The government is set to wipe about $3bn through a major change to the HECS and HELP loans in a bid to win over younger voters struggling with the cost of living.
But the reform has left those who took action to pay off their debt in a bid to avoid a repeat of last year asking the same question. Australians with student loan debt can find out how much the switch up is estimated to benefit them using theTying student debt to the lower of the CPI or WPI was a major recommendation from the Universities Accord – the first broad review of the higher education system since 2008.
The reform will also apply to this year’s indexation rate of 4.7 per cent – the second highest in more than a decade. “Yesterday, I had a number of people come up to me spontaneously and thank the government for this important change,” the Prime Minister said.