The proposal would waive 20% of outstanding Higher Education Loan Program and Student Financial Supplement Scheme (SFSS) debt each year over 5 years, from 1 January 2023. This includes the following types of debt:

• HECS-HELP
• OS-HELP
• SA-HELP
• FEE-HELP
• VET FEE-HELP
• VET student loans.
• SFSS

Debt to be waived would be valued as at 1 January 2023, with any new HELP loans from 2023 onwards out of scope of this proposal and not factored into the estimates.

The request also sought distributional analysis of policy impact in fiscal terms in 2024-25 across income deciles.