HECS-HELP debts are set to rise 4.7 per cent in June. Here's why Nellie's not paying extra this year

HECS-HELP debts are set to rise 4.7 per cent in June. Here's why Nellie's not paying extra this yearThe release of March inflation data means student HECS-HELP debts are set to rise by 4.7 per cent on the first of June this year. Nellie Malseed said she was "shocked" when she learned how much her debt would increase last year. To reduce the impact, she made a voluntary repayment of $10,000 before it came into effect from savings she'd accrued since working full time.

But, while indexation on her student debt is lower this year, Nellie is still worried about the increasing cost of living.Nellie isn't going to make a voluntary repayment this year because cost-of-living pressures have made it harder to save money. People should also consider the "the irreversible nature" of HECS-HELP debt, he adds. If you make a voluntary repayment, you can't borrow or withdraw that money later.

When it comes to voluntary payments, he says the best option depends on the amount of debt you're contending with. She has friends who have reached their borrowing limit, which for most students is about $122,000, and for those studying medicine, dentistry and veterinary sciences courses is about $175,000.

Source: Education Headlines (educationheadlines.net)

HECS-HELP Indexation Indexation Jason Clare Budget 2024 Federal Budget Study Debt University Fees HECS Debt HELP Debt Nellie Malseed Accountant Voluntary Contributions

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.

Should I pay off my kids’ HECS or help with a house deposit?Soaring student loan debts can reduce first home buyer lending capacity by up to $140,000, according to analysis by RateCity.
Source: FinancialReview - 🏆 2. / 90 Read more »

$110,000 HECS debt exposes huge issueIn less than two months, millions of people across the country are going to be hit with another brutal increase to their student debt.
Source: newscomauHQ - 🏆 9. / 77 Read more »

‘Simpler and fairer’: Albanese flags HECS changes in budget reliefThe prime minister says he will announce soon a response to a recommended overhaul of HECS as calls come from the crossbench to look at wiping student debt.
Source: brisbanetimes - 🏆 13. / 67 Read more »

‘Simpler and fairer’: Albanese flags HECS changes in budget reliefThe prime minister says he will imminently announce a response to a recommended overhaul of HECS as calls come from the crossbench to look at wiping student debt.
Source: smh - 🏆 6. / 80 Read more »

‘Simpler and fairer’: Albanese flags HECS changes in budget reliefThe prime minister says he will imminently announce a response to a recommended overhaul of HECS as calls come from the crossbench to look at wiping student debt.
Source: theage - 🏆 8. / 77 Read more »

Anthony Albanese says government is considering changes to HECS indexation7NEWS brings you the latest local news from Australia and around the world. Stay up to date with all of the breaking sport, politics, entertainment, finance, weather and business headlines. Today's news, live updates & all the latest breaking stories from 7NEWS.
Source: 7NewsSydney - 🏆 16. / 63 Read more »