Allan Reinikka

Plan uses super to pay HECS debts

A PLAN has been floated to let university graduates dip into their superannuation to pay off student loans.

Liberal Senator Chris Back's proposal would target graduates in their 20s and 30s who have study debts (HECS) with the government.

Senator Back said the plan would help ease cost-of-living pressures on young families and deliver significant budget savings.

"I am very hopeful it will find its way into this year's budget," he said.

Under the plan, younger workers would be allowed to pay off their student loans using retirement savings.

It is yet to come before the government's expenditure review committee.

QUT Business School lecturer Dr Chrisann Palm said while the proposal might ease the government's budget pressure, it would need careful planning to ensure people did not end up with a super shortfall.

"We are fixing one issue now but might create more if it's not properly designed," Dr Palm said.


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