Millions of Aussies to Receive SHOCKING Student Debt Relief: When You’ll Get Your Money and How Much You’ll Save
- Millions of Australians are set to receive a whopping 20 per cent cut to their student debt, with some seeing over $5,000 wiped from their balance.
- The tax office will begin applying the cut from mid-November, with 50 per cent of people expected to see the change by the end of the month.
- No action is required from debtors – the reduction will be applied automatically, with notifications sent via text message or email.
In a move that will bring relief to millions of Australians struggling with student debt, the government has announced when people can expect to see the promised 20 per cent cut kick in. The tax office will begin applying the reduction from mid-November, with 50 per cent of people expected to see the change by the end of the month.
For those wondering when they’ll receive their debt relief, Assistant Treasurer Daniel Mulino revealed that people will be notified by text message or email when the cut happens. “Soon millions of Australians with student debt will get a text message from the ATO when the 20 per cent cut to their debt has been processed, a cut we promised during the election and have delivered,” he said.
The average ex-student will see over $5,000 wiped from their debt, with the reduction being backdated to what a person’s debt balance was on June 1, before indexation. Education Minister Jason Clare hailed the move as a “big deal” for 3 million Australians, saying it would take a weight off their backs. “We promised we would cut your student debt by 20 per cent and we are delivering,” he said.
With the reduction set to bring a welcome cash boost to millions of Aussies, it’s no wonder that people are eagerly awaiting the news. And with no action required from debtors, it’s a stress-free process that will bring relief to those struggling with student debt.
So, when can you expect to see the change? According to the tax office, almost everybody will see the cut applied to their balance by mid-December. And with the average debt balance sitting at $27,600, the reduction will see a whopping $5,520 wiped. It’s a move that will bring a welcome smile to the faces of millions of Australians struggling with student debt.