SYDNEY (Reuters) -Australia’s parliament on Thursday passed a law to cut student loans by 20%, wiping more than A$16 billion ($10.31 billion) in debt for 3 million people, and fulfilling a key election promise to help mitigate the rising cost of living.

Australia 's parliament has passed a law to cut student loans by 20 per cent, wiping more than A$16 billion ($10.31 billion) in debt for three million people.

Australia has officially passed a new law cutting student loan debts by 20%, bringing major relief to over three million people across the country. This bold move clears a combined US$10 billion in student debt,