More than three million Australians are set to have their student debt balance slashed within weeks.
The amount owing on university tuition loans will be trimmed by 20 per cent for almost all before the year is out.
WATCH THE VIDEO ABOVE: Millions to get HECS debt relief before Christmas.
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The one-off reduction was a major pledge from Anthony Albanese in the lead up to the May federal election.
Aussies who took out a loan to study currently pay it back via deductions from their salary once they start earning above the threshold.
Current and former students are set to be thousands of dollars better off once the reprieve is applied.
How much is my student debt being reduced?
Australians with a…