A Petition Has Been Launched to Make HECS Debts Easier to Pay

HECS indexation is in need of a massive glow up 💅

A politician has launched a petition calling for changes to the way the cost of your higher education loans are hiked.

Federal Teal MPs are advocating for the change, namely Victorian Teal MP Monique Ryan, the Independent Member for Kooyong.

(Quick side note: The Teal Independents are a group of politicians who are not affiliated with a political party. Like Kate Channey.)

The petition was launched on the 14 March 2024 and at time of this article being published already had over 221,000 signatures.

How did the petition begin.

@mon4kooyong

🔗 to petition on my profile

♬ original sound - Dr Monique Ryan MP

This petition came about after the Australian Universities Accord released their report in February.

You would’ve heard a lot about HECS indexation last year because everyone’s HECS debt increased by 7.1% in June.

The report suggested indexation rates be based on inflation or wages, whichever is lower, and lowering the amount of money for people who are low-income earners.

The petition is calling for those same changes to be made, and to delay the calculation of indexation of the debt until after the end of any tax year.

Currently, indexation is calculated in June.

What has the government said about the report?

The AUA report made a whopping 47 recommendations altogether. The government has not confirmed which of these recommendations they will accept.

But Education Minister Jason Clare told the ABC in late February, “we will respond in the next couple of months.”

What are the next steps?

@nariman.dein Search 'Make our hecs debts easier to pay off!' In google or sign the petition in @Dr Monique Ryan MP bio. #westernsydney #australia #fyp #hecsdebt #university #student #studentlife ♬ original sound - nariman

Ms Ryan and Zoe Daniels, the Independent Member for Goldstein, will deliver the petition to Mr Clare.

It’s worth noting that before the AUA report was released, Ms Daniels urged the government to make changes to the HECS/HELP system to make paying off loans easier in 2023.

“We are going through a housing crisis, a cost-of-living crisis, and a climate crisis – we don’t need a HECS crisis as well,” Ms Ryan said. 

“Someone on the median wage with the average HECS debt paid off $1500 of their debt last year, but saw $1700 added on July 1.

“The HECS debt significantly disadvantages lower-income university graduates – disproportionately women, whose debts are indexed even if they take time off work.”

BRB going to sign this petition ASAP.

Header Image: L-R @brokewealthgirl on TikTok, @mon4kooyong on Instagram and @nariman.dein on TikTok.

This article does not constitute personal financial advice. Before acting on any information in this article, you should consider your money goals and financial situation to ensure it’s appropriate to you.