Albanese Labor Government to cut a further 20 per cent off all student loans debt

The Hon Anthony Albanese MP
Prime Minister
The Hon Jason Clare MP
Minister for Education
The Hon Amanda Rishworth MP
Minister for Social Services
The Hon 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.

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