Another student debt avalanche is coming on June 1, and the Albanese Labor government is overseeing the steepest increase of student debt in recent history.
Senator Mehreen Faruqi has obtained research from the Parliamentary Library that shows student debts will be indexed by somewhere between 4.2%-4.8% this year alone.
This will add between $1,113 to $1,272 to the average student debt. Student debts are out of control and rising faster than they can be paid off.
For people who just wanted to go to university or TAFE, this means being locked out of the housing market, making it harder to get loans, to pay rent, and start a family. They are being crushed under the weight of ever-ballooning debt.
Labor refused the Greens’ demands to protect students from huge debt increases last year, but there is still time to stop the massive indexation hit coming again this June.
In the May budget, Labor must scrap indexation on student debt.
People are being crushed under the weight of their ever-ballooning student debts. Amidst the housing and cost of living crises, people need some relief and they need it now.
Education shouldn’t be a debt sentence. Let’s start to fix this broken system by scrapping indexation, then, let’s finally wipe all student debt and make TAFE and uni free for all.
Join our campaign to end the student debt crisis and demand that Labor:
- Scrap indexation in the May budget
- Wipe all student debt
- Make TAFE and university free
Support Resources:
We know that rising student debt is causing real emotional and financial strain on so many people.
There are study, financial, and mental health resources below