Millions of Australians are set to benefit from a historic $16 billion cut to student debt in the coming weeks.
About 100,000 will receive the “best text message ever” over this weekend from the Australian Taxation Office, informing them their Higher Education Loan Program (HELP) debts have been reduced by 20 percent.
Education Minister Jason Clare described the move as the biggest reduction in student debt in Australia’s history. “This will be $16 billion of debt wiped off the backs of young Australians,” he said on Nine on Saturday.
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