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.