HECS changes to see $3 billion in student debt 'wiped out'
https://www.abc.net.au/news/2024-05-05/help-hecs-debt-indexation-2024-cut-easier-to-pay-off/103800692Open linkView original on aussie.zoneSyndicated from the fediverse. Read and engage on the original instance.
View original on aussie.zonehttps://www.abc.net.au/news/2024-05-05/help-hecs-debt-indexation-2024-cut-easier-to-pay-off/103800692Open linkView original on aussie.zone
7 replies
Excellent!
Yeah that's pretty good especially for people who made extra payments that year.
I got a fairly sizable hecs debt that took me quite a while to work off. I'm glad folks are getting a bit of help, it really sounds like it should have worked like this since they introduced indexation to hecs to be honest.
Being clear: nobody is getting their debt "wiped out". This isn't a debt forgiveness that you missed out on by already having paid your loan off. The HECS indexation last year resulted in unfair loan interest of 7.1% being applied to debts for 2023. HECS was never intended to do that to people. The "wipe out" is an adjustment of this interest only for last year.
Good
This is the best summary I could come up with:
"This will wipe out what happened last year and make sure it never happens again," he said.
The original article contains 17 words, the summary contains 17 words. Saved 0%. I'm a bot and I'm open source!
Good bot!