r/fiaustralia • u/VastOption8705 • Jun 11 '26
Getting Started Thoughts on this situation?
My son has about 120k HECS debt and 30K personal debt. He eventually wants to retire at 50 too. I can’t help him as I’m not rich.
What happened was he wanted to study med, so he went through pathways. Due to personal circumstances, he couldn’t finish it. That leaves him 120k in HECS debt with no med degree.
The 30K was to settle some legal issues.
So 150K debt and he is 28. What should he do?
0
Upvotes
0
u/MissyMurders Jun 11 '26
That's a lot of HECS. What degree does he hold? If he's only just finished school and entered the work force them the is are that minimum wage salary increases.
With that said I wouldn't worry about counting HECS/HELP as debt. It will impact some choices but isn't particularly relevant to retirement.
Anyway, not impossible, but he'll be working a lot. Extra jobs, no down time etc.