Those with HECS-HELP debt, and other higher education training loans, will have a 4.7 per cent indexation applied on June 1 but a credit will be applied back to loans once legislation passes later this year.
It means someone with the average Australian student debt of $26,494 will owe an extra $1245 or more on June 1.
As for the roughly 1 per cent of student debtors who still have $100,000 or more to pay back, they’ll see their debt increase by at least $4700.
After an indexation of 7.1 per cent was applied last year, $3 million was allocated in the federal budget to cut student debt.
It means legislation will change the way loans are…
