Hi,
Before I was a practicing Muslim. I took a student loan in Australia. I didn't know about the seriousness of interest and loans in Islam. I currently have this student loan and it is not possible to cancel it. What should I do about it? I am in my 3rd out of 4th year of my degree
Below is a description of the loan
There is no interest charged on HELP debts.
However, indexation is added to your debt on 1 June each year.
Indexation is applied to your debt to maintain its real value by adjusting it in line with changes in the cost of living.
HELP debts are not indexed until they are 11 months old.
See the ATO website for current and past indexation rates.
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