BUDGET 2024: A $300 boost for every Aussie, student debt wiped, tax cuts for millions and major change for overseas travellers: Albanese government hands down latest Budget
10 months, 1 week ago

BUDGET 2024: A $300 boost for every Aussie, student debt wiped, tax cuts for millions and major change for overseas travellers: Albanese government hands down latest Budget

Daily Mail  

Labor has announced major cost of living support for struggling Aussies in a pre-election pitch to Aussies as it tries to win over voters. Treasurer Jim Chalmers handed down the Budget on Tuesday night, boasting of a $9.3 billion surplus driven by a strong labour market and increased commodity prices. Treasurer Jim Chalmers handed down the Budget on Tuesday night, boasting of a $9.3 billion surplus driven by a strong labour market and increased commodity prices If you're struggling to pay the bills. Treasurer Jim Chalmers handed down the Budget on Tuesday night, boasting of a $9.3 billion surplus driven by a strong labour market and increased commodity prices If you're on Centrelink. Under Labor's plan, HELP or HECS debt will be indexed in line with the much lower wage price index, which means their debt would have increased by 3.2 per cent.

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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 …

Australia to Cut 20% Student Loans to Ease Cost of Living, Boost Investment
4 months, 3 weeks ago

Australia to Cut 20% Student Loans to Ease Cost of Living, Boost Investment

India Today  

Australian Prime Minister Anthony Albanese has announced a plan to cut 20% of student loans for around three million Australians, wiping around A$16 billion in debts. This move is part of the government's efforts to ease the cost of living, which has been a major concern ahead of the upcoming federal election. The average graduate with a loan of A$27,600 …

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 …

Millions of Aussie students to be hit with debt increase tomorrow - but new law offers a silver lining
9 months, 3 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, …

Cash for Aussies: Everything that you're getting under Albanese government's latest budget
10 months, 1 week ago

Cash for Aussies: Everything that you're getting under Albanese government's latest budget

Daily Mail  

The Albanese government's budget includes giving money back to families for their energy bills, a cap on the price of prescriptions, and more help for struggling renters. Treasurer Jim Chalmers handed down the Budget on Tuesday night, boasting of a $9.3 billion surplus driven by a strong labour market and increased commodity prices TAX CUTS FOR AUSSIES Labor will reduce …

Budget 2024: How Aussie students are the biggest winners in Anthony Albanese's budget - here's what they are getting
10 months, 1 week ago

Budget 2024: How Aussie students are the biggest winners in Anthony Albanese's budget - here's what they are getting

Daily Mail  

Aussie students are arguably the biggest winners in the Budget, with $3billion being wiped from student debt, more student accommodation, subsidised practical placements, and free courses. Treasurer Jim Chalmers’ unveiled his third federal Budget on Tuesday night by announcing a range of boosts and incentives for people with university debt and for future students who are worried about repayments. Treasurer …

Federal Budget 2024 LIVE updates: Treasurer Jim Chalmers has delivered the Budget he hopes will serve up election victory - here's everything you need to know
10 months, 1 week ago

Federal Budget 2024 LIVE updates: Treasurer Jim Chalmers has delivered the Budget he hopes will serve up election victory - here's everything you need to know

Daily Mail  

Treasurer Jim Chalmers' Budget, set to be handed down at 7.30pm, will either make or break Labor chances of being re-elected next year. Ahead of Tuesday night's Budget, Labor has revealed Treasury is now very optimistically expecting inflation to fall back within the Reserve Bank's 2 to 3 per cent target by December 2024 - a year earlier than the …

HECS-HELP $3 billion budget relief welcomed but debtors hope for further action
10 months, 2 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 …

HECS-HELP debts are set to rise 4.7 per cent in June. Here's why Nellie's not paying extra this year
11 months ago

HECS-HELP debts are set to rise 4.7 per cent in June. Here's why Nellie's not paying extra this year

ABC  

Editor’s note: After this story was published, the federal government proposed to change the HECS-HELP indexation rate to match whichever is lower out of the Consumer Price Index or the Wage Price Index. The release of March inflation data means student HECS-HELP debts are set to rise by 4.7 per cent on the first of June this year. It might …

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 …

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 …

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 …

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