Education minister Jason Clare says changing the way Hecs/Help loans are indexed is a recommendation of the Universities Accord final report.Education minister Jason Clare says changing the way Hecs/Help loans are indexed is a recommendation of the Universities Accord final report.The federal government will cut around $3bn in student debts through a key change to the Hecs and Help programs, reversing last year’s horror indexation hike and delivering a $1,200 saving for the average person.
The change, which requires legislation, would be retrospective and backdated to 1 June 2023, effectively turning back the clock on last year’s. The figure, which was the highest in more than a decade, caused many loans to grow faster than Australians could pay them off.About 3 million Australians hold student loans, at an average debt of $26,500, and the measure would cut about $1,200 from their outstanding Hecs/Help debt this year.
The accord called for other cost of living measures including a stipend for unpaid mandatory placements, scrapping the former federal government’s failed Job Ready Graduates Scheme and reducing student contribution amounts for low-income earners. Ryan told Guardian Australia the petition had “struck a nerve” in broader society, with many Australians prompted to log in online and check their student loans with an “unpleasant shock”.
Education Education Latest News, Education Education Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: FinancialReview - 🏆 2. / 90 Read more »
Source: FinancialReview - 🏆 2. / 90 Read more »