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All HECS debts would be wiped for university students under a multibillion-dollar proposal outlined by the Greens.

As the federal government outlined its plans to cut student debt by 20 per cent should it win the next election, the Greens have promised to go a step further and forgive all student debt.

The proposal, being unveiled on Monday, would cost more than $54 billion over the next four years and $74 billion over the decade, according to modelling carried out by the Parliamentary Budget Office.

Modelling had shown university students could save $5500 a year without having to pay back HECS debt under the policy.

Greens higher education spokeswoman Mehreen Faruqi said the measure would provide greater cost-of-living relief.

“Wiping student debt will put money back in the pockets of people who desperately need it to make ends meet, pay rent or save for a deposit for their first home,” she said.

“With everything from rents to grocery bills through the roof, wiping all student debt will make a real, tangible difference to so many people doing it tough.”

It comes as the Greens earlier in November urged the government to lock in its 20 per cent reduction of HECS debt before the end of the year.