HECS-HELP Debt Wipe Announced by Albanese Government
Millions of Aussies to Benefit from $3 Billion Debt Relief
Indexation Credit of $1200 for Average Student
The Albanese government has announced a plan to wipe $3 billion in HECS-HELP student debt for three million Aussies. This move will provide much-needed relief for borrowers, as well as stimulate the economy by freeing up funds for other expenses.
The average student with a debt of $26,494 will receive an indexation credit of about $1,200. This credit will be applied to the borrower's account and will reduce their overall debt.
The government has also announced that it will cap HECS-HELP repayments at 10% of a borrower's income. This will ensure that borrowers are not paying an excessive amount of money towards their debt.
The government's plan has been welcomed by student groups and financial experts. The Australian Council of Social Service has said that the plan will make a "real difference" to the lives of many young people.
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