Question 1
- My daughter is two years into full-time employment after graduating with a $75,000 HELP debt. As of end of financial year 2022, her debt has increased even after repaying a total of $5000 in the 21 and 22 financial years. FY2023 will see her repay 4 per cent of her gross salary yet the current CPI is 7.2 per cent and so the debt will continue to grow even though she will repay over $3000. She is faced with a system that due to inflation is increasing her balance YoY. Should the HELP debt system be reviewed?
With inflation running faster than it has in many years, Im receiving a lot of questions regarding HECS/HELP.
Apologies that I cant respond to all of them, but this one gives a good indication of what people are feeling.
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Read the full article at: https://thenewdaily.com.au/finance/2023/06/25/help-hecs-super-pension-finance/