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Major changes to the way student debt is calculated in Australia passed through parliament on Tuesday night. Three million Australia ns will see $3 billion wiped from their student debt as the new indexation rate is backdated, while those who completely repaid their student debt after the 2023 or 2024 indexation was applied will have refunds deposited to their bank accounts. After inflation surged last year, the HECS indexation rate skyrocketed to 7.
The change applies to HELP, VET Student Loan, Australian Apprenticeship Support Loan and other student support loans. How much money will I get back? The average HECS debt sits at around $27,000 according to Clare, who said that the refund for outstanding loans of this size would be about $1200. The refund will be based on the size of your debt as it stood at the end of the last financial year. It will also vary depending on any repayments made during the year.
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