More than 3 million Australians will have their student debt cut by 20 per cent by the end of next week, wiping almost $16 billion in total.<\/p>\n\n\n\n
Today alone, more than 1.5 million Australians will see their student debts cut by 20 per cent. That\u2019s around half of all people with a student debt.<\/p>\n\n\n\n
It continues the ATO\u2019s roll out of the Albanese Labor Government\u2019s cut to student debt.<\/p>\n\n\n\n
For someone with the average HELP debt of $27,600 this will see around $5,520 wiped from their debt.<\/p>\n\n\n\n
Backdated to 1 June 2025 before the last indexation, it will reduce the burden for Australians with a student debt \u2013 including HELP, VET Student Loans, Australian Apprenticeship Support Loans, Student Startup Loans, and other student loans.<\/p>\n\n\n\n
Australians do not need to do anything to receive the one-off reduction, it will happen automatically. <\/p>\n\n\n\n
In addition to cutting student debt by 20 per cent, we have also raised the minimum amount people earn before they have to start making repayments from $54,435 to $67,000. We have also reduced minimum repayments.<\/p>\n\n\n\n
For someone earning $70,000 it has reduced the minimum repayments they have to make by $1,300 a year.<\/p>\n\n\n\n
This builds on our reforms to fix the indexation formula, which has already cut more than $3 billion in student debt.<\/p>\n\n\n\n
This means all up, the Albanese Labor Government is cutting close to $20 billion in student debt for more than three million Australians.<\/p>\n\n\n\n
\u201cThis is another way my Government is continuing to deliver cost of living relief to Australians.<\/p>\n\n\n\n
\u201cOur Government promised to cut student debt, it was the first thing we did after the election in Parliament, and now we\u2019re rolling it out.<\/p>\n\n\n\n
\u201cGetting an education shouldn’t mean a lifetime of debt.<\/p>\n\n\n\n
\u201cNo matter where you live or how much your parents earn, my Government will work to ensure the doors of opportunity are open for you.\u201d<\/p>\n\n\n\n
\u201cWe promised it, Australia voted for it, and now it\u2019s happening.<\/p>\n\n\n\n
\u201cThis is the biggest cut to student debt in Australian history.<\/p>\n\n\n\n
\u201cIt means millions of young Australians will have thousands of dollars taken off their back.\u201d<\/p>\n\n\n\n
\u201cWe want Australians to get the skills they want, for the jobs our country needs.<\/p>\n\n\n\n
\u201cThe student debt cut means students and apprentices will have more money in their pocket and less stress to pursue qualifications for their future.<\/p>\n\n\n\n
\u201cStudents and apprentices have told me time and time again about how big a difference this will make in their lives.\u201d<\/p>\n\n\n\n
\u201cThe ATO is rolling out the biggest cut to student debt in Australia\u2019s history.<\/p>\n\n\n\n
\u201cIt means billions wiped from the debts of young people when they need it.<\/p>\n\n\n\n
\u201cThis will make a big difference as they get started in their lives.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
More than 3 million Australians will have their student debt cut by 20 per cent by the end of next week, wiping almost $16 billion in total. Today alone, more than 1.5 million Australians will see their student debts cut by 20 per cent. That\u2019s around half of all people with a student debt. It … Continue reading “More than three million Australians about to receive 20 per cent student debt cut”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-36235","post","type-post","status-publish","format-standard","hentry","category-aussie"],"_links":{"self":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts\/36235","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/comments?post=36235"}],"version-history":[{"count":1,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts\/36235\/revisions"}],"predecessor-version":[{"id":36236,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts\/36235\/revisions\/36236"}],"wp:attachment":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/media?parent=36235"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/categories?post=36235"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/tags?post=36235"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}