Millions of Aussie students to be hit with debt increase tomorrow - but new law offers a silver lining
7 months, 1 week 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, increased by 4.7 per cent How much will students save under new law wiping student debt? HELP DEBT $15,000 $25,000 $30,000 $35,000 $40,000 $45,000 $50,000 $100,000 $130,000 Estimated Credit $675 $1,120 $1,345 $1,570 $1,795 $2,020 $2,245 $4,485 $5,835 In May's Federal Budget, the government announced it will wipe $3billion from HECS debt indexation for struggling students.

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History of this topic

Biden cancels $4.28 bn more in student debt before leaving office
3 weeks ago

Biden cancels $4.28 bn more in student debt before leaving office

Raw Story  

U.S. President Joe Biden said Friday he was canceling student loans for an additional 55,000 Americans, which would amount to wiping out $4.28 billion in debt in his final month in office. US Secretary of Education Miguel Cardona said in a statement that Friday's approval brings the total amount secured during Biden's four years in office to "nearly $180 billion …

Three-quarters of university graduates have student debts
4 weeks, 1 day ago

Three-quarters of university graduates have student debts

NL Times  

Almost three-quarters of all people who have completed a university-level education within four years have student debts. Just over half of the students who followed an HBO bachelor's degree have student debt, and only one in five secondary vocational students are in debt. They have to pay an average of 12,500 euros, former HBO students still have to pay 6,300 …

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

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

Economists welcome student debt repayment changes but say government could do better for students than slash HECS debt
2 months, 1 week 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
2 months, 1 week 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 …

Australia to Cut 20% Student Loans to Ease Cost of Living, Boost Investment
2 months, 1 week 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
2 months, 1 week 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
2 months, 1 week 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
2 months, 1 week 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
5 months, 1 week 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 …

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
7 months, 3 weeks 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, …

HECS indexation to be overhauled in budget with $3 billion in student debt 'wiped out'
8 months 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
8 months, 2 weeks 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'
8 months, 3 weeks 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 …

Borrowers are reassessing their budgets as student loan payments resume after pandemic pause
1 year, 3 months ago

Borrowers are reassessing their budgets as student loan payments resume after pandemic pause

Associated Press  

NEW YORK — Millions of Americans must start repaying their federal student loans again in October, with monthly payments averaging hundreds of dollars. “If they were forgiven out of the blue, I’d be ecstatic.” The Supreme Court in July rejected a plan by President Joe Biden’s administration to wipe away $400 billion in student loan debt. On an earnings call …

Borrowers are reassessing their budgets as student loan payments resume after pandemic pause
1 year, 3 months ago

Borrowers are reassessing their budgets as student loan payments resume after pandemic pause

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. “If they were forgiven out of the blue, I'd …

Explained | The U.S. student loan crisis and Joe Biden’s new cancellation plan
1 year, 6 months ago

Explained | The U.S. student loan crisis and Joe Biden’s new cancellation plan

The Hindu  

The story so far: United States President Joe Biden has already released a new plan to cancel billions in student loan debt after the conservative majority Supreme Court of the U.S. in a 6-3 decision on June 30 blocked his ambitious plan to cancel $430 billion in debt. The president announced on the day of the Court ruling that the …

Crushed student loan borrowers are skipping meals, moving in with parents, panicking over money
1 year, 6 months ago

Crushed student loan borrowers are skipping meals, moving in with parents, panicking over money

LA Times  

D’Aungilique Jackson of Fresno holds a “Cancel Student Debt” sign outside the U.S. Supreme Court after justices stuck down President Biden’s student debt relief program in Washington, D.C. Mimi Hoang rejoiced when President Biden announced plans last year to cancel thousands of dollars in student debt. As she faced the prospect of tripling her loan debt by staying at Southern …

Supreme Court’s student loan ruling dealt Biden a setback. Here’s his new plan
1 year, 6 months ago

Supreme Court’s student loan ruling dealt Biden a setback. Here’s his new plan

LA Times  

When President Biden announced his plan to cancel up to $20,000 in federal student loans for some borrowers last August, he framed it as part of a multipronged approach to ease the burden on loan holders and prevent a wave of defaults. The Biden administration now faces an unprecedented task: helping tens of millions of borrowers make payments in a …

Student loan payments will start again soon. The Supreme Court’s ruling means higher bills for many
1 year, 7 months ago

Student loan payments will start again soon. The Supreme Court’s ruling means higher bills for many

Associated Press  

WASHINGTON — In a good month, Celina Chanthanouvong has about $200 left after rent, groceries and car insurance. “I worry that we’re going to see levels of default of new graduates that we’ve never seen before,” said Natalia Abrams, president of the nonprofit Student Debt Crisis Center. Biden announced late Friday a new plan to pursue student debt cancellation, using …

