Indexation rate calculation change
On 5 May 2024, the government announced that it will cap the HELP indexation rate to be the lower of either the:
- Consumer Price Index (CPI)
- Wage Price Index (WPI).
The government will backdate this relief to all HELP, VET Student Loan, Australian Apprenticeship Support Loan and other student support loan accounts that existed on 1 June 2023. This change will take effect when legislation is passed.
To support this announcement, the Department of Education have released:
- Higher Education Loan Program (HELP) - Indexation Credit EstimatorExternal Link
- FAQs for HELP Indexation CreditExternal Link.
As a result of the adjustment to indexation, your debt balance may be less than zero. If so, and you have no outstanding tax debts you may receive a refund.
Trade Support Loan now Australian Apprenticeship Support Loan
From 1 January 2024, a Trade Support Loan (TSL) is known as an Australian Apprenticeship Support Loan (AASL)External Link.
The name change was included in the Trade Support Loans Amendment Act 2023External Link that amends the Australian Apprenticeship Support Loans Act 2014. It received Royal Assent in August 2023. This brought changes to the existing TSL program (which was introduced in 2014).
The TSL program provided income-contingent loans to eligible apprentices to help with everyday costs while completing their apprenticeships. The AASL program expands access to these loans to a broader range of apprentices and trainees, including non-trade occupations. A new Australian Apprenticeship Priority List replaces the TSL Priority List.
Early childhood, aged care and disability are examples of sectors that may benefit from this expansion.
For more information, go to the Department of Employment and Workplace Relations Australian Apprenticeship Support LoansExternal Link page.
HELP loan reduction for rural doctors and nurse practitioners
On 10 November 2022, the Australian Government introduced a bill into parliament to establish the HELP for Rural Doctors and Nurse Practitioners initiativeExternal Link to encourage doctors and nurse practitioners to live and work in rural, remote or very remote areas of Australia.
The Higher Education Support Amendment (2022 Measures No. 1) Act 2023 (the Act) amends the Higher Education Support Act 2003. The Act received Royal Assent on 20 February 2023.
The initiative gives doctors and nurses the opportunity to reduce their outstanding Higher Education Loan Program (HELP) loanExternal Link if they meet:
- the eligibility criteriaExternal Link
- their obligationsExternal Link to complete the required amount of eligible work in specified areas.
For more information, contact the Department of Education at veryremotehelp@education.gov.au