A change to how student debt is calculated is being considered after the balances of millions of Australians soared overnight. The debt, known as HECS-HELP, is indexed in line with the inflation rate each year, meaning loans rose by 7.1 per cent on Thursday morning. It’s the largest increase experiencedContinue Reading
Thursday’s accouncement that HECS-HELP debts will increase by 7.1 per cent has pushed home ownership even further out of reach for Australian graduates. Recent university graduate James Milburn has been more careful in managing his finances than your average 25-year-old but says he has still had his home ownership dreamsContinue Reading
Uni students and people with degrees are about to get hit with a massive increase to their student loans, including one person who managed to rack up more than $700k in debt. About three million Australians had some form of student debt as of June 2022, totalling about $74bn. TheContinue Reading
Australians with higher education Help loans will be able to earn slightly more before they start making repayments as inflation drives up student debts to new highs. The federal government lodged the official Help repayment thresholds for the 2023-2024 financial year on Thursday, which confirmed the minimum repayment threshold hasContinue Reading
In just over three weeks millions of people across the country, many of them young Australians, are going to be hit with a brutal increase to their student debt. From June 1, anyone who has racked up a HECS-HELP debt from studying and hasn’t paid it off will be sluggedContinue Reading
Millions of Australians are expected to be hit with hikes in their HECS repayments amid skyrocketing inflation. Student loans, known as HECS-Help, are not charged interest. Instead, the full amount is indexed to inflation each year. They are often labelled a “good debt” – being far cheaper than other typesContinue Reading
A proposal to abolish the indexation on $74bn of student debt has been put on ice after a parliamentary inquiry recommended the bill should be scrapped. The senate’s higher education legislation committee tabled its report on Monday into the Greens push which also included raising the minimum repayment income toContinue Reading
More than three million Australians with student loans are being warned to brace themselves for a super-sized increase to their debt in the coming months. The debt, known as HECS-HELP, is not charged interest. Instead, the full amount is indexed to inflation each year. It’s often labelled a “good debt”Continue Reading
A video depicting a young woman calling into a US radio show asking for help trying to pay off her and her husband’s near $US1 million ($1.5 million) in debt went viral on Twitter this week. The video, recently posted to financial adviser Dave Ramsey’s TikTok, captured the 2018 exchangeContinue Reading
The highest increase to student loan indexation in a decade will be saddling thousands of graduates with more debt than they are repaying, sending them backwards in the next financial year. People with HECS-HELP loans can expect to see their amount owed increase by 7 per cent when loans areContinue Reading