Australian Government Wiping Around $3 Billion in Student Debt

Published on May 5, 2024

More than three million Australians will have their student debt cut by the Albanese government as they wipe around $3 billion (US$2 billion) in student debt. The cut was announced by Education Minister Jason Clare and Skills and Training Minister Brendan O’Connor on May 5. They said the cut was intended to provide significant relief to students while maintaining the value of the HELP (Higher Education Loan Program) and other loan systems. An individual with a HELP debt of $26,500 (US$17,000) will have around $1,200 (US$800) wiped from their outstanding HELP loans in 2024 if the legislation passes. Australians with HELP debt can estimate how much they will benefit from the change given their specific debt using the HELP indexation credit estimator....

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