The totally off-topic thread

[Katie]

I paid for myself to go through Uni, thanks to HECS. Can't remember when I paid off my debt, but it was some time after 2000 (first degree started in 1993, but I only started working full-time in 1999). My husband also paid for his own HECS, no way his parents could pay for him. He was able to make the up-front payments for a discount.
The tiered levels of HECS costing started while I was at Uni. Husband missed out on that.

Am not sure if Little Miss will go to Uni, haven't quite figured out where her niche in the world might be. Hopefully she will figure it out!

But she can't get married until she has her Masters degree!!!

 

[JohnK]

That's a bloody marvellous BP if a little on the low side. You are doing something right!

Actually I would say "That's a bloody marvellous BP if a little on the low side. Amazing considering all the things you are doing wrong!"

 

[cove]

We covered our two sons with their Uni fees so they did not have a HECS debt either. That was our decision as we both believe education pays the highest dividend.(Both my parents were in education all their lives).
Maybe the Government needs to hold passports to stop the skips occurring. Everyone seems to have a plan on how to spend all the collected taxes and more so we do need to ensure we don't go lending money to folks who won't pay it back.

 

[whatmeworry]

Looks like the Australian Government is going to tidy up the HECS loan debacle by working with "ability to repay" idea. I hate thinking about the system of lending money to students who will try to never repay their loans. Cutting out the upfront discount for payment of HECS was about as stupid as you can get.

I would love to pay back my HECS, but the government keeps cutting CSIRO so any of my scientific knowledge is going to waste, which the EU might get in the future.

 

[whitty]

We covered our two sons with their Uni fees so they did not have a HECS debt either. That was our decision as we both believe education pays the highest dividend.(Both my parents were in education all their lives).
Maybe the Government needs to hold passports to stop the skips occurring. Everyone seems to have a plan on how to spend all the collected taxes and more so we do need to ensure we don't go lending money to folks who won't pay it back.

I'm not sure this would work for people who have multiple passports, or those who work offshore (some of who even pay taxes here).

 

[QF WP]

I don't know how you all do it. I'm starting to get really sick of flying. Have been away from AFF for a while but it's interesting to see a lot of familiar names still here. After dropping to SG for a couple of years I now have a new job which means I just re-qualified for WP all via dom Y. Spending 2 days interstate every week and it's really starting to get me down. Kudos to you all!

Welcome back reductionist - yes you did have an couple of long breaks. We're still here discussing things - QF v VA, et al. I see you're back to Plat after being over status a couple of years ago.

 

[Bindibuys]

Such a timely thread on HECS, my daughter graduated yesterday. Working full time this year, then hopes to get into Kings College, London next year to do her Doctorate. Bachelor of Psychology (Honours) with Honours Class 1

 

[anat0l]

I really didn't want my folks to pay for my education as I wanted to do it myself, even if it meant saddling myself with a debt.

They paid my first semester, then I put the second and third onto HECS. Then, they were told by our accountant that it was better just to pay it so they did. At this time, and for the duration of my undergrad, it was 25% off for upfront payment. Later, when they paid off the deferred portion, it was 10% discount for voluntary repayments over $500.

I was paying off some HECS thanks to my projected income, though the effort was substantially cancelled due to indexation adding to the debt.

My current career change choice has saddled me with tuition fees again. I could have put it on HECS but I have decided to pay it upfront by myself using my funds. 20% upfront discount. Rumours are that this will soon disappear.

I think the HECS system is brilliant in that it allows everyone the chance to study at a tertiary level without the significant financial barrier. That said, I don't have a great solution for how the government can effectively ensure it writes off less of its HECS debts as bad debts (e.g. via people not earning enough, skipping the country, and eventually out of their influence to recover the debt due to death or etc.).

Even their scheme to try and get those overseas to declare their income so they can figure out the HECS repayment... that is a voluntary scheme. If the threat was passport cancellation, maybe that's strong enough to make people cough up the information. I'm not sure how easily that kind of consequence could be enacted as legislation, though, and it would have nearly no impact on whether people declare the correct information.

I don't know what the government can do with those who work less than full time (i.e. don't earn enough to reach payment thresholds) or less than the current repayment thresholds. They could get rid of the thresholds so you pay a minimum 3% (or whatever the lowest fraction is) of your debt no matter how much you earn, unless you are on the dole or minimum wage, but I don't know how well that would fly, even amongst Coalition voters.

 

[cove]

I guess the budget papers will put a new spin on this subject around May 3rd. I am not saying that people who are on the poverty line need to be pressed. Probably the loan should be registered and prioritized for repayment. At that point these loans could be sold into the banking system at some point.

