Higher Education Loan Program (HELP) - Indexation Credit

The Government has made changes to reduce the indexation that is applied to HELP (and other student loan schemes).

The HELP indexation credit estimator provides an estimate as at October 2024.

The Australian Taxation Office (ATO) has applied the indexation credits to eligible individuals’ HELP accounts. 

Individuals will be able to view the credit on their ATO Online account, through myGov.

Indexation is applied to HELP debts on 1 June each year.

In the May 2024 Budget, the Government announced changes to HELP indexation to be based on the lower of Consumer Price Index (CPI) or Wage Price Index (WPI), with effect from 1 June 2023. This ensures that indexation will never be higher than the changes in wages.

The indexation rate applied on 1 June 2023 of 7.1% was reduced to 3.2% and the indexation rate applied on 1 June 2024 of 4.7% was reduced to 4%.

The ATO automatically applied the indexation credits to eligible individuals’ HELP accounts.

HELP Indexation Credit Estimator

(this amount can be found on your HELP account at the ATO through myGov)

Your estimated indexation credit for 2023 is $0

Your estimated indexation credit for 2024 is $0

Your estimated indexation credit total for 2023 and 2024 is$0

Disclaimer

This tool is for illustrative purposes only. It is not a formal estimate or assessment of your current or historical HELP loan nor of the credit you will receive. Credit amounts are rounded to the nearest $5. This tool provides an estimate based on the outstanding HELP loan amount provided. The amount calculated is only indicative of a potential HELP credit based on the amount entered. The actual amount that your HELP loan will be reduced by is subject to the passage of legislation, and the content of that legislation. This tool provides an estimate of potential HELP loan reduction and does not apply to other student loan schemes. It does not take into account individual circumstances which may result in a different actual credit outcome. The tool does not provide taxation or financial advice and should not be relied on as an accurate assessment of your individual tax affairs. Individuals should seek independent, expert advice on their taxation and financial affairs (as appropriate).