One-off HECS debt cut a placeholder as government looks to change university course fees
4 months, 3 weeks ago

One-off HECS debt cut a placeholder as government looks to change university course fees

ABC  

The federal government has rising university student fees in its sights for the next stage of its university debt overhaul, with a government source saying a one-off 20 per cent cut to debts is an interim measure. "As Jason Clare has said, he's got a very substantial report in front of him, the Universities Accord Report that makes a series of recommendations about structural change to university fees," Mr Butler said. Simply undoing Morrison policy would push some course fees up The federal government has already adopted some of the recommendations made by the Universities Accord panel, including by promising to reduce minimum HECS repayments and lifting the income threshold to $67,000. Professor Norton said one-off debt relief was a sugar hit, and students beginning next year would "just go back to the same old underlying problem". "The big problem is we haven't addressed the underlying reasons why some people accumulate large amounts of debt that they probably won't fully repay," Professor Norton said.

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History of this topic

Prime Minister Anthony Albanese has promised to ease HECS-HELP debt but what about this other $2.1 billion 'debt trap' from the 1990s?
4 months, 2 weeks ago

Prime Minister Anthony Albanese has promised to ease HECS-HELP debt but what about this other $2.1 billion 'debt trap' from the 1990s?

ABC  

The prime minister has promised to ease HECS-HELP debt but now former students caught in a separate 1990s 'debt trap' want their outstanding payments wiped. About 140,000 Australians still owe $2.1 billion from the Student Financial Supplement Scheme, which ran from 1993 to 2003. The Student Financial Supplement Scheme was introduced by the Keating government in 1993. "We were in …

Economists welcome student debt repayment changes but say government could do better for students than slash HECS debt
4 months, 3 weeks ago

Economists welcome student debt repayment changes but say government could do better for students than slash HECS debt

ABC  

The federal government's plan to overhaul student loan repayments has received a mixed reception from economists, who say it misses the major problem with higher education costs. "Some people are paying part of their HECS debt when they don't have enough income to justify it, so that's the most important thing," the emeritus professor said. Dr Jackson said, from a …

Western Sydney University reveals massive problem with Anthony Albanese's 'broken' $16billion plan to slash student debt
4 months, 3 weeks ago

Western Sydney University reveals massive problem with Anthony Albanese's 'broken' $16billion plan to slash student debt

Daily Mail  

A university Vice-Chancellor claims Prime Minister Anthony Albanese's plan to reduce student debt does not go far enough in tackling the 'broken' and 'deeply unfair' system. Western Sydney University Vice-Chancellor, George Williams, said the proposed reforms were 'extremely welcome' but warned they did not go far enough in addressing the cause of Australia's 'broken higher education system'. Prime Minister Anthony …

Huge change coming to Aussies with HECS debts with $16billion set to be cut from student loans
4 months, 3 weeks ago

Huge change coming to Aussies with HECS debts with $16billion set to be cut from student loans

Daily Mail  

Aussies will have 20 per cent of their student debt wiped under a major new plan set to be announced by the Albanese Government. Aussies will have 20 per cent of their student debt wiped under a major new plan set to be announced by the Albanese Government 'Our whole nation benefits when we make it easier for people to …

Re-elected Albanese government would slash HECS-HELP debts by 20 per cent
4 months, 3 weeks ago

Re-elected Albanese government would slash HECS-HELP debts by 20 per cent

ABC  

Student debts would be slashed by 20 per cent under the latest part of the federal government's election pitch to ease cost of living pressures for young Australians. A university graduate with the average debt of $27,600 would see about $5,520 wiped from their outstanding loan next year under a re-elected Albanese government. The government has framed the policy — …

The HECS threshold is being increased and debts are being lowered but repayment times will take longer for some under a new proposal
4 months, 3 weeks ago

The HECS threshold is being increased and debts are being lowered but repayment times will take longer for some under a new proposal

ABC  

Over the weekend the federal government has announced plans to change student loan repayment rules, spruiking cost of living savings. If the changes pass parliament, people paying their university fees via the government's Higher Education Loan Program won't have to pay as much each year and the overall debt levels will be lowered. Prime Minister Anthony Albanese said they would …

SBS Insight: Young Aussie Jessica Herbert reveals the one mistake she made before going to uni that has lumped her with massive debt
7 months, 4 weeks ago

SBS Insight: Young Aussie Jessica Herbert reveals the one mistake she made before going to uni that has lumped her with massive debt

Daily Mail  

A regretful young Aussie said she should have thought more beforehand about how much it was going to cost her to go to university after racking up $83,000 in student debt. Jessica Herbert, who works in disability and community service, said she would have pursued a career in nursing or teaching to reduce her massive HECS debt The figure is …

