Those with some of the country's biggest HECS-HELP debts would be more than 100 years old before even coming close to paying them off without voluntary extra repayments.
Help keep family & friends informed by sharing this articleThe Australian Tax Office has released the country's 100 largest HELP/HECS debts through a Freedom of Information request – and the highest debt is a whopping $737,000.
The person repaying the biggest debt on the top 100 list would be over 200 years old before even getting close to paying it off without voluntary extra repayments. For those studying medicine, dentistry and veterinary science courses or eligible aviation courses with census dates in 2023, that limit is $162,336.Loading Instagram content
Even though the debt is technically an "interest-free loan", it is indexed to keep up with inflation.Brisbane financial advisor Pedro Marin Ramirez has seen a jump in inquiries from worried graduates in recent weeks. Mr Marin crunched the numbers on a debt of $50,000 at 5 per cent indexation over 10 years, based on an entry-level income of $60,000 with a 4 per cent yearly pay rise.
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