In 2018, arts worker Sarah began paying off her student loan debt of $31,330. She didnt think too much about it until this year, when she logged on to her MyGov account to check the balance and saw it had only gone down to $30,630.59. Despite having paid $5,721 from her salary over the past five years, she has only managed to knock off $799.41.
It was the first time I realised that despite all this money coming out of my salary, I had barely made a dent, Sarah, who asked that only her first name be used, says. It was just a shock there, because I feel like we were very much sold it as a no interest loan.
While they are interest free, loans from the Higher Education Loan Program (Help) previously the Higher Education Contribution Scheme (…
Read the full article at: https://www.theguardian.com/australia-news/2023/apr/19/help-should-australians-rush-to-pay-down-student-loans-before-indexation