Whether its HECS or HELP,student debt is not like “normal” debt. So young people shouldn’t catastrophise over what are overwhelmingly fair schemes.
Education Minister Jason Clare has asked a high-powered panel to review fees in a push to boost outcomes for disadvantaged students.
Rising inflation is particularly bad news for anyone with student debt,which is set to increase by nearly $2000 for the average uni student.
Young Australians with student debt are about to find their outstanding balance growing by more than expected,as it is linked the inflation rate,which is rising fast and likely to remain elevated for some time.
Rocky McGellin estimates it will take him 18 years to pay off his uni loan and that’s not even factoring in a looming change that will affect his whole generation.
Tertiary education costs have risen sharply this year,and the Bureau of Statistics says the Coalition’s university funding changes have pushed up inflation.
The size of the HELP debt carried by Australians aged over 60 stands at more than $1.3 billion,up from $576 million in 2014.
NSW Premier Gladys Berejikilian and Skills and Tertiary Education Minister Geoff Lee will urge the federal government to extend income-contingent student loans to vocational students.
The architect of the HECS system has criticised an Australian Productivity Commission proposal for the federal government to recover unpaid student loans from the estates of people who have died.
Now the HSC is over,students wanting to study humanities and social sciences at university should not buy the hype and switch their preferences to science,technology,engineering and mathematics.
There have been warnings vulnerable students would be most at risk from a policy to revoke access to government funding for failing too many subjects.