Students, rejoice! This week, Australians have started having their HECS-HELP debts slashed in the nation’s largest-ever student debt cut. In total, 3 million Aussies will have 20 per cent of their debt wiped, adding up to a massive $16 billion.
The Australian Taxation Office (ATO) began sending out text and email notifications on Saturday, November 22, alerting 100,000 Australians that their debt had been reduced. Another 1.5 million will receive the same message this week, with a further 1.5 million set to be notified the following week.
How much will my student debt be cut by?
With the average HECS debt around $27,600, the average reduction will be around $5,520. You can use the government’s estimator tool to see your exact…