Millions of Australians have had their student loans cut as the federal government’s 20% debt reduction measure comes into effect.
The one-off debt reduction measure will benefit over three million Australians with the first 100,000 having received notifications via SMS text message, email or their myGov inbox.
The Australian Government’s Universities Accord (Cutting Student Debt by 20 per cent) Act became law on 2 August 2025. The Australian Tax Office (ATO) has started processing reductions mid-November.
The biggest student debt cut in Australia’s history, the legislation will remove over $16 billion in various student loans, including HELP (Higher Education Loan Program) and VET (Vocational Education and…