Cobretti2 on 13 February 2018
Why does America seem to over complicate things?
Here in Australia it is so simple:
1. Gov pays for your study. You don't even see the money in hand just a debt lol.
2. It isn't counted as a loan towards your assessment in getting a loan for a car or house.
3. It is indexed by CPI only, meaning even though who struggle to find work in the first two years with a useless degree by then shoudl eventually have a job and the loan hasn't skyrocketed.
4. You have back at a % rate based on your wage. For most part your employer takes the % out of your wage and pays on your behalf with your taxes.
| 2017-2018 Repayment threshold | Repayment % rate |
|---|---|
| Below $55,874 | Nil |
| $55,874 - $62,238 | 4.0% |
| $62,239 - $68,602 | 4.5% |
| $68,603 - $72,207 | 5.0% |
| $72,208 - $77,618 | 5.5% |
| $77,619 - $84,062 | 6.0% |
| $84,063 - $88,486 | 6.5% |
| $88,487 - $97,377 | 7.0% |
| $97,378 - $103,765 | 7.5% |
| $103,766 and above | 8.0% |
FULL DETAILS: http://studyassist.gov.au/sites/studyassist/payingbackmyloan/loan-repayment/pages/loan-repayment
