Three million Australians will see $3 billion wiped from their student debt after the Albanese Government passed legislation through the Parliament tonight.
This legislation fixes the way indexation is calculated on student debt and will be backdated to 1 June 2023.
The Universities Accord (Student Support and Other Measures) Bill 2024 caps the HELP indexation rate to the lower of either the Consumer Price Index (CPI) or the Wage Price Index (WPI).
This change applies to HELP, VET Student Loan, Australian Apprenticeship Support Loan and other student support loans.
This will benefit all Australians with a student debt, fixing last year’s spike in the indexation of 7.1 per cent and preventing indexation from outpacing wages in the…
