The HECS loan provided by the government has provided many opportunities for thousands of individuals wanting to pursue higher education without having to worry about the financial aspects of it straight away. But like many individuals, the cost of their HECS debt has caused many setbacks in being able to make purchases for their future.

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With the government making changes to the loan many individuals have been seeing their loans fluctuating over time together with the government’s yearly indexation. With the recent increase in inflation and the cost of living, it’s been difficult for many individuals to continue paying off their HECS loan. Many individuals who have already graduated from university are still finding ways to pay off their debts as full time working individuals, while trying to provide for themselves and their families. While also making big purchases such as houses, cars or even plans of having a baby.

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The government’s indexation rate as announced earlier this month may change and provide a pause for some individual’s HECS debts from the result of the rates on student loans from last year. If this passes through by the government, this would then allow a decrease in 3 billion dollars of loans & helping thousands of students.

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The uncertainty of how every individual’s HECS loans may come to be over time and when they’d be able to pay them off, still holds many factors/ worries that still remain within many individuals for their futures. Many individuals aren’t fully aware of what their HECS debts are apart from its main purpose. As found from interviews, many individuals are wanting to be further educated on their HECS debt and what they can do to further pay off their debts and making them more aware upfront of what comes with signing up for a HECS loan before pursuing higher education.