The average student loan will increase by more than $1,200 this year amid calls for the federal government to fix what critics say is a “broken system”.
Higher Education Loan Program Debt (HELP) debts, such as HECS-HELP, increase each year under indexation. This is calculated after the publication of the March quarter inflation data, which was released on Wednesday.
Australian Taxation Office has not officially confirmed what this year’s indexation figure will be, but crossbench MPs say it will come in at 4.8 per cent if the formula used in previous years is followed.
It would be the second-highest indexation increase in a decade, behind a rise of 7.1 per cent in 2023.
A 4.8 per cent increase would add $1,272 to the average HELP debt of…
