Question 1
- My daughter is two years into full-time employment after graduating with a $75,000 HELP debt. As of end of financial year 2022, her debt has increased even after repaying a total of $5000 in the 21 and 22 financial years. FY2023 will see her repay 4 per cent of her gross salary yet the current CPI is 7.2 per cent and so the debt will continue to grow even though she will repay over $3000. She is faced with a system that due to inflation is increasing her balance YoY. Should the HELP debt system be reviewed?
