HECS-HELP Debt Set to Rise
$47 per cent increase expected for 2023/24
Indexation to be backdated
Indexation, an adjustment to the cost of living, will be lowered on HECS-HELP loans. The policy will be backdated to June 1st, 2023, resulting in last year's 71 per cent indexation decreasing. This will increase HECS-HELP debt by 47 per cent this year. The indexation rate for 2024 is expected to be 47 per cent, but under the revised policy, it will be lowered to 40 per cent.
HECS-HELP debt will increase by 71 per cent this year due to indexation. If a payment is not received and processed on time, indexation will be implemented.
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