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 adjusted every year in June to reflect cost-of-living rises. Ms Herbert said that on reflection, she might have felt differently about pursuing higher education if she'd chosen different courses because it would have reduced her overall HECS debt. Figures by leading comparison website Finder found that 28 per cent of people with student debt are extremely concerned about their ability to pay the loan back. The indexation rate, which is adjusted each financial year, soared to a massive 7.1 per cent in 2023 - the biggest increase in 33 years The survey, which featured 271 respondents, also found that 12 per cent believe they will never be able to pay back their debt.

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History of this topic

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 …

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 …

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 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 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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