Amy Jolliffe’s desperation at her ballooning HECS-HELP debt of $64,000, more than twice the average of $26,494, is emblematic of the growing helplessness felt by many graduates years after they’ve left university.
High inflation has meant the annual indexation — 7.1 per cent last year — is growing their debt faster than they can pay it off.
Government statistics on HECS-HELP debts show balances as large as Amy’s were once a statistical anomaly.
In the five financial years from 2006 through to 2010, government statistics recorded no debtors listed as having debts in the range of $60,000 to $70,000.
At this time, the highest HECS debts were in the $40,000 to $50,000 range and even these were relatively rare.
Today, 47,000 people have a…
