On 1 June last year, indexation was applied on my then HECS-HELP debt of $87,722 at 7.10 per cent. This resulted in a $6,228 debit being applied to my HECS-HELP account.
If the same indexation rate is applied this financial year, my HECS-HELP debt will increase again, to $94,863. HELP indeed!
I’m not the only one with a soaring student debt problem. On 1 June 2023, there were some 3 million Australians owing over $74 billion in student loan debt.
There are 3 different financial factors at play when it comes to HECS-HELP debts and repayments. The first is the size of the actual debt (in my case, currently $91,025). The second is the amount the debtor is required to pay each year, relative to their income and usually…
