If the Senate passes budget reforms for higher education, Higher Education Loan Program (HELP) repayments would start earlier, with a wider range of rates: 1% of income for those earning A$42,000, rising to 10% at $120,000.
To put this in context, in 2017 the Australian minimum full-time wage is about $35,000 and the average full-time wage about $80,000.
This is an alternative to the governments 2014 plan to charge real interest on HELP loans, and a 2016 Grattan Institute proposal to apply a 15% loan fee to new HELP loans.
The Grattan Institute has mapped the overall effects of the governments 2017 proposal.
Grattan Institute
Grattan…
Read the full article at: http://theconversation.com/let-graduates-use-super-to-pay-off-help-debt-faster-77616