There is no interest charged on your HECS-HELP debt however indexation is applied to your debt to maintain its real value by adjusting it in line with changes in the cost of living. HECS debts are not indexed until they are 11 months old.
When is HECS-HELP debt indexed?
HECS debt is indexed on June 1st each year after the March quarter inflation numbers are released, and is based on figures collected by the ABS over the previous two years.
2024 UPDATE: The March quarter CPI for 2024 will be announced on 24 April 2024. HECS-HELP debt is expected to increase by 4.7 per cent when indexation is added on 1 June.
In 2023, the March quarter CPI was announced on 26 April 2023. Inflation has declined to 7% in the latest figures from the Australian Bureau of Statistics, down from 7.8% in the December quarter. Based on that Australians with HELP/HECS debt will face a 7.1% increase on their student debts when indexation is added on 1 June.
Select "Includes HELP debt" on our tax calculator to see how much you have to pay after this change.
HECS debt indexation in a previous years
Here is the table of previous years indexations:
Indexation rate table
| Year | Indexation rate |
|---|---|
| 2024 | 4.7% |
| 2023 | 7.1% |
| 2022 | 3.9% |
| 2021 | 0.6% |
| 2020 | 1.8% |
| 2019 | 1.8% |
| 2018 | 1.9% |
| 2017 | 1.50% |
| 2016 | 1.50% |
| 2015 | 2.10% |
| 2014 | 2.60% |
| 2013 | 2.00% |
"Change HECS-HELP indexation" petition
The petition has been launched to change the way HECS debts are indexed. If you are a university student, or still have HECS-HELP debt yourself, consider signing the petition here:
https://www.change.org/p/make-our-hecs-debts-easier-to-pay-off