Thousands of dollars to be slashed from student debts today ‘Getting an education shouldn’t mean a lifetime of debt.’2 min read

7NEWS09-24

Australians with student loans will have thousands of dollars wiped from their debts starting today.The Albanese government’s new HELP and HECS payment reshuffle came into effect on Wednesday, cutting...

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Credit: AAPFor someone earning about $70,000 a year, the changes will reduce minimum repayments by $1,300 per year.The average student debt is about $27,600, meaning $5520 of the total amount will be wiped from their loan.However, the money is not immediately taken off the HECS debt and is instead deducted as a lump sum at the end of the financial year after indexation has been applied on June 1.This means a higher debt is indexed as the repayments have not been deducted.A report by the Australian Universities Accord to the Department of Education recommended the process needs to be reformed to make the system fairer.They also made 47 other recommendations to reform the sector.An Australian Tertiary Education Commission has been established in an interim capacity to implement long-term university reform and will review the HECS system over the next 12 months.— With AAPJames Van Der Beek’s wife breaks silence after star’s shock appearance at Dawson’s Creek reunion3 min readForgotten spinner’s surprise call-up as England name Ashes squad2 min read","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.35.10","shortVersion":"4.35.10","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2569674079","isCrawlerRequest":true}