Good news for anyone with a study or training loan—indexation rates have been reduced, and the changes have been backdated.
Previously, study and training loan indexation was tied solely to the Consumer Price Index (CPI). Now, it’s based on the lower of CPI or the Wage Price Index.
This change applies to all HELP, VET Student Loans, Australian Apprenticeship Support Loans, and other study or training loan accounts, with adjustments backdated to 1 June 2023.
What does this mean for you?
The revised indexation rates are:
- 3.2% for 1 June 2023 (down from 7.1%)
- 4% for 1 June 2024 (down from 4.7%)
If your study loan was indexed on these dates, you don’t need to do anything—the adjustments will be handled automatically. If the changes put your loan into credit, you may even be eligible for a refund (provided you have no outstanding tax or Commonwealth debts).
If you have any questions, reach out to your contact at Quantiphy—we’re happy to help.
