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HECS debt.

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think positive Libra

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Joined: 30 Jun 2005
Location: somewhere

PostPosted: Sat Sep 10, 2022 12:08 pm
Post subject: HECS debt.Reply with quote

A US friend is sounding off about scrapped education debt, when clearly the Country needs the funds for other areas. A friend here's daughter is almost finished a nursing degree, so She's pissed off about the gov trying to atract new nurses with different HECS rules. One of my nieces did a 4 year teaching degree, and now has no intention of using it, she works part time retail, and does cash makeup stuff, I can't see her ever reaching the payment threshold. I dont understand why there isnt a cut off period to start paying, or why the debt dies with you, if you have an estate it should come from that.

55 billion is owing from Aussies, 20 billion expected to be writton off, thats bloody madness. Regardless of income surely you should have to start paying it back?

https://www.owenhodge.com.au/blog/hecs-debt-to-be-collected-from-deceased/#:~:text=As%20mentioned%20and%20under%20the,over%20the%20next%2010%20years.

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Pies4shaw Leo

pies4shaw


Joined: 08 Oct 2007


PostPosted: Sat Sep 10, 2022 12:36 pm
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Education should be free to everyone, at all levels. It's a net benefit to society. Only a %$^%$£$% like Dawkins could have thought HECS up for the ALP.
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David Libra

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Joined: 27 Jul 2003
Location: Andromeda

PostPosted: Sat Sep 10, 2022 12:37 pm
Post subject: Reply with quote

I hope Albo takes a leaf out of Bidenā€™s book and announces an educational debt forgiveness program. Nobody should be saddled with lifelong debt for going to university, and even though Iā€™d rather they just abolish fees altogether, a one-off reduction would still make a huge difference for a lot of people.

I canā€™t imagine looking at a system where people on low incomes are reaching the end of their lives with thousands of dollars in educational debts and thinking that the problem is that their kids arenā€™t being saddled with it too.

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think positive Libra

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Joined: 30 Jun 2005
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PostPosted: Sat Sep 10, 2022 1:35 pm
Post subject: Reply with quote

Every kid i know that went on to use their degree, teachers, nurses, IT, a chemist graduate that works at a brewery, social service officers, all of them had starting wages over the threshold, and its maybe 2-3K a year for the minimum, out of their taxes. Not many straight out of high school or tech school kids start on that, so they are already ahead.

If Uni is free, who pays the professors? Who pays the difference in the cost of public transport for the cheap fares? Who pays for the school buildings?

i can only see it being a net benefit if the wages of those who are maybe not bright enough to get a degree, equal those of the graduates. Yes i know they need doctors and nurses etc, and thats a benefit, and im sure there are kids who go to uni just to learn or follow a passion, but id bet more than a few go for the increased income a degree gives you. Pies4shaw you said your career allows you to indulge in your love of music.

sadly we cant just print money, everything costs.

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What'sinaname Libra



Joined: 29 May 2010
Location: Living rent free

PostPosted: Sat Sep 10, 2022 2:01 pm
Post subject: Reply with quote

David wrote:
I hope Albo takes a leaf out of Bidenā€™s book and announces an educational debt forgiveness program. Nobody should be saddled with lifelong debt for going to university, and even though Iā€™d rather they just abolish fees altogether, a one-off reduction would still make a huge difference for a lot of people.

I canā€™t imagine looking at a system where people on low incomes are reaching the end of their lives with thousands of dollars in educational debts and thinking that the problem is that their kids arenā€™t being saddled with it too.