 

[Pushka]

I think there are too many 'speciality' under graduate degrees, and as a result, each speciality has to have its own staffing to resource and hence huge $$$. When I was at Uni there were the basic undergrad courses, and on graduation, that was when the specialities kicked in for Honours, Masters and Phd. So Science, Art, Medicine, Dentist (although I think those were combined); Engineering, Commerce, Law and Architecture.

 

[anat0l]

I guess the budget papers will put a new spin on this subject around May 3rd. I am not saying that people who are on the poverty line need to be pressed. Probably the loan should be registered and prioritized for repayment. At that point these loans could be sold into the banking system at some point.

If you sell the loan to the bank, you'd have to have some keen banks to be willing to take on those kinds of debts. Especially when they are public, shareholder-accountable companies taking on debt which - if we are lead to believe - have a low chance of actually being paid back, and don't generate much revenue.

Also, if the loan is sold to the bank, does that mean it'll be subject to interest rates much more than inflation, e.g. similar to a home loan?

If you "default" on a loan sold to the bank, what can the bank take from you (unlike a home loan, where they start by taking the house off you)? Can they sell it to a debt collector and you can be legally harassed, prosecuted, assets seized or imprisoned?

 

[cove]

Anat0l it may be that a lender panel should decide what percentage should be lent in the first place by interviewing the student applicant prior to the loan starting. These loans should be registered in a way another lender can have visibility of this debt.
Basically what has happened to date needs to be revised.

 

[Cruiser Elite]

So I am walking down Church St in Brighton this morn when I tripped over this sign on footpath - check Tuesday nights - $10 Pizzas and $55 Moet - yep $55 Moet in a bona fide hotel in one of Melbourne's wealthiest suburbs.



AND - Sandringham train line run's past it's door for those drunkards wanting to get back into city - any takers for another MEL get together here ASPIT?

 

[JessicaTam]

So I am walking down Church St in Brighton this morn when I tripped over this sign on footpath - check Tuesday nights - $10 Pizzas and $55 Moet - yep $55 Moet in a bona fide hotel in one of Melbourne's wealthiest suburbs.

View attachment 67827

AND - Sandringham train line run's past it's door for those drunkards wanting to get back into city - any takers for another MEL get together here ASPIT?

I reckon I could be in that. I would be happy to go halves - in a pizza.

 

[love_the_life]

Anat0l it may be that a lender panel should decide what percentage should be lent in the first place by interviewing the student applicant prior to the loan starting. These loans should be registered in a way another lender can have visibility of this debt.
Basically what has happened to date needs to be revised.

But a lender panel deciding how much to lend and to who will put tertiary education once more out of the reach of those unable to pay. In the old days when I first went to uni, it was only the rich, those on a scholarship or on a bonded studentship for teaching who could afford to attend. After I left uni fees were abolished and then various versions of HECs were introduced. The whole idea of HECs has been for some (not all of the cost of the degree) to be recouped at some time in the future. The actual number heading off overseas is quite small in the overall picture.

Where I would think savings could be made is in not subsidising the 'professional' student who moves from degree to degree to higher degree and so on.

 

[JohnK]

Airline lounge! One of the most difficult places to visit on a diet. It's not going to beat me this time. Capsicum and tomato.

Any salt around?

 

[straitman]

Airline lounge! One of the most difficult places to visit on a diet. It's not going to beat me this time. Capsicum and tomato.

Any salt around?

Make sure it is Low Salt, Salt :!:

(Apparently it is available) :shock:

 

[Mal]

Make sure it is Low Salt, Salt :!:

(Apparently it is available) :shock:

Salt reduced salt. nice. (although I assume it's sodium reduced salt)

 

[TheRealTMA]

Salt reduced salt. nice. (although I assume it's sodium reduced salt)

Cut with potassium chloride. Should be taken with considerable care, actually.

 

[whatmeworry]

I would love to do a part time arts degree when I retire

Be prepared to pay 50K for that degree.

That's why the prospect of $100,000 degrees, which the government tries to dismiss as a scare tactic, is very real indeed. According to NATSEM analysis, medical, veterinary, dental and optometry degrees would all cost more than $100,000. In other fields, nursing students, who currently pay about $6300 a year, would be charged more than $12,000 a year under deregulation. The cost of a three-year arts degree would skyrocket from less than $20,000 to almost $50,000.

Read more: Get set for Turnbull's $100,000 uni degrees
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