New laws have passed in the Senate to wipe hundreds of dollars from the university debts of millions of Australians, reducing the average debt by $1200. The changes to the HECS-HELP system are part of a series of reforms recommended by the Australian Universities Accord.
New laws that will wipe hundreds of dollars from the university debts of millions of Australians have passed the Senate .Currently, it's based on the Consumer Price Index, which caused loans to surge by 7.1 per cent last year.
The indexation change for HECS-HELP debt was included in this year's federal budget but the government has bigger plans in store.should it win the next election. Education Minister Jason Clare said it was the first in a series of reforms recommended by the Australian Universities Accord that he wanted to implement.
"The Universities Accord recommended indexing HELP loans to whatever is lower out of CPI and WPI," he said.
University Debts HECS-HELP Australian Universities Accord Jason Clare Education Minister Senate
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