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HECS indexation to be reformed in budget with $3 billion in student debt 'wiped out'

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HELP Debt News

Hecs Debt Indexation 2024,HECS Debt,Student Debt

Millions of Australians with student loans will have hundreds of dollars wiped from their HECS debts as the federal government rolls out its plans for cost-of-living relief in the upcoming budget.

: Student debts will be lowered for more than three million Australians under reforms designed to stop HECS loans growing faster than wages.

For almost 35 years indexation has been calculated based on the Consumer Price Index , which is now at historic highs. "This will wipe out around $3 billion in student debt from more than three million Australians," Education Minister Jason Clare said. "By backdating this reform to last year, we're making sure that apprentices, trainees and students affected by last year's jump in indexation get this important cost-of-living relief.

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