Hecs and Help: Labor announce 3 billion student debt cut
Announcement means billions in higher education debt will be wiped
Indexation rate to be slashed from 47 per cent to 40 per cent
The federal government will cut around 3bn in student debts through a key change to the Hecs and Help repayment schemes. The indexation rate to be applied on 1 June 2024 is 47 per cent and under the proposal this would be reduced to 40 per cent. This means that the indexation rate on student loans in 2024 including HECS VET and Australian Postgraduate Loans will be reduced from 47 per cent to 40 per cent. It means students with an average debt of 26494 will have their loans increased by 1272 when.
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