Major changes to an “outdated” university loan repayment scheme have been recommended in an independent review into universities published on Friday. Relief for graduates could be allocated as soon as the May Federal Budget, according to Education Minister Jason Clare, who hinted at annual repayment savings of up to $1000 for some Australians, in response to the report.
HECS-HELP repayments currently work by allowing students to defer the costs of their studies until they earn a specific salary, with that threshold currently set at $51,550. Payments are then taken from each salary payment, but those payments are only deducted from the overall HECS-HELP loan balance once a year. Indexation is also applied to the loan balance, and that can cause the owed amount to skyrocket before the already withheld payments have even been deducted. This common graduate gripe — which stunned students last year as the CPI rose by 7.1 per cent before the withheld payments of 2023 had been applied — is central to recommendations made by the Australian Universities Accord repor
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