Students receive loans, get money in bank.

Great news, Aussies! The government is giving us an early Christmas present by issuing refunds to our bank accounts. This comes after some changes were made to student loans, which was recently passed as legislation. Our Education Minister, Jason Clare, even took to social media to remind us to check how much has been wiped off our debt.

In fact, just last month, the Federal Government announced that a whopping $3 billion worth of HECS-HELP debt will be cleared from Australian student loans. And the best part? The indexation change is retroactive to June 2023, meaning those who paid off their HECS debt in 2023 or 2024 will receive a credit as a refund in their bank accounts. Some lucky individuals may have even received their refunds today!

Before this change, the indexation was based on the Consumer Price Index, which caused loans to increase by 7.1% last year. But now, it will be determined by whichever is lower between the CPI and the Wage Price Index. This means that there will be a more reasonable and fair calculation for our student loans.

For those wondering when they will receive their refunds, the ATO has assured us that most people will see these credits in their accounts by the end of January. However, some more complex cases may take a bit longer to process. But rest assured, if your study or training loan account is in credit after the adjustments, the remaining amount will be refunded to your nominated bank account.

And it doesn't stop there. The Federal Government has promised even bigger changes to student debt if Labor wins the upcoming federal election. So stay tuned for more updates on that. But in the meantime, make sure to download the 9News app to stay on top of all the latest breaking news, sports, politics, and weather. With the app, you'll even receive notifications straight to your smartphone. It's available on both the Apple App Store and Google Play. Happy refund season, everyone!

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