Aussies keen to see their student loan debts cut by 20 per cent as promised by Labor in the federal election may not be so happy when they check their accounts.
Since Sunday, students with HELP or HECS loans would have seen their debts increase by 3.2 per cent as indexation kicked in.
Indexation serves to adjust student loans according to inflation – but the timing at which they are applied has been heavily criticised for years.
“HELP debts aren’t actually very helpful,” independent Tasmanian senator Tammy Tyrell said.
“Today, students are watching their debts go up, with the money they’ve paid through the year nowhere in sight.
“Banks reduce your loan before charging interest. Credit unions do too. Just not the government…
