UNIVERSITY debts are soaring and more people are being forced to repay their student loans sooner.
New Australian Taxation Office data obtained by News Corp found in the 2018/19 financial year 3 million people owed a massive $66.5 billion in Higher Education Loan Programme (HELP) debts.
This grew by 8 per cent from the 2017/18 financial year when 2.87 million people owed $61.7 billion.
The average HELP debt is now $22,500 up from $21,500 in 2017-18 financial year.
Financial adviser Scott Haywood said despite the total debt soaring, it is a cheap form of debt for people to have.
“This is one of the cheapest loans other than the bank of mum and dad that anyone can get,” he said.
“But the government has identified pa…
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