Australia to Cut 20% Student Loans to Ease Cost of Living, Boost Investment
1 month, 2 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 would have A$5,520 wiped, while the government plans to raise the threshold to start repayments.

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Australia hiked international student visa fee from AUD 710 to AUD 1,600 from Jul 1: Govt
3 weeks, 4 days ago

Australia hiked international student visa fee from AUD 710 to AUD 1,600 from Jul 1: Govt

Hindustan Times  

The fee for international student visas was increased by Australia from AUD 710 to AUD 1,600 with effect from July 1, the Centre informed Parliament on Thursday. The hike in visa fees is expected to pose financial challenges to international students, including those from India, intending to pursue their studies in Australia, the minister further said. The written reply of …

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, 1 week 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
1 month, 2 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
1 month, 2 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
1 month, 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
1 month, 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
1 month, 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
6 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
7 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
7 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 …

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, 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, …

Australia hikes saving requirement for student visa, Indians likely to be hit
7 months, 2 weeks ago

Australia hikes saving requirement for student visa, Indians likely to be hit

India Today  

In what could hit Indian students planning to study in Australia, the government of Anthony Albanese has announced another significant change to its visa requirements for international students. The changes include requiring international students to show proof of savings of at least AUD29,710 to qualify for a student visa. Australia's massive crackdown on student visas in its effort to cut …

Biden is cancelling millions of student debts. Here's what to expect from Albanese
8 months ago

Biden is cancelling millions of student debts. Here's what to expect from Albanese

ABC  

So weighed down have Americans become by student debt, and so potent a political issue has it become in the US, that President Joe Biden plans to waive interest or write off money owing by 30 million of them. It's worse in the US While in both Australia and the US it's the government that lends to pay student fees …

Australia PM to modify proposed tax cuts, stoking fears of inflation
10 months, 4 weeks ago

Australia PM to modify proposed tax cuts, stoking fears of inflation

The Hindu  

Australia Prime Minister Anthony Albanese said on Wednesday, January 25, 2024, that he would consult lawmakers to modify proposed tax cuts for higher earners, potentially breaking an election pledge in a decision some economists worry could stoke inflation. Shane Oliver, chief economist at AMP, said the proposed changes benefit low — and middle-income earners, who tend to spend rather than …

Cost of living crisis sparks explosion in personal debt levels of Australians to $70 billion
1 year, 5 months ago

Cost of living crisis sparks explosion in personal debt levels of Australians to $70 billion

Daily Mail  

Australians now owe more than $70bn combined as the cost of living crisis propels an explosion in personal debts, comprehensive new polling shows. With inflation running at 7 per cent, research by finance comparison website Finder has found the average Australian now has $20,238 in debts spread across consumer loans and credit cards. Finder's data showed some 10.9 million Australians …

Student debt indexation to have lifelong impacts on Australians' borrowing capacity
1 year, 6 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 …

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. …

CBO: Biden’s student debt plan would cost $400 billion
2 years, 2 months ago

CBO: Biden’s student debt plan would cost $400 billion

Associated Press  

President Joe Biden’s plan for student debt cancellation will cost the federal government about $400 billion over the next 30 years, according to new estimates from the Congressional Budget Office. The Biden administration previously estimated the plan would cost about $24 billion a year over the next 10 years — about $240 billion for the decade — while other estimates …

Student loan crisis awaits new generation despite Biden plan
2 years, 3 months ago

Student loan crisis awaits new generation despite Biden plan

Associated Press  

WASHINGTON — For millions of Americans, President Joe Biden’s student loan cancellation offers a life-changing chance to escape the burden of debt. She wishes Biden’s debt plan, or something like it, would be available to her and her peers, saying it would be “an incentive to have more people go to college.” In Olathe, Kansas, high-school senior Natalie Ren said …

Student loan help for millions coming from Biden after delay
2 years, 3 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 …

‘I feel stuck’: Inside the growing US student debt crisis
2 years, 4 months ago

‘I feel stuck’: Inside the growing US student debt crisis

Al Jazeera  

With the pause on student loan payments expiring at end of August, will Joe Biden give borrowers a break and extend it? As the country’s student loan debt crisis deepens, borrowers, policymakers, and economists agree that something must be done – but what exact steps need to be taken remains up for debate. “Many of the people who were already …

Will Biden cancel $1.7 trillion in US student loan debt?
4 years ago

Will Biden cancel $1.7 trillion in US student loan debt?

Al Jazeera  

A coronavirus relief package froze student loan payments and interest until January 31, but what happens after that? As part of his plan for coronavirus relief aid, Biden proposed immediately cancelling a minimum of $10,000 in federal student loan debt for borrowers. “Now is the time for a big, bold solution to student debt,” said Cody Hounanian, programme director for …

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