Kids aren't saddled with it. Except for the compulsory HECs payment based on the last year of income, the rest is forgiven.
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think positive Libra

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Joined: 30 Jun 2005
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PostPosted: Sat Sep 10, 2022 2:14 pm
Post subject: Reply with quote

correct, you only pay what was on the last income tax statement. and i dont think the debt should pass on to the children, however, say you owe $5,000 and you leave an estate worth $20,000k, I personally think the $5k should be paid back. thats not what happens now though.

i googled the average hecs debt, its $23k plus change. at the minimum say $2k per year thats about 12 years to pay it off. we have encouraged our kids to stick their refund, if any, on to it to get rid of it. im surprised how much the indexing adds up.

in case your wondering here is the benefit of a degree for most graduates:

https://www.universitiesaustralia.edu.au/media-item/a-degree-of-impact-new-income-data-tells-a-story-of-the-value-of-a-university-education/

thats huge. so why should non graduates have to foot the bill?


in saying that i also know plenty of trades people and self made business people who earn top tier incomes. and they earnt the privilege

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eddiesmith Taurus

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Joined: 23 Nov 2004
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PostPosted: Sat Sep 10, 2022 2:58 pm
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I barely notice it missing, itā€™s a minuscule amount but the interest is higher than the repayments so pretty sure Iā€™m more in debt than I started!!!
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Woods Of Ypres 



Joined: 27 May 2003
Location: Yugoslavia

PostPosted: Sat Sep 10, 2022 3:37 pm
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i went through the HECS system. took me about 8 years to pay off, i think was around 15K total. these days its probably 50K, and wages haven't moved much since.

unless you are going for a high-end degree (medical, engineering etc), its better to point the youngsters towards the trades. I wish I had done the same.

Forget IT, most large companies give low-ball salaries to Indians who work for peanuts.
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think positive Libra

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PostPosted: Sat Sep 10, 2022 4:07 pm
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Certain fields, teaching, nursing, social workers, are around 25-35 k depending if you do a masters degree, my eldest daughter did IT, hers cost a bit more but sheā€™s doing extraordinarily well, sheā€™s certainly not on a low ball salary, and she loves this job, her second one. Juniors starting wage was over 70k as s public school teacher. Both are happy to pay off their debts, they realise it was worth it for them in the long run. But then they were raised to expect to pay their way. Nothing is free.

Iā€™m not a fan of the whole uni experience, I think itā€™s very badly organised. but I didnā€™t go. I did a (male oriented) trade, as did hubby. And we have a trade business. It can be hard though. I would not want my girls doing it!

I certainly think the whole blue collar mentality is a crock, good tradesmen more or less print money.

And all tradesmen are as beneficial as higher education grads! Plumbers for example, keep everyone out of the shit!

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stui magpie Gemini

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Joined: 03 May 2005
Location: In flagrante delicto

PostPosted: Sat Sep 10, 2022 4:51 pm
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I don't have a problem with the HECS system, the principle of no payment up front to get a University education but pay back the cost pre tax once you start earning enough over time is quite reasonable.

I do think however that it should be an interest free loan, no indexation, fees should be lower and the debt if not repaid dies with you.

Universities make a shitpile of money for NFPs and pay good wages unless you're a casual lecturer. Covid wasn't kind to many and they shed a lot of staff but they're still money making machines with all the full fee international students.

RMIT has a property portfolio on the northern fringe of the CBD worth a mint.

As far as trades go, I agree with TP. back in the day there was some level of stigma on kids who dropped out of school to do a trade, but reality is not everyone is academically inclined, Trades people are essential and good ones can earn very good coin.

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nomadjack 



Joined: 27 Apr 2006
Location: Essendon

PostPosted: Sun Sep 11, 2022 7:07 pm
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I've worked in the sector since the mid 1990s including at most Victorian unis at one point or another. Melbourne and Monash are cash making machines but the rest are not. I'm lucky enough to be in a continuing position now, but spent 11 years working on a casual basis from 12 week contract to 12 week contract and another 9 years as a research only staff member across 3 separate contracts. I love the work but it's not a career I recommend to those coming through now. Reliance on short term contract labour and casuals means that approximately half of all uni staff on in insecure work. Average Vice Chancellor's salaries are north of 1million a year. At the same time 21/40 Australian unis have recently been or are currently under investigation for wage theft. If I