Page 10 - Byfields Budget 2024
P. 10
If you have a HECS debt...
The government will wipe $3billion from HECS debt indexation for
struggling Australians.
On average, the amount of money students owe to the ATO on their HECS
and HELP debt will be cut by $1,200.
The change will apply to all HELP, VET Student Loan, Australian
Apprenticeship Support Loan and other student support loan accounts that
existed on 1 June last year.
How much will students save?
HELP Debt Estimated credit
$15,000 $675
$25,000 $1,120
$30,000 $1,345
$35,000 $1,570
$40,000 $1,795
$45,000 $2,020
$50,000 $2,245
$100,000 $4,485
$130,000 $5,835
Indexation rates are added to loans students take out to pay for their
higher education.
The rate is added to a HECS or HELP debt to take into account changes to
the price of goods and services, which is measured in Australia by the
consumer price index.
