Why student loans are a bad thing (tm)
Background: In the UK the Labour Party (who are currently in government) introduced £1,000 fees per annum and scrapped living grants for higher education back in '97. Then they did a U-Turn on their manifesto and introduced top up fees of £3,000 per annum, and will be increasing it again for certain degrees to £7,000 shortly.
Aside from charging for education being inherently wrong, they are going about it all the wrong way. They treat it as a conventional debt (sad that there is such a thing?), you get statements reminding you how much you owe, and you have to make repayments each month out of your earnings (or your employer does). This is like a mill-stone around an already debt laden country thanks to the credit happy culture fostered since the late 90s (still no health warnings on credit cards!).
The only acceptable way to recoup costs of education is to have a higher rate of graduate income tax, 1% would cover all their costs and the person wouldn't have to manage repayments themselves. So how about it Labour? do something which will assist a generation! and simplify the repayment system ;)
posted by Jon Grant, 東京 @ 21:49
2 Comments
2 Comments:
Like they care about assisting this generation. Not only do you have your loan to pay back but you have to pay mortgages on insane house prices and save twice as much as your parents because youre younger, even though by the time you are old the baby boomers will all be dead and that population spike will have vanished. The govt care about the baby boomers, that's where the vote is. There is one flaw in this way of thinking and messing around us young folks... when you're old we will be the ones putting you in a home. Do you expect us to be particularly grateful for the way we were treated?
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