There has been a massive spike in people making voluntary contributions to their Higher Education Loan Program (HELP) debts before they rise significantly.
Key points:
- Voluntary HELP repayments for this financial year have jumped almost 60 per cent
- ATO warns people need to make HELP repayments by May 25 to beat indexation hike
- There will be a 7.1 per cent jump in indexation on HELP loans from June 1
Voluntary repayments for this financial year up to the end of March 2023 are almost 60 per cent higher than they were in the previous year, according to the Australian Tax Office (ATO).
Teacher James Adam is just one of thousands of people with a HELP debt who has decided to make a voluntary contribution before the 7.1 per cent jump in indexation …
Read the full article at: https://www.abc.net.au/news/2023-05-21/voluntary-help-debt-repayments-rise-ahead-of-indexation/102372766