The indexation rate for study and training loans is now based on the Consumer Price Index (‘CPI’) or Wage Price Index — whichever is lower.
This change has been backdated to indexation applied from 1 June 2023 for all HELP, VET Student Loan, Australian Apprenticeship Support Loan, and other study or training support loan accounts.
Consequently, indexation rates for 2023 and 2024 have changed to:
- 3.2% for 1 June 2023 (reduced from 7.1%); and
- 4% for 1 June 2024 (reduced from 4.7%).
Individuals who had a study loan that was indexed on 1 June 2023 or 1 June 2024 do not need to do anything.
Individuals whose study loan is in credit after the adjustment may receive a refund for the excess amount to their nominated bank account, if they have no outstanding tax or Commonwealth debts.
