A 20 per cent cut to student loans is now just weeks away.
The slashing of HELP bills, including HECS debts, is rolling out by the end of 2025 and is welcomed relief for some 3 million Australians who owe money on their tertiary education — but some say the relief does not go far enough and a “token policy”.
Those with a HECS debt will receive an automatic 20 per cent reduction on the outstanding amount owing, backdated to June 1.
An election promise made by the federal government earlier this year, Education Minister Jason Clare said the reduction would “save millions of Australians thousands of dollars”.
“We’ve also made student repayments fairer. For someone earning $70,000 a year, it will cut the amount they have to repay every year…