Millions of Aussie students to be hit with debt increase tomorrow - but new law offers a silver lining
9 months, 4 weeks ago

Millions of Aussie students to be hit with debt increase tomorrow - but new law offers a silver lining

Daily Mail  

The average student debt of $26,494 will see an increase of $1,245 Three million students with a HECS-HELP debt will be slugged an increase on what they owe on Saturday. Students will have a 4.7 per cent indexation increase applied to their HECS debt and other higher education loans. Almost three million university students will have their student loan repayment, …

HECS-HELP $3 billion budget relief welcomed but debtors hope for further action
10 months, 3 weeks ago

HECS-HELP $3 billion budget relief welcomed but debtors hope for further action

ABC  

In short: Debtors are calling for further HECS relief in next week's budget in addition to the $3 billion wiped from student loans. Last year's 7.1 per cent increase was the largest hike since 1990, leaving some in a debt spiral with loans increasing faster than they could be repaid. Shadow Education Minister Senator Sarah Henderson said student debt would …

HECS indexation to be overhauled in budget with $3 billion in student debt 'wiped out'
10 months, 3 weeks ago

HECS indexation to be overhauled in budget with $3 billion in student debt 'wiped out'

ABC  

In short : Student debts will be lowered for more than three million Australians under reforms designed to stop HECS loans growing faster than wages. Loan indexation will now match whichever is lower out of the Consumer Price Index or the Wage Price Index — which the government says will prevent another shock increase like last year's 7.1 per cent …

Once considered a good 'social policy', students say HECS loans are a burden on an entire generation
11 months ago

Once considered a good 'social policy', students say HECS loans are a burden on an entire generation

ABC  

When these eleven university students finally don their graduation gowns, they will collectively owe more than $750,000 in tertiary loans. The country collects more in HECS repayments annually than it does in tax from oil and gas, and experts say hiking those taxes could pay down the HECS debt within three years. "It is obscene successive governments say they want …

HECS loans have ballooned in the past decade, leaving many workers caught in a 'student debt spiral'
11 months, 1 week ago

HECS loans have ballooned in the past decade, leaving many workers caught in a 'student debt spiral'

ABC  

Amy Jolliffe's desperation at her ballooning HECS-HELP debt of $64,000, more than twice the average of $26,494, is emblematic of the growing helplessness felt by many graduates years after they've left university. Many now feel they're in a "student debt spiral" and it shows why calls for change have grown so loud that the prime minister all but confirmed there …

Education minister open to changes on how indexation applies to HECS-HELP debt
1 year, 9 months ago

Education minister open to changes on how indexation applies to HECS-HELP debt

ABC  

Federal Education Minister Jason Clare has left the door open for changes to how HECS-HELP debts are paid back, including how indexation is applied to the original debt. Key points: The education minister says he is open to changing how HECS debts are indexed Indexation of 7.1 per cent has added $1,775 to the average $25,000 HECS-HELP debt Under the …

Student debt indexation to have lifelong impacts on Australians' borrowing capacity
1 year, 9 months ago

Student debt indexation to have lifelong impacts on Australians' borrowing capacity

ABC  

More than 3 million Australians will see their student debt rise in line with inflation tomorrow, adding more than $1,000 to the average loan and sparking warnings of a lifelong impact on borrowing capacity. Key points: The average $25,000 HECS-HELP debt will rise by $1,775 because of indexation There is more than $74.3 billion in outstanding HECS-HELP debt Debts affect …

As June 1 indexing approaches, Australian university graduates are bracing for increased HECS/HELP debts
1 year, 10 months ago

As June 1 indexing approaches, Australian university graduates are bracing for increased HECS/HELP debts

ABC  

Time is running out for 3 million Australian university graduates to slash their student debts before the federal government's multi-billion-dollar indexing bonanza, the National Union of Students says. While HECS/HELP is essentially an "interest-free" loan, the union said the high inflation environment has caused indexation to spike to one of the highest levels in decades and it has shocked students …

Freezing HECS-HELP indexation won't put more money in your pocket in the short term
1 year, 11 months ago

Freezing HECS-HELP indexation won't put more money in your pocket in the short term

ABC  

The architect of the HECS-HELP system says misinformation is creating anxiety in the community about the effect of inflation on student debt. Key points: Abolishing indexation on HECS-HELP debts would not put more money in the pockets of people with student debt Removing indexation altogether would mean all taxpayers bore the cost of inflation Making university degrees free would reduce …

Australia's HECS-HELP debt has topped $74b. How long does it take the average student to pay theirs off?
1 year, 11 months ago

Australia's HECS-HELP debt has topped $74b. How long does it take the average student to pay theirs off?

