Australia Cuts Student Loan Debts By 20%

Australia passed laws on Thursday to slash all student loan debts by 20 per cent, clearing a combined US$10 billion of debt held by more than three million students.
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‎Many Australians use government loans to help pay for university courses or other tertiary study.
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‎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.
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‎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.
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‎”Getting an education shouldn’t mean a lifetime of debt.”
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‎The measures will cut US$3,500 from the average student debt of US$18,000, Albanese said.