Higher Education Loan Program (HELP) - Indexation Credit Estimator

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

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How will my HELP debt be indexed on 1 June 2024?

Indexation is applied to HELP debts on 1 June each year. On Saturday, 1 June 2024 your HELP debt will be indexed by 4.7% based on the Consumer Price Index (CPI), by the Australian Taxation Office (ATO).

In the Budget, the Government announced changes to HELP indexation to be based on the lower of CPI or Wage Price Index (WPI). This means, if legislation is passed, your HELP debt will then be adjusted to reflect the lower indexation rate of 4.0% WPI in 2024.

For more information about backdated indexation changes for 1 June 2023 and 1 June 2024 and how these changes will benefit you, visit FAQs for HELP Indexation Credit.

The proposed change to indexation is to apply the lower of the Consumer Price Index or the Wage Price Index, with effect from 1 June 2023.

After the passage of the relevant legislation, the revised indexation rates will be automatically applied by the Australian Taxation Office to your loan.

This means that it is likely that you will receive an indexation credit that will reduce your outstanding loan. The indexation rate applied on 1 June 2023 was 7.1 per cent and under the proposal, this would be reduced to 3.2 per cent.

The indexation rate to be applied on 1 June 2024 is 4.7 per cent and under the proposal, this would be reduced to an estimated WPI figure of 4.0 per cent.

Use the estimator to see the HELP indexation credit amount for 2023 and 2024 that could be applied to your HELP loan and see the FAQs for more information.

HELP Indexation Credit Estimator

This estimator provides an indicative amount of the credit that you will receive when legislation is passed. It does not constitute a formal estimate or assessment of your current HELP loan.

(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


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).