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Forums - Gaming - Student loans debate - fair game for students?

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 rates
2017-2018 Repayment thresholdRepayment % 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



 

 

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AlfredoTurkey on 13 February 2018

Preying on naive college students and forcing them deeply into debt is the American way!



palou on 13 February 2018

It is in the interest of a country to increase the qualification level of its population, and measures should be taken to encourage the population to seek higher education.



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numberwang on 13 February 2018
Ka-pi96 said:
numberwang said:

These taxpayer-financed systems can work nicely but you need strict rationing to avoid cost explosion. A good example would be to limit taxpayer-funding to the top 1% or maybe 10% of the students with the best grades.

If people don't pay their loans, the principal amount will increase and increase over time. Some private lenders will resell the loans for a lower price to a speculator. Government loans will ultimately run a loss and the taxpayer has to pay the rest.

It is partially rationed. The government will pay the £9000 a year tuition fee as a loan for everyone to get their first degree. But the amount they pay in living expenses depends on their family income. ie. poorer people get more financial help from the government than rich people. Which I think makes a lot of sense. And they recently changed it so it's entirely loans and should theoretically be paid back so it's not like the government are just giving away taxpayer money for no return.

Is there any rationing based on grades, like a C-student does not get money? Do universities have limited seats for their curriculum?



bigjon on 13 February 2018

solution. Stop trying to convince every damn person that they must go to college. There are a lot of really dumb people who go to college. Those dumb people increase the demand for college which lets colleges raise tuition rates because the demand is there.



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