Amy Jolliffe’s desperation at her ballooning HECS-HELP debt of $64,000, more than twice the average of $26,494, is emblematic of the growing helplessness felt by many graduates years after they’ve left university.
High inflation has meant the annual indexation 7.1 per cent last year is growing their debt faster than they can pay it off.
Government statistics on HECS-HELP debts show balances as large as Amy’s were once a statistical anomaly.
In the five financial years from 2006 through to 2010, government statistics recorded no debtors listed as having debts in the range of $60,000 to $70,000.
At this time, the highest HECS debts were in the $40,000 to $50,000 range and even these were relatively rare.
Today, 47,000 people have a debt g…
Read the full article at: https://www.abc.net.au/news/2024-04-20/hecs-debt-spiral-how-student-university-loans-have-ballooned/103746184