The federal government has announced it will wipe $3 billion from Australians’ HECS-HELP debt. Millions of Australians have faced ballooning debts as student loans were indexed in line with inflation.
But, the government said it will move to adjust how the debt is indexed, so it’s either in relation to the consumer price index (CPI) or wage price index (WPI), whichever is lower. This won’t only benefit those facing a looming 4.7 per cent indexation this year, but it would also be backdated to undo the horror 7.1 per cent increase last year.
Yahoo Finance has been flooded with former and current students fearing for their futures; from reconsidering having children and jeopardised home loans, to regret over higher education and being…
