Millions of Australians will experience a 20 per cent reduction in student debt from November, but indexation woes could continue without careful action.

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A one-off reduction on all Higher Education Loan Program (HELP) debts, including university loans, known as HECS, will be backdated to June 1.

Federal education minister Jason Clare said on October 5 students "will be able to see it and feel it".

"Just out of uni, just getting started - this is taking a weight off their back," he said.

But the law will also raise the

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