Inflation can also impact the value of scholarships, grants, and financial aid. If these forms of assistance do not increase in line with inflation, their purchasing power diminishes, putting additional strain on students who rely on such aid to finance their education. Brisbane wealth adviser Alanna Fraser has been battling to pay off a university student debt of $102,000. She is 26 and fears she will be paying off her debt for many years to come, as the student financial aid she receives doesn ’ t increase with inflation, yet her debt does since HECS debt is indexed to the Consumer Price Index. She says it is unlikely she will own a house any time soon given banks see student HECS - HELP debts as a "real debt ”, lowering her credit score, thus affecting a graduate's ability to borrow money. To mitigate this issue, scholarship providers, educational institutions, and government agencies must consider inflation when determining the value of financial aid. Regularly evaluating and adjusting the amount of aid offered can help ensure that students receive sufficient support to cover the increasing costs associated with education and living expenses. My brother, Ahmed, has been saving to move out for four years now. Previous generations of my family traditionally moved out at the ripe age of 22, sometimes even younger. This is compared to my brother, who is 24 years old, still living with our
parents. He is getting married later this year, which culturally means he must move in with his future wife, Layal, shortly following their wedding. Fortunately for them, this will become a reality because Ahmed owns an electrical business and is saving a huge percentage of his income. Additionally, Layal is assisting by working as a part - time pharmacist, ensuring they achieve their dream of moving in together. ‘’ For sure we ’ ll be able to move into a new family home after our wedding, it ’ s not just your brother that ’ s saving, you know. ” The plight of today ’ s students and young workers is not just an economic issue. The increasing inequality makes this a matter of human rights and basic justice. It is time that all levels of government implement major reforms for the future of Australia ’ s young people.
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