If we allow people with HELP loans to use their compulsory super contributions to pay off those
loans, this will benefit not only students and debt holders but also government coffers. I propose
this would be in addition to the current repayment arrangement.
Currently you pay back your HELP debt through the tax system once you earn above the compulsory
repayment threshold. In 2019-2020 that is 1 per cent of income at $45,881, going up to 10 per cent for earnings more than $134,573. Someone earning the average wage ($1659 per week) will pay $435 in loan repayments a month. Thats $5220 in HELP repayment a year.
That same person would also get about $8000 in super a year. Add the loan repayments, thats
$13,000. The average HELP loan, under the…
Read the full article at: https://www.smh.com.au/national/unlock-super-to-pay-off-student-debt-20200602-p54yra.html
