Past and present tertiary education students across Australia are eagerly awaiting the promised 20 per cent reduction to their HECS-HELP loans after the Albanese Labor Government was re-elected on Saturday.
The anticipated changes come after Prime Minister Anthony Albanese declared the policy, first floated last year and criticised by the Coalition, was the first order of business for the newly-elected government, and for “[…] every Australian who works hard for the life-changing opportunity of higher education.”
Wollongong Undergraduate Students Association President Hanzel-Jude Pador said the changes were a positive development for students at UOW and across the country.
“Even if it is quite a small reduction, quite honestly, to a HECS debt, I think it will inevitably help out a lot of students, especially in the long term,” he said.
Mr Pador said whilst he acknowledged there may be some opposition from taxpayers, the move is a national investment in education, and will lead to a stronger economy in the long run.
“Inevitably education is an investment for students’ future, and an impact on the economy within the workforce,” he said.
“Just because it doesn’t mean you’ll see an immediate return on investment doesn’t mean that you won’t see a return at all, in a better economy, better students, better doctors, better workforce, stuff like that.”
Despite this step being taken to assist students with their loans at a time where cost of living and housing are front of mind for many, Mr Pador said the reductions could be expanded further.
“It [university] used to be free, [and] it certainly can be free again in our modern economy, there’s certainly room,” he said
“The Greens have urged for further taxation of bigger companies to cover that kind of debt, but there certainly can be more.”
UOW student Isobel Fitzpatrick said the changes would reduce financial stress and allow students greater independence upon graduation.
Ms Fitzpatrick said the changes would make higher education more accessible for students from regional areas, who already have to deal with other immediate costs such as accommodation and travel-related expenses.
“I think it holds a little bit more of a promise for people that are from, for example, rural backgrounds, who have to travel like six or seven hours to get to uni,” she said.
The timeline for the implementation of the changes has not been set, with the portfolio of Education Minister, currently held by Jason Clare, to be evaluated and potentially re-allocated at the Labor caucus meeting before any new legislation is introduced when parliament resumes.