In a move aimed at easing the financial burden on millions of Australians, the federal government recently announced a significant overhaul of the Higher Education Contribution Scheme and Higher Education Loan Program (HECS-HELP) indexation system. This change is expected to wipe out approximately $3 billion in student debt and benefit more than 3 million borrowers. But do these changes go far enough? LSJ speaks to a law student and practising solicitor to get their views.
Unlike traditional loans, HECS-HELP debts do not accrue interest. Instead, they are adjusted annually on 1 June each year through a process called indexation. This…
