The Australian Taxation Office has revealed one person has an eye-watering HECS-HELP debt of over $737,000. Here's what we know.
The Australian Taxation Office has revealed one person has a HECS-HELP balance of over $737,000. How is this possible?Data released by the ATO has revealed one Australian has a higher education debt of over $737, 000.The loan limit for most students today is $113, 000.The Australian Taxation Office has released data revealing the largest higher education loan balances in the country, with one mystery student accruing a debt of $737,070.
Those studying medicine, dentistry, and eligible aviation and veterinary science courses have a higher limit of $162,336.Source:Andrew Norton, a professor of higher education at the Australian National University, says the large debts were almost certainly accrued through students enrolling in multiple courses before the limits were introduced.
"And indexation is not included in the cap either, so even though you've only borrowed $113,000 for your actual tuition costs, you could have borrowed more, and indexation over time could still lead to substantial debts if you don't make repayments."If your loan debt seems to be increasing each year, you're not imagining it.
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