It has been half a year since the government announced changes to student debt rules to build hype for the federal budget, but the legislation only became law on Tuesday night.
The changes will mean some people will get a credit on their loans, while others may end up with a refund in their bank accounts.
Here’s a recap of what these changes are and what they mean for people with debts under the Higher Education Loan Program (HELP).
What are the changes?
The rate at which HELP debts are indexed.
HELP debts — the most common being part of the Higher Education Contribution Scheme (HECS), used by university students to cover their fees — are billed as interest free.
But they are indexed each year, meaning they increase each year.
Before now,…
