ANTHONY ALBANESE MP
PRIME MINISTER OF AUSTRALIA

JASON CLARE MP
MINISTER FOR EDUCATION
 
AMANDA RISHWORTH MP
MINISTER FOR SOCIAL SERVICES
 
ANDREW GILES MP
MINISTER FOR SKILLS AND TRAINING

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.

This will provide significant relief to Australian students and workers with a student loan debt and builds on our reforms to fix the indexation formula, which is cutting around $3 billion in student debt.
 
This means, all up, the Albanese Labor Government will cut close to $20 billion in student loan debt for more than three million Australians.
 
This builds on the Government’s announcement that from 1 July next year it will reduce the amount Australians with a student debt have to repay per year and raise the threshold when people need to start repaying.
 
Together these reforms also build on the Government’s substantial tertiary education reforms, including:

• Delivering 500,000 Fee-Free TAFE places
• Doubling the number of University Study Hubs
• Introducing legislation to establish the Commonwealth Prac Payment and expand Fee-Free Uni Ready Courses; and
• A commitment to introduce a new managed growth and needs-based funding model for universities, and establish an Australian Tertiary Education Commission.

As at 3 November 2024.