysis, don't hesitate to tell me.