Nov 26, 2024
Hello,
I want to thank you for raising your voice on this important issue. The Albanese Labor Government has listened and we have acted.
Tonight, we have passed legislation that will wipe around $3 billion in student debt from more than 3 million Australians.
The legislation fixes the spike in HECS indexation that happened last year and makes sure it never happens again.
The ATO will automatically apply these changes to everyone with a student loan. This work will happen as soon as possible.
If you have completely repaid your student debt after 2023 or 2024 indexation was applied, the credit will come to you as a refund to your bank account (assuming there are no outstanding tax debts).
This change applies to all HELP, VET Student Loan, and Australian Apprenticeship Support Loan accounts that existed on 1 June last year.
For someone with an average HELP debt of $27,000, you will see around $1,200 wiped from your outstanding HELP loan.
You can calculate how much you will benefit here:
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 Labor Government has listened and we have acted.
Tonight, we have passed legislation that will wipe around $3 billion in student debt from more than 3 million Australians.
The legislation fixes the spike in HECS indexation that happened last year and makes sure it never happens again.
The ATO will automatically apply these changes to everyone with a student loan. This work will happen as soon as possible.
If you have completely repaid your student debt after 2023 or 2024 indexation was applied, the credit will come to you as a refund to your bank account (assuming there are no outstanding tax debts).
This change applies to all HELP, VET Student Loan, and Australian Apprenticeship Support Loan accounts that existed on 1 June last year.
For someone with an average HELP debt of $27,000, you will see around $1,200 wiped from your outstanding HELP loan.
You can calculate how much you will benefit here:
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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