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Thousands of students will have part of their HECS/HELP debt waived due to an admin error. About 13,748 individuals were affected by delayed HECS loan records from 104 institutions. The Department of Education said it had been working with universities since the start of the year to “correct records for current and former higher education students whose loan records had not transferred to the Australian Taxation Office due to missing information”.
That means, for someone with the average loan of $24,770, their debt increased by more than $1750. However, in 2023, the income level at which debt repayment begins also rose. Last financial year, those earning more than $48,361 had to make compulsory payments. But this year, graduates who earn $51,550 or more will need to make a compulsory repayment. H&R Block director of tax communications Mark Chapman told 7NEWS.com.
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