Higher education debts are now far more likely to affect personal or home loan applications as soaring student debt adds to the skyrocketing cost of living and housing pressures.
About 2.9 million Australians currently owe a share of more than $68.7bn under the federal government’s Higher Education Loan Program (Help) – previously the Higher Education Contribution Scheme (Hecs). More than 1.3 million people last year each had student debts worth more than $20,000.
