this post was submitted on 04 May 2024
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HECS changes to see $3 billion in student debt 'wiped out' (www.abc.net.au)
submitted 6 months ago by veroxii@aussie.zone to c/australia@aussie.zone
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[โ€“] Aurenkin@sh.itjust.works 5 points 6 months ago (1 children)

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.

[โ€“] Nath@aussie.zone 2 points 6 months ago

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.