https://www.abc.net.au/news/2024-05-05/help-hecs-debt-indexation-2024-cut-easier-to-pay-off/103800692
Millions of Australians with student loans will have hundreds of dollars wiped from their HECS debts as the federal government rolls out its plans for cost-of-living relief in the upcoming budget.
I got a fairly sizable hecs debt that took me quite a while to work off. I'm glad folks are getting a bit of help, it really sounds like it should have worked like this since they introduced indexation to hecs to be honest.
Being clear: nobody is getting their debt "wiped out". This isn't a debt forgiveness that you missed out on by already having paid your loan off. The HECS indexation last year resulted in unfair loan interest of 7.1% being applied to debts for 2023. HECS was never intended to do that to people. The "wipe out" is an adjustment of this interest only for last year.
This is the best summary I could come up with:
"This will wipe out what happened last year and make sure it never happens again," he said.
The original article contains 17 words, the summary contains 17 words. Saved 0%. I'm a bot and I'm open source!