Education minister open to changes on how indexation applies to HECS-HELP debt
1 year, 7 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, 7 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, 7 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 …

Students and graduates could pay thousands more as HECS and HELP indexation goes ahead
1 year, 8 months ago

Students and graduates could pay thousands more as HECS and HELP indexation goes ahead

ABC  

Students and graduates could see their student loans increase by thousands of dollars, after a Senate inquiry rejected a proposal to freeze indexation on the debts. Key points: Around 3 million Australians have a HECS-HELP debt Some students and graduates could see their overall debt increase due to indexation A Senate inquiry into pausing student debt found the proposal could …

Australia's HECS-HELP debt has topped $74b. How long does it take the average student to pay theirs off?
1 year, 8 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. …

Greens call for abolition of indexing on HECS/HELP loans as student debt balloons, senate report to be tabled
1 year, 8 months ago

Greens call for abolition of indexing on HECS/HELP loans as student debt balloons, senate report to be tabled

ABC  

A senate inquiry report into a bill that would freeze $74 billion in student debt is set to be tabled in federal parliament next week. Key points: The Greens are also pushing for a rise in the minimum repayment threshold Two thirds of submissions received by the senate were from students struggling to repay debt The government says there are …

Growing calls for student HECS-HELP loan indexation to be abolished as inflation sends debts soaring
1 year, 9 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 …

Quarter of students taking on new debt to cover higher living costs – survey
2 years, 1 month ago

Quarter of students taking on new debt to cover higher living costs – survey

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. If working people are finding things a real struggle, …

Explained | What’s the latest on Biden’s U.S. student loan forgiveness?
2 years, 1 month ago

Explained | What’s the latest on Biden’s U.S. student loan forgiveness?

The Hindu  

The story so far: U.S. President Joe Biden's plan to forgive federal student loans, first announced in August, has been blocked by two legal challenges, clouding the financial future for millions of American students and graduates. The six Republican-run states that have sued to block Mr. Biden's executive order argue he skirted congressional authority and the plan threatens future tax …

Total study debt doubled since 2015, still increasing
2 years, 3 months ago

Total study debt doubled since 2015, still increasing

NL Times  

The total study debt of current and former students in the Netherlands was 26.7 billion euros at the start of 2022. That is an increase of 1.3 billion euros compared to last year and double the amount when the student loan system was implemented in 2015, Statistics Netherlands reported. At the start of this year, the average study debt of …

Biden announces relief for indebted U.S. university graduates
2 years, 4 months ago

Biden announces relief for indebted U.S. university graduates

The Hindu  

U.S. President Joe Biden on Wednesday announced that most university graduates still trying to pay off student loans will each get $10,000 in relief, addressing a decades-old headache of massive educational debt across the country. "In keeping with my campaign promise, my administration is announcing a plan to give working and middle-class families breathing room," Mr. Biden said in a …

Student loan help for millions coming from Biden after delay
2 years, 4 months ago

Student loan help for millions coming from Biden after delay

Associated Press  

WASHINGTON — President Joe Biden on Wednesday is set to announce his long-delayed move to forgive up to $10,000 in federal student loans for many Americans and extend a pause on payments to January, according to three people familiar with the plan. “President Biden’s decision on student debt cannot become the latest example of a policy that has left Black …

Interest on student loans is the 'latest blow' to new graduates
2 years, 7 months ago

Interest on student loans is the 'latest blow' to new graduates

Dutch News  

Student organisations are furious about a potential increase in the interest on loans students who graduate this year are likely to have to pay. The interest rate on student loans, based on the interest on state bonds, is agreed each year for a period of five years and covers the students who graduate that summer. ‘After the empty promises about …

Interest on student loans is the 'latest blow' to new graduates
2 years, 7 months ago

Interest on student loans is the 'latest blow' to new graduates

Dutch News  

Student organisations are furious about a potential increase in the interest on loans students who graduate this year are likely to have to pay. The interest rate on student loans, based on the interest on state bonds, is agreed each year for a period of five years and covers the students who graduate that summer. ‘After the empty promises about …

Some student loans are in line for relief. What’s happening and what you should do now
2 years, 8 months ago

Some student loans are in line for relief. What’s happening and what you should do now

LA Times  

Payments were set to resume May 1, but after calls from Democrats in Congress, the White House plans to give borrowers additional time. About 9 million borrowers are in IDR plans, representing about 30% of federal student loans, said Regan Fitzgerald, manager of Pew’s Project on Student Borrower Success. To address the recordkeeping issues, the Federal Student Aid office “will …

Poorer graduates ‘to be hit even harder by student loan threshold change’
2 years, 10 months ago