ABC  

The 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. 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. …

Growing calls for student HECS-HELP loan indexation to be abolished as inflation sends debts soaring
1 year, 11 months ago

Growing calls for student HECS-HELP loan indexation to be abolished as inflation sends debts soaring

ABC  

Brisbane wealth adviser Alanna Fraser has been battling to pay off a university student debt of $102,000. Key points: The National Union of Students says the federal government is profiting from student loans Annual indexation is causing loan amounts to rise sharply due to high inflation Treasurer Jim Chalmers says the system is fair She's just 26 and fears the …

Ministers urged to write off portion of student debt amid calls for tuition fee refunds
4 years, 2 months ago

Ministers urged to write off portion of student debt amid calls for tuition fee refunds

The Telegraph  

Ministers have been urged to write off a portion of student debt as universities come under mounting pressure amid calls for tuition fee refunds. “Sector figures have been asking the Government about whether a lower cost way to give students a financial break is by going through the Student Loan Company,” a university source said. “It wouldn’t put any more …

University fee changes to funnel students into specific courses won't help us, vice-chancellors say
4 years, 9 months ago

University fee changes to funnel students into specific courses won't help us, vice-chancellors say

ABC  

Two of Australia's leading vice-chancellors have hit out at the Federal Government's attempts to direct students into specific university courses. Key points: Education Minister Dan Tehan has announced a shake-up of university course fees Fees for some courses like arts will double next year, while other course fees will be reduced Two vic-chancellors say the changes won't help them deal …

Vast majority of students never repay their tuition fee debts, study finds
7 years, 4 months ago

Vast majority of students never repay their tuition fee debts, study finds

The Independent  

The best of Voices delivered to your inbox every week - from controversial columns to expert analysis Sign up for our free weekly Voices newsletter for expert opinion and columns Sign up to our free weekly Voices newsletter Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, …

David Davis calls for Tory U-turn on tuition fees and cancellation of student debts
7 years, 5 months ago

David Davis calls for Tory U-turn on tuition fees and cancellation of student debts

The Independent  

Sign up for the View from Westminster email for expert analysis straight to your inbox Get our free View from Westminster email Get our free View from Westminster email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy David Davis has reportedly called for the Tories to pull a …

Budget 2017: What university students think about the changes to fees, HECS debt threshold
7 years, 10 months ago

Budget 2017: What university students think about the changes to fees, HECS debt threshold

ABC  

Cuts to university funding, increased student fees and a lowered HECS debt payback threshold are among the changes the Federal Government has unveiled in its plan to overhaul higher education. Education Minister Simon Birmingham told ABC Radio Sydney that "the level of student debt that the Federal Government is carrying is $52 billion". "I don't think it's very fair on …

Budget 2017: University students set to face higher fees as part of Government shake-up
7 years, 10 months ago

Budget 2017: University students set to face higher fees as part of Government shake-up

ABC  

Students are set to face higher university fees from January next year as part of the Federal Government's overhaul of the higher education sector. Key points: Under proposed changes, student fees will rise 7.5 per cent by 2021 HELP repayment income threshold to decrease from $55,000 to $42,000 Federal Government estimates changes will save $2.8 billion over four years Education …

Budget 2016: University fee deregulation scrapped but universities still facing big cuts
8 years, 10 months ago

Budget 2016: University fee deregulation scrapped but universities still facing big cuts

ABC  

The Federal Government has abandoned its policy of full university fee deregulation, but is still banking $2 billion in savings from the higher education sector. Key points: Deregulation plan dumped in face of community concerns Universities still facing 20pc funding cut Sector overhaul to be finished "later this year" The proposal to allow universities to set their own course fees …

Student debt to cost Britain billions within decades
10 years, 2 months ago

Student debt to cost Britain billions within decades

The Independent  

The best of Voices delivered to your inbox every week - from controversial columns to expert analysis Sign up for our free weekly Voices newsletter for expert opinion and columns Sign up to our free weekly Voices newsletter SIGN UP I would like to be emailed about offers, events and updates from The Independent. The figures, obtained by Labour's former …

Universities told they may have to cut fees or merge to survive
13 years, 9 months ago

Universities told they may have to cut fees or merge to survive

The Independent  

The best of Voices delivered to your inbox every week - from controversial columns to expert analysis Sign up for our free weekly Voices newsletter for expert opinion and columns Sign up to our free weekly Voices newsletter SIGN UP I would like to be emailed about offers, events and updates from The Independent. Professor Sir Steve Smith, the vice-chancellor …

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