Already a subscriber?Education Minister Jason Clare is under mounting pressure to fix the “broken” student loans system, from independent MPs who say indexation is saddling young people with unconscionable levels of debt.
On top of that, fee hikes of about 50 per cent over five years in disciplines such as law, business and arts have resulted in students paying $16,323 a year for their courses. Because student contributions are indexed at the same rate as accumulated debt, that is up from $15,142 in 2023.Dr Ryan said the student debt crisis was causing people to choose not to go to university, despite critical skill shortages in the economy, including allied health, engineering and psychology.
They also want the calculation of indexation on student debt until the end of the tax year to ensure the calculation is based on the actual amount. Higher education expert Andrew Norton has proposed capping indexation at a maximum of 4 per cent. This would be fairer to students in inflationary times and rarely cost the government because CPI only occasionally rises above that figure.
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