The government’s student loan policy, the Higher Education Contribution Scheme, now known as HECS-HELP, first began back in 1989. Anyone aged over 23 at the time is now 60 or older, and retirement is squarely on their radar. But while a vast majority have since paid off their debts, some are now retiring without having cleared the slate.
HECS/HELP debts are only getting bigger, too. A semester of study used to only lead to a debt of a couple of thousand dollars, but these days, the course fees are much higher.