The Education Minister said a graduate with an average debt of $26,500 would have about $1200 wiped from their outstanding loan under the new policy.
The legislation will cap the HECS-HELP indexation rate to whichever is lower out of the consumer price index or wage price index If the bill passes through the Senate, the ATO will apply an automatic credit for the difference between the current indexation rate and new indexation rate, backdated to June 1 last year.Three million Australians are a step closer to seeing their student loans slashed.
Those who repaid their HELP debt after indexation was applied last year and this year will receive their credit via a refund to their bank account. The Universities Accord Bill will also introduce prac support payments for 68,000 teaching, nursing, midwifery and social work students from July next year.
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