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HECS changes to see $3 billion in student debt wiped out
ATO releases list of Australia's 100 largest HELP-HECS debts
More than 3 million Australians to benefit from changes
The federal government will roll out its plans for a key change to the HECS and HELP programs, reversing last year's horror.
The Australian Tax Office (ATO) has released the country's 100 largest HELP-HECS debts through a Freedom of Information request, and the figures are staggering.
The largest single debt is more than $1 million, and there are another 99 debts of more than $500,000.
The government's changes will see around $3 billion in student debt wiped out, with more than three million Australians set to benefit.
The changes will apply to debts incurred from 1 January 2020 onwards, and will be phased in over the next four years.
Under the new rules, the repayment threshold will be increased from $46,620 to $48,361, and the repayment rate will be reduced from 1% to 0.8%.
The changes will make a real difference to the lives of millions of Australians, who are struggling with a cost of living crisis.
The government's announcement has been welcomed by the National Union of Students, which said it would "make a huge difference to the lives of students and graduates".
Conclusion
The government's changes to the HECS and HELP programs are a welcome relief for millions of Australians who are struggling with student debt.
The changes will make it easier for people to repay their debts and will help to reduce the cost of living.
The changes are a sign that the government is listening to the concerns of students and graduates, and is committed to making higher education more affordable.
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