The Albanese government’s signature HECS reforms passed parliament on Thursday, meaning more than three million Aussies will see thousands of dollars wiped from their student debt.
For those with an average debt of $27,600, it’s a saving of $5520.
The Bill also included changes to when the money needs to be repaid, saving those on lower incomes from mandatory deductions.
Here’s everything you need to know about the changes – and when they’ll come into effect.
HOW MUCH WILL I SAVE?
The reforms will wipe about $16bn of HELP debt, VET loans and apprenticeship loans for approximately three million Australians.
According to calculations from the government someone with the average HELP debt of $27,600 will have $5520 wiped from their…