New independent modelling has revealed that some students may never repay their exorbitant HELP debt as a result of Tony Abbott’s unfair changes to higher education.
NATSEM modelling commissioned by Labor shows that the deregulation of university fees by the Abbott Government will mean a debt sentence for Australian students.
And as evidence has consistently shown, these changes will have a disproportionate impact on women.
A female teaching student currently pays around $28,000 for her degree and takes around 8 years to repay her HELP debt.
Under Tony Abbott’s unfair changes, her degree will cost almost $96,000 and take 19 years to repay.
A female journalism student currently pays around $20,000 for her degree and repays her HELP loan in around 10 years.
Under Tony Abbott’s unfair changes, her degree will cost her almost $93,000 and take nearly 22 years to repay.
A woman studying to be a social worker currently pays around $29,000 for her degree and takes nearly 9 years to repay the HELP debt.
Under Tony Abbott’s unfair changes, her degree will cost more than $310,000 and she will never repay her HELP debt.
The Americanisation of our universities will put a university degree beyond the reach of many young Australians and their families.
The opportunity to go to university in this country should depend on hard work and good marks, not the ability to pay.
The Abbott Government wants to rip $5.8 billion out of higher education and want universities to make up the difference off the back of students.
It is not a fair system if your only shot at going to university, unless you’re very wealthy, is a scholarship.
Labor will fight the Americanisation of our universities and $100,000 degrees, and we will prevail.
This modelling uses international student prices, which are already deregulated, as a price indicator. It applies interest at the cap of 6 per cent.
All scenarios assume the median income for each career, with female earnings lower than male earnings. They do not assume any time out of the workforce for women.
Additional scenarios are available at www.nodebtsentence.org.au
WEDNESDAY, 29 OCTOBER 2014