Anthony Albanese’s plan to wipe $3 billion in HECS-HELP student debt for three million Aussies has left many asking the same question.
“Can I get a refund for the HECS I’ve already paid in full?” one user wrote on X, echoing hundreds of similar comments across social media.
“Those that paid off their outstanding HELP loan between June 1, 2023 and the time the legislation is passed will be eligible for a tax credit,” a spokesman confirmed to NCA NewsWire. Australians with a HECS debt can find out how much the change is estimated to benefit them using the HELP IndexationThe government will backdate this relief to all HECS-HELP, VET Student Loan, Australian Apprenticeship Support Loan and other student support loan accounts that existed on June 1, 2023.
“We are doing this, and going further. We will backdate this reform to last year. This will wipe out what happened last year and make sure it never happens again.”‘Band-Aids on bullet wounds’ “Whether it’s student debt, housing or paying the bills, young Australians continue to suffer acute cost-of-living pain under this incompetent Labor government.”
“Today’s announcement is a glaring admission from Labor that real wages have been going backwards under their government. “Labor’s response to inflation continues to put Band-Aids on bullet wounds. To provide cost-of-living relief for all Australians, Labor must deliver a budget that puts downward pressure on its homegrown inflation.”she had run up a six-figure HECS debt
She has a Bachelor of Arts in Politics and Creative Writing, a Masters in Global Media Communication at Melbourne University, and a Graduate Diploma in Journalism at RMIT.This means, from June 1, anyone who hasn’t paid off their loan traditionally faces a debt rise in line with inflation, which last year was a whopping 7.1 per cent — the biggest increase in 30 years.
But, because indexation occurs before this on June 1, your past contributions are actually applying to the higher indexed rate, despite coming out of your pay much earlier.
Sarah Henderson Acute Cost-Of-Living Pain Danica De Giorgio United States Of America Cost-Of-Living Relief Indexation Rate Australian Taxation Office North America Melbourne University Opposition Education Spokeswoman Andrew Henshaw Agence France Presse Oceania Anthony Albanese America Student Debt Relief Jason Clare Global Communication Bullet Wounds Education Reporter Welcome Relief Budget Forecasting Multiple Degrees Caitlin Cassidy Homegrown Inflation Australia And New Zealand Backdated Proposal Joe Biden Debt Rise David Swift Student Debts Cost-Of-Living Budget Betty Zhang Universities Accord Northern America Student Debt Trap Partial Refund Debt Spiral Debt Situation Real Wages Uni Debt Debt Forgiveness Loan Accounts Student Debt Student Loans Australia Rising Rental Costs
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