Loans loophole closes for graduates living overseas

A student loan loophole allowing people to leave their debt unpaid while living overseas has now been closed, with the hopes of recouping an estimated A$30 million (US$21 million) annually, writes Cayla Dengate for The Huffington Post Australia.

Minister for Education and Training Simon Birmingham said people who benefited from Australian student loans and now lived overseas would pay back their loan in the same way as those living in Australia, and those in debt would be required to notify the Australian Taxation Office to arrange repayments.

From 2016, anyone who has a Higher Education Loan Programme or Trade Support Loan debt and who earns above the minimum repayment threshold – currently A$54,126 – will be required to make repayments regardless of where they live. Birmingham said a whopping A$800 million had remained unpaid since the start of the student loan scheme in 1989.
Full report on The Huffington Post site