A tax credit is on the way for Aussies who scrimped and saved to pay off their student loan debt to avoid being hit by an eye-watering increase to indexation.
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.
Oceania David Littleproud Student Loan Debt Student Loan Anthony Albanese Jason Clare Newswire-Politics Tax Time Tax Credit Student Loan Indexation Wage Price Index Australia And New Zealand Eligible Students Undertaking David Swift Student Debts Courtney Gould Price Index Key Detail Students Undertaking Placement Sky News Australia Canberra Student Debt Australian Capital Territory Nicholas Eagar Australia Consumer Price Index
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