Dr Monique RyanMelbourne, Australia
Dec 18, 2024
Good news!
If you have a HECS debt, check your MyGov account because cuts to student debts have started rolling out.
The Albanese Government has wiped $3 billion in student debt from more than three million Australians. And yesterday, the ATO started processing these cuts.
Someone with an average HELP debt of around $27,000 will see around $1,200 wiped from their outstanding loan.
The Universities Accord recommended indexing HELP loans to whatever is lower out of CPI and WPI.
We have done this, and gone further. We have backdated this reform to last year. This wipes out what happened last year and makes sure it never happens again.
You can calculate how much you will benefit here: https://www.education.gov.au/help-debt-reduction-and-repayment-estimators
Yours sincerely,
Jason Clare, Minister for Education
If you have a HECS debt, check your MyGov account because cuts to student debts have started rolling out.
The Albanese Government has wiped $3 billion in student debt from more than three million Australians. And yesterday, the ATO started processing these cuts.
Someone with an average HELP debt of around $27,000 will see around $1,200 wiped from their outstanding loan.
The Universities Accord recommended indexing HELP loans to whatever is lower out of CPI and WPI.
We have done this, and gone further. We have backdated this reform to last year. This wipes out what happened last year and makes sure it never happens again.
You can calculate how much you will benefit here: https://www.education.gov.au/help-debt-reduction-and-repayment-estimators
Yours sincerely,
Jason Clare, Minister for Education
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