Kristy Iervasi describes her student debt as a problem that’s always in the back of her mind. At 31, the Sydney small business owner and public health promotion graduate owes about $28,500 under the Higher Education Loans (HECS) Program. She acknowledges it could be higher but says she’s too scared to look.

Iervasi, who works part-time while trying to build her business, has not yet reached the minimum HECS repayment income threshold of $47,014. Instead, she’s watching the debt grow every year.