Australians with outstanding student loans will soon see their balances reduced, as the Labor government’s HECS-HELP debt relief began rolling in on Wednesday.
A total of $3 billion in student debt has been wiped, benefiting three million Australians ahead of the Christmas season— for some, the relief amounts to thousands of dollars.
For example, someone with an average HELP debt of around $27,000 will have roughly $1200 shaved off their loan.
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To see if your debt reduction has been applied, log into your Australian Taxation Office (ATO) account via MyGov.
The reform, backdated to June 2023, will also refund former students who repaid their student debt in 2023 or 2024.
The legislation,…
