There are a lot of people with a lot of Higher Education Loan Program (HELP) and Higher Education Contribution Scheme (HECS) debt in Australia.
According to the Australian Tax Office (ATO), there were roughly 2.93 million people with outstanding HELP debts in the 2023-24 financial year – totalling more than $81.4 billion.
The good news is that the federal government is wiping 20% from all students loans which should take effect by the end of 2025.
It’s also made moves to urge lenders to make it easier for would-be homebuyers carrying student debt to access home loans. Let’s check the lay of the land.
What is HELP debt?
HELP is a government subsidised loan program, encompassing HECS and other costs incurred from attending university…