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The federal government in Australia has eliminated $3 billion in HECS-HELP debt by changing how indexation is calculated, resulting in former students with an average debt of $27,000 receiving a credit of around $1200. Legislation passed the Senate to backdate the indexation change to June 2023, providing refunds to those who paid off their debt in 2023 or 2024. The Albanese government plans to further reduce student debt if Labor wins the upcoming federal election, with an average graduate expected to have $5520 wiped from their outstanding loan, impacting various income-contingent student loans.
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