The Albanese Labor Government will cut a further 20 per cent off all student loan debts, wiping around $16 billion in student debt for around three million Australians.
By 1 June next year, the Government will cut 20 per cent off all student loans to reduce the debt burden for Australians with a student loan.
This will cut around $16 billion in debt, including all HELP, VET Student Loan, Australian Apprenticeship Support Loan and other income-contingent student support loan accounts that exist on 1 June next year.
For someone with the average HELP debt of $27,600 they will see around $5,520 wiped from their outstanding HELP loans next year.
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