4 May 2024
Dear supporters,
I want to thank you for raising your voice on this important issue. The Albanese Government has listened, and we are acting.
Today I am announcing that we will wipe around $3 billion in student debt from more than 3 million Australians.
To do this, the Government will cap the HELP indexation rate to be the lower of either the Consumer Price Index (CPI) or the Wage Price Index (WPI) with effect from 1 June last year.
In other words, we are backdating this change to wipe out the impact of last year’s spike in indexation and stopping it from ever happening again.
This will apply to all HELP, VET Student Loan, and Australian Apprenticeship Support Loan accounts that existed on 1 June last year.
For an individual with an average HELP debt of $26,500, around $1,200 will be wiped from their outstanding HELP loans this year, pending the passage of legislation.
You can find out how this will benefit you here: https://www.education.gov.au/helpestimator.
Once again, thank you for raising your voice. We are making the HECS-HELP system fairer for all Australians.
Yours sincerely,
Jason Clare
Minister for Education
I want to thank you for raising your voice on this important issue. The Albanese Government has listened, and we are acting.
Today I am announcing that we will wipe around $3 billion in student debt from more than 3 million Australians.
To do this, the Government will cap the HELP indexation rate to be the lower of either the Consumer Price Index (CPI) or the Wage Price Index (WPI) with effect from 1 June last year.
In other words, we are backdating this change to wipe out the impact of last year’s spike in indexation and stopping it from ever happening again.
This will apply to all HELP, VET Student Loan, and Australian Apprenticeship Support Loan accounts that existed on 1 June last year.
For an individual with an average HELP debt of $26,500, around $1,200 will be wiped from their outstanding HELP loans this year, pending the passage of legislation.
You can find out how this will benefit you here: https://www.education.gov.au/helpestimator.
Once again, thank you for raising your voice. We are making the HECS-HELP system fairer for all Australians.
Yours sincerely,
Jason Clare
Minister for Education
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