22yo reveals why she’ll be in debt for her whole life

A young Aussie recruiter has revealed why she believes university is a “scam” and the reason she fears she’ll be in debt for the “rest of her life”.

Cassidy graduated from university with a business degree and has secured a job in recruitment, but she thinks the whole thing was a “scam".

The 22-year-old, who lives in Queensland, went viral this month after declaring higher education a waste of time in a viral TikTok rant directed to young Aussies.

“I’m literally going to be in debt for the rest of my life. I just went to make a voluntary payment to my HECs debt, and it is $38,000 f**king dollars,” she said.

Cassidy has revealed why she regrets going to Uni. Picture: TikTok/ugcwithcassidy

The young Aussie explained she didn't realise she'd end up with so much debt. Picture: TikTok/ugcwithcassidy

Student loans, known as HECS-HELP, are not charged interest but the full amount is instead indexed to inflation from June 1 each year.

Last year, uni students and graduates saw their debts rise by 7.1 per cent - the biggest increase in 30 years. This year, a 4.7 per cent increase has been locked in.

Cassidy said the indexation made it feel “impossible” for her to ever make a meaningful dent in her student loan.

Her proof? Well, she’d paid off $2000, but because of indexation, her debt will increase again, and it will seem like she really only paid off $800 because she’ll owe a further $1200.

“How the f**k am I meant to pay this off?,” she asked.

Cassidy said she studied for three years, then “struggled” to find a job after graduating.

She’s now come to the realisation that she doesn’t actually “like” her job, but is worried about even contemplating a career change given her student debt.

She pointed out that no one warns people about indexation when they are deciding whether to go to university.

“They don’t say it is going to keep rising every single year. There isn’t enough education around it,” she said.

“My advice is don’t go to university. Go to university if you know that job is what you want to do and you need a degree to do that job. Don’t go because your friends are going or your family are telling you to go.”

Cassidy’s rant quickly divided people, with some finding her perspective relatable while others remained unconvinced.

“Sounds like it’s your fault for changing your mind,” one claimed.

“I was picked on by my teachers for choosing a trade. Jokes on them because I make way more than a teacher,” another shared.

“University is a total scam,” another claimed

“I just choose to ignore my HECS,” one admitted.

“$38,000 isn’t a lot of money considering what you can get out of it,” someone else argued.

“I think university is overrated,” another added.

She's advised other Aussies not to go to Uni. Picture: TikTok/ugcwithcassidy

She now doesn't think Uni is the best way to get ahead. Picture: TikTok/ugcwithcassidy

Cassidy said she’s realised now that you don’t need a degree to achieve things in life. She pointed out that even after going to university, she still doesn’t know what she wants to do in her career, and now she’s saddled with a huge debt.

“Uni is pushed by teachers in high school, and as children, we are told that we need to go to university to be successful. However, the subject of indexation is never spoken about,” she said.

The young Aussie said that people attend university without fully understanding they’re about to put themselves in debt.

“So many people go into uni not realising what they are actually getting themselves into. They don’t realise the extent of the debt they will accrue due to the insane rate of indexation and how this will impact their lives,” she said.

“Considering it is such a big decision that will impact you for the majority of your life, there is not enough education around the HECS system and indexation.”

Cassidy is now in a position where she constantly worries about how having debt will impact her long-term.

“Currently, I have my employer taking payments out each week to pay this off; however, if I ever need to take out a loan for a house or something else, it will affect my borrowing power. Also, just knowing I have this debt sitting there growing each year is an unsettling feeling. Nobody wants to be in debt,” she said.

Originally published as 22yo reveals why she’ll be in debt for her whole life