HELP/HECS debt

I see that anyone with an ATO HELP/HECS debt will see the early settlement bonus of 10% reduce to 5% as at January 1, 2012
 
Not much point in having it now.. Back in 2003 it was a 25% discount for upfront payments and 15% for voluntary payments.. and I remember in high school my teachers saying they studied for free :eek: It wouldn't have anything to do with labor trying to save money that they've wasted?
 
Yet another short sighted policy...:(

We are already short on many of the technical professions (Scientists, Engineers, Physicists etc...) & this will just exacerbate the issue. Awesome! My skills will be in ever increasing demand... cha ching! :D
 
Was an article a week or so ago about the lack of mathematicians upcoming too, linked in with this and the HECS for math/sciences doubling.

Wonder what sort of math they are after ... probably not my sort lol ... I've done the token statistics courses and have an honours thesis in computer math (which I'm finally working on something that applies it after HOW many years?) but I'm not sure I'd want to do math all day :)
 
Labor are ridiculous encouraging everyone not to study!

I used to pay upfront early this and last year for 20% off - but then they changed it to 10% - and now 5% - so I am better off putting it in a savings account (or investing it) and I will make more money than the discount on offer - all the while having an interest free debt (only inflation) that I fully intend to drag out for as long as possible!

Pray for the Liberals to restore sanity :p
 
Hi Keren,

By increasing the cost of education they will deter lots of people (maybe not you or me - but others who cannot afford it) i.e. increasing the costs substantially for maths/science.

Education (at least the first degree) should be free imo as this helps the entire economy in the long run.
 
I personally don't see what the fuss is about. Those that accrue HECS/HELP debt are usually younger people with decades of working life ahead of them. Since the debt is pegged to inflation and is interest free wouldn't it be more beneficial to invest your voluntary contributions and have that investment compoundly work for you for the rest of your life rather than getting a one off discount of 5, 10 or 20%.
 
I personally don't see what the fuss is about. Those that accrue HECS/HELP debt are usually younger people with decades of working life ahead of them. Since the debt is pegged to inflation and is interest free wouldn't it be more beneficial to invest your voluntary contributions and have that investment compoundly work for you for the rest of your life rather than getting a one off discount of 5, 10 or 20%.

It depends. HECS/HELP debt is a non-provable debt in bankruptcy so it stays with you forever. If I'm going into business the last thing I want is that sort of thing accumulating on me each year.
 
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