Millions of Australians with Higher Education Loan Program (Help) loans could face thousands of dollars in extra debt this year as soaring inflation hits the education sector.
Independent modelling provided to Guardian Australia suggests Australians with an average Help debt of $24,770.75 will face an increase of at least $1,700 when it is next indexed on 1 June, assuming, as is likely, that living costs remain high.
The Higher Education Loan Program previously the Higher Education Contribution Scheme (Hecs) – is tied to inflation, increasing proportionately in line with the consumer price index (CPI). Inflation is currently growing at 7.8% the fastest pace since just before the 1990s recession.
Indexation of debts occurs annually on 1 J…
Read the full article at: https://www.theguardian.com/australia-news/2023/jan/28/inflation-driven-higher-education-debt-increases-to-hit-millions-of-australians