Australians who are still repaying their student loans will be dealt a further blow in a matter of days as cost of living pressures reach its worst in more than two decades.
Almost three million Australians with an outstanding HECS-HELP debt will be hit with a 3.9 per cent repayment increase from June 1 – up from last year’s rate of 0.6 per cent.
This means students who have an average university debt of $23,685 will be forced to fork out an extra $920.
While HECS debts don’t accumulate interest, they are adjusted to inflation each year which has been skyrocketing in Australia the last few months.