On 3 November 2024 the Australian Government announced it will reduce every Australian’s HELP or student loan debt by 20%.

This builds on the changes to make HELP and student loan repayments fairer that the Government announced on 2 November 2024.

This one-off 20% debt reduction measure will benefit 3 million Australians with a student loan debt.

This will remove $16 billion in HELP and other student debt.

This is in addition to the $3 billion in debt that will be removed through the Government’s changes to cap the indexation applied to student loans to be either the lower of the Wage Price Index or the Consumer Price Index, backdated to 2023 – meaning that indexation will never be higher than the changes in wages.

The indexation and debt reduction measures reduce total HELP and other student loan debt by nearly $20 billion.