#Auspol #HigherEd #HECS #Scam #ATO #AustralianTaxOffice

The ATO is charging interest on HECS that has already been repaid! 😨
When interest rates were 1% it was barely noticeable. But now, it's hundreds of dollars that students are being scammed.

HECS indexation increasing unaffordable student debt

“In 2020 and previous years, indexation was sitting around 1.8%- 2% and then a jump to 3.9% in 2022 and in 2023 a whopping 7.1%…

“Your HECS debt is indexed on 1 June every year before the end of the financial year. Really, it should be indexed after the start of the new financial year on 1 July.

“The problem with the indexation system is that the ATO hasn’t calculated the repayments your employer has made throughout the year, hence they are applying indexation to your debt amount from the start of the financial year.

“This means that a larger dollar amount will be indexed causing you to end up with more debt added on.

“The ATO should be including the payments you have already made to reduce the debt for that financial year.”

#IndependentAustralia #IA #IndependentMedia #RowanBosman 👇🏽

https://independentaustralia.net/life/life-display/hecs-indexation-increasing-unaffordable-student-debt,17784