There were 2.9 million people with outstanding student debt in 2022-2023. The average HECS/HELP (Higher Education Commonwealth Support/Higher Education Loan Program) debt for this cohort was $26,494. 21% of the cohort had debts above $40,000.
We’re often told that there’s good debt and there’s bad debt. Bad debt includes credit cards, personal loans – any debt that isn’t tied to an appreciating asset. ‘Good debt’ is tied to an investment or appreciating asset. HECS/HELP is often put in the ‘good debt’ column – you can view it as an investment loan in yourself.
The theory behind this is that you have taken this loan out to pay for tertiary education and qualifications that will make you more employable. It will make you…
