Any working class person with a Higher Education Loan Program (HELP) debt is affected. Currently the HELP is failing to provide accurate support to those entering the workforce and those in the early-stages of their career.

HELP Debt is taxed fortnightly or monthly from your pay at the 3% or so rate. Each fortnight or month the tax department receives this money and makes interest. This money is applied to HELP repayment loans AFTER indexation is applied for the year. WHY IS THIS THE CASE? Why are our repayments not applied to our current HELP loan prior to indexation occuring. HECS/HELP indexation is sending those earning less than $65,000 backwards.

If things stay the same it will continue to take years to pay off your HELP debt affecting loan power to buy a home amongst other things. If it changes those in the early stages of their career will see a shift in their ability to pay off their debt and have a more positive outlook on their future. Currently, we are fighting to stay afloat, we are fighting to pay of essentially what we were told would boost our career. When I was looking into university, I was sold on the fact that it was a interest free loan. A loan that would help us create a better future for ourselves by endorsing an upskilled workforce.

With no reform we are looking at a bleak future. One that will see very few go to university, very few look to undergo higher education degrees in fear of having a student debt for most of their life. 

As we look to see a shortage in skilled professionals and less of an interest in obtaining higher education degrees we should be taking immediate action on supporting a better HELP loan system. We should be ensuring their is no fear towards loans and reforming the program like we have implemented reform on our superannuation. The people who earn the money should be benefiting from their repayments not the institution who is holding our money in hopes of receiving interest and in turn charging higher indexation amounts.  

CHANGE THE WAY OUR TAX IS PAID TOWARDS OUR HELP LOAN. PAY IT DIRECTLY TOWARDS OUR TAX THROUGHOUT THE YEAR AND THEN APPLY INDEXATION TOWARDS THE FINAL AMOUNT COME JUNE 30TH.