The number of student loan debtors owing over $100,000 under the federal government’s Higher Education Loan Program (HELP) is over five times higher than five years ago, according to the latest official figures.
Taxation statistics released this month reveal a rapid escalation of student debt; nearly 11,000 people owe the government over $100,000 in 2015-16, up from 2,107 people in 2010-11.
Overall, tuition debt rose to $47.8 billion, up 20 per cent on the year before and more than double the $22.6 billion owed in 2010-11.
In an effort to rein in the growing amount owed under the HELP scheme next month’s federal budget is expected to lower the income threshold at which people with student loans will be required to make repayments.
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