In just five years, the number of people with six-figure debt has more than doubled.
The number of Australians with student loans exceeding $100,000 has more than doubled in just five years as the country’s outstanding debts soar beyond $81 billion.
Student debt indexation is linked to the rate of inflation, but the legislation would mean it would be capped at either the wage price index or inflation – whichever is lower.Australian National University higher education expert Andrew Norton said the increase in the number of people with high debts could in part be attributed to students embarking on expensive postgraduate degrees too soon after they finish their undergraduate studies.
HELP debt includes all forms of student loans including HECS – which is for the student contribution of government funded university places – and those for full-fee postgraduate degrees. It shows the average length of time to fully repay student debt has reached 9.9 years, up on 9.2 years five years ago.
“The debt incurred for gateway and foundation-style degrees works against the government’s stated aim of encouraging more equity and diverse students into university to reach its target of 80 per cent of the working age population with tertiary qualifications by 2050.”
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