After a 7.1 per cent increase last year, students have told the ABC they worry they cannot keep up with the repayments.There are calls to reform the way HECS debts are repaid, such as measures that would ensure they don't rise faster than wages.
Each year, her debt increases in line with inflation. Last year, when HECS debts increased by a record high of 7.1 per cent, her debt grew by more than $3,600. ABC News can reveal HECS debts are forecast to rise between 4.2 and 4.8 per cent this year, the second-highest increase in a decade.The likely indexation figures, calculated by the Parliamentary Library for the Greens, also estimate that HECS debts would have risen between 15.95 per cent and 16.62 per cent during the government's three years in office.
"It is stopping people from having families and it is really crushing dreams of going to university or doing further study." Mandatory payments then range from 1 per cent of a debtor's salary to a high of 10 per cent, though voluntary repayments can be made at any time.It said it does this to maintain the value of the loan and for many years, CPI was very low.Among them is to change indexation so it is the lower number of either CPI or Average Weekly Earnings so increases to debt are not higher than pay rises.
HECS Indexation Student Debt Student Loans HECS Fees Tax Hecs Debt Indexation HECS Balance Mygov University Fees HELP Debt Indexation On HELP Debt
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: smh - 🏆 6. / 80 Read more »
Source: theage - 🏆 8. / 77 Read more »
Source: brisbanetimes - 🏆 13. / 67 Read more »
Source: FinancialReview - 🏆 2. / 90 Read more »
Source: 9NewsAUS - 🏆 10. / 72 Read more »
Source: 9NewsAUS - 🏆 10. / 72 Read more »