Australia passed laws Thursday to slash all student loan debts by 20 percent, clearing a combined US$10 billion of debt held by more than three million students.
Many Australians use government loans to help pay for university courses or other tertiary study.
But with university fees soaring — a basic degree can cost US$25,000 (about Aus$40,000) or more each year — students are increasingly saddled with hefty debts that can take decades to clear.
Prime Minister Anthony Albanese pledged to cut student loan debt as a key cost-of-living measure in a general election earlier this year.
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“We promised cutting student debt would be the first thing we did back in parliament — and that’s exactly what we’ve done,” he said in a statement.
“Getting an education shouldn’t mean a lifetime of debt.”
The measures will cut US$3,500 from the average student debt of US$18,000, Albanese said.
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Australia passed laws Thursday to slash all student loan debts by 20 percent, clearing a combined US$10 billion of debt held by more than three million students.
Many Australians use government loans to help pay for university courses or other tertiary study.
But with university fees soaring — a basic degree can cost US$25,000 (about Aus$40,000) or more each year — students are increasingly saddled with hefty debts that can take decades to clear.
Prime Minister Anthony Albanese pledged to cut student loan debt as a key cost-of-living measure in a general election earlier this year.
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“We promised cutting student debt would be the first thing we did back in parliament — and that’s exactly what we’ve done,” he said in a statement.
“Getting an education shouldn’t mean a lifetime of debt.”
The measures will cut US$3,500 from the average student debt of US$18,000, Albanese said.
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By AFP