Australians with student loans will have thousands of dollars wiped from their debts starting today. The Albanese government’s new HELP and HECS payment reshuffle came into effect on Wednesday, cutting student debt by 20 per cent. The Australian Taxation Office will automatically erase the amount from student debts as they stood on June 1. This includes students on HELP, Vocational Education and Training (VET) student loans, Australian Apprenticeship Support Loans, Student Startup Loans, and other student loans. Student debts will be cut by 20 per cent from Wednesday.