Poorer graduates ‘to be hit even harder by student loan threshold change’

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Please try again later {{ …

Here's What I Wish Someone Told Me Before I Racked Up $180,000 In Student Loan Debt
2 years, 10 months ago

Here's What I Wish Someone Told Me Before I Racked Up $180,000 In Student Loan Debt

Huff Post  

"We ask 17-year-olds to decide to spend huge sums of money that they don’t have without an understanding of what they’re getting in return or giving them any examples of the burden to which they’re attaching their signatures." First, the ability to choose to be a “starving artist” is most often reserved for those who are wealthy and either don’t …

Plastic fantastic: Americans are racking up credit card debt
2 years, 11 months ago

Plastic fantastic: Americans are racking up credit card debt

Al Jazeera  

United States credit-card balances increased every quarter in 2021, with the fourth-quarter gain the largest in figures dating back 22 years, data shows. Credit-card balances increased every quarter in 2021 to end the year at $856 billion, the Federal Reserve Bank of New York said Tuesday. New mortgages reached a historic high last year and auto loans soared, reflecting steep …

Biden extends student loan repayment pause through May 1
3 years ago

Biden extends student loan repayment pause through May 1

Al Jazeera  

Biden said millions of student debtors still need more time before they can resume payments. “We know that millions of student loan borrowers are still coping with the impacts of the pandemic and need some more time before resuming payments,” Biden said in a statement. A total of 43.2 million student loan borrowers across the U.S. hold a cumulative $1.75 …

Debate Over Student Loan Forgiveness Hinges On 2 Numbers: $10,000 Vs. $50,000
3 years, 10 months ago

Debate Over Student Loan Forgiveness Hinges On 2 Numbers: $10,000 Vs. $50,000

NPR  

Debate Over Student Loan Forgiveness Hinges On 2 Numbers: $10,000 Vs. $50,000 Enlarge this image Franziska Barczyk for NPR Franziska Barczyk for NPR For months, Democrats in Washington have been debating what to do about student loan debt. Sponsor Message On Wednesday, White House press secretary Jen Psaki expanded on Biden's comments, saying the president "does not favor $50,000 in …

Debt in the time of pandemic
3 years, 10 months ago

Debt in the time of pandemic

Al Jazeera  

Alongside the pandemic and its impacts on the economy, the US is also facing a growing debt crisis. According to a survey by creditcards.com, nearly half of US adults, or about 120 million people, had credit card debt in May 2020, just a few months into the pandemic. In November 2020, just weeks after the presidential election, 238 community, civil …

It is time to cancel student debt and make higher education free
4 years, 8 months ago

It is time to cancel student debt and make higher education free

Al Jazeera  

The US government needs to start investing in the American people, not in bailing out banks. Making public colleges, universities, and trade schools free would also help those hit hard by the crisis rebuild their futures and prevent another student debt crisis from emerging. Student debt also disproportionately burdens students of colour, whose communities have historically experienced many barriers to …

It is time to cancel student debt and make higher education free
4 years, 8 months ago

It is time to cancel student debt and make higher education free

Al Jazeera  

The US government needs to start investing in the American people, not in bailing out banks. Making public colleges, universities, and trade schools free would also help those hit hard by the crisis rebuild their futures and prevent another student debt crisis from emerging. Student debt also disproportionately burdens students of colour, whose communities have historically experienced many barriers to …

These Are The People Struggling The Most To Pay Back Student Loans
5 years, 6 months ago

These Are The People Struggling The Most To Pay Back Student Loans

NPR  

These Are The People Struggling The Most To Pay Back Student Loans Enlarge this image Hanna Barczyk for NPR Hanna Barczyk for NPR Lots of people have student loans: more than 45 million people. The people who are really struggling, experts say, are the roughly 1 million borrowers who default on their student loans each year — about 7 million …

Students call for rethink on loan interest rates, threaten legal action
5 years, 7 months ago

Students call for rethink on loan interest rates, threaten legal action

Dutch News  

Student organisations say they will take legal action against the government if it presses ahead with plans to increase the interest rate on student loans. The ISO and LSR student lobby groups have asked education minister Ingrid van Engelshoven to withdraw the increase, saying it conflicts with an international treaty signed by the Netherlands which states higher education should be …

Students call for rethink on loan interest rates, threaten legal action
5 years, 7 months ago

Students call for rethink on loan interest rates, threaten legal action

Dutch News  

Student organisations say they will take legal action against the government if it presses ahead with plans to increase the interest rate on student loans. The ISO and LSR student lobby groups have asked education minister Ingrid van Engelshoven to withdraw the increase, saying it conflicts with an international treaty signed by the Netherlands which states higher education should be …

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