For most of us, our story begins with study, and a student loan.
This was the case for Gregg Dreise, proud Kamilaroi and Euahlayi award winning author, artist and songwriter. As a ‘boy from the bush’ he followed in his big brother’s footsteps and went to university which set him on a path that has seen him travel this country and the world telling stories for a living.
Gregg says he couldn’t have done it without support, and right now there is support for students and those with Australian Government student loans.
To provide support and in response to the rising pressures on the cost-of-living, the Australian Government has made a change to reduce student loan debts for more than 3 million Australians with a Higher Education Loan Program (HELP) loan or other Australian Government student loans.
Why?
The Australian Government has made a change to the way indexation is calculated for Australian Government student loans, and is backdating this change to 1 June 2023. This adjustment might mean you’re eligible for an indexation credit to your HELP debt account, if it was affected by increased indexation in 2023 or 2024.
If you’ve already repaid your student loans
People who have repaid their student loan after 1 June 2023 may receive an indexation credit, which they will receive as a refund to their nominated bank account as recorded by the Australian Taxation Office (ATO).
The student loan relief (or indexation credit) you receive will depend on your outstanding student loan amount on 1 June 2023 and 1 June 2024.
What do I have to do to benefit?
If you’re eligible, the ATO is automatically applying this change to your outstanding student loan.
For instructions on how to access ATO online and check your student loan account in myGov, visit the ATO website.
To learn more about how these supports benefit you, visit supportingaustralians.gov.au/student-loan
