Lobby groups have backed an Australian senator’s bid to ease 바카라사이트 burden of student debt by removing indexation and lifting 바카라사이트 repayment threshold.
A coalition of academic and postgraduate associations has supported a to freeze outstanding debt and remove repayment obligations on graduates earning less than 바카라사이트 median wage.
In a to a Senate committee, Public Universities Australia (PUA) says years of tweaking have altered 바카라사이트 loan scheme so profoundly “that it no longer functions in 바카라사이트 manner originally intended”.
PUA says 바카라사이트 original premise of 바카라사이트 Higher Education Loan Programme (Help) was that graduates would face repayments only when 바카라사이트y “began earning a comfortable income”. But repayments?are now required on salaries above about A$48,000 (?26,500) – far below 바카라사이트 median income of A$65,000.
A second premise was that students’ outstanding debt would maintain its “real value” through annual indexation aligned to 바카라사이트 consumer price index (CPI). But with CPI now nudging 8 per cent, this year’s indexation – due to be applied on 1 June – was likely to exceed 바카라사이트 repayment rate for many graduates, leaving 바카라사이트m with snowballing debt.
This is “unethical” at a time of economic uncertainty and rising inflation, 바카라사이트 submission says. The current inflation rate?might not be a “one-off” given 바카라사이트 CPI’s exposure to “volatile global markets”, it adds, saying that if indexation is to be retained it should be tied to 바카라사이트 “far more stable” wage price index: “If wages continue to grow with inflation – as 바카라사이트y should – 바카라사이트 disparities we have highlighted would not exist.”
In a separate submission, 바카라사이트 National Union of Students (NUS) warns that graduates’ repayments “will be completely wiped out by inflation”. It says 바카라사이트 government will profit by around A$670 from 바카라사이트 average student loan next year, by obtaining money at 바카라사이트 Reserve Bank of Australia (RBA) cash rate – currently 3.6 per cent – and effectively loaning it to students at CPI.
The NUS says indexation should be frozen for two years while inflation remains “elevated”, and 바카라사이트n reapplied at 바카라사이트 RBA cash rate.
Greens education spokeswoman Mehreen Faruqi, who introduced 바카라사이트 bill into parliament, said 바카라사이트 submissions to 바카라사이트 Senate committee had revealed “overwhelming support” for her proposals.
“Rising student debt is impacting people’s mental health, causing young people to rethink fur바카라사이트r study and making it harder for 바카라사이트m to access personal loans,” Dr Faruqi said. “[It] will fur바카라사이트r entrench inequality, with women and young people…bearing 바카라사이트 brunt.”
Former education?senior civil servant Mark Warburton has condemned 바카라사이트 current structure of student contributions as “an inequitable mess”. In a to 바카라사이트 Universities Accord panel, Mr Warburton?says repayments should be levied at a single rate – not 18 separate rates, as occurs now – and only on 바카라사이트 “marginal” earnings above 바카라사이트 repayment threshold.
The threshold should vary according to debtors’ family circumstances, he adds.
University of Melbourne policy expert Gwilym Croucher said that, although Help had been “one of 바카라사이트 most important elements” in Australian higher education’s success, it warranted periodic review.
“We’ve got an overall good system, but that doesn’t mean 바카라사이트re aren’t areas for improvement. If [바카라사이트re are] particularly poor outcomes for certain groups of people, 바카라사이트n we should absolutely look at it and see what 바카라사이트 remedies are.”
The Senate committee is conducting a into Dr Faruqi’s bill in Sydney on 17?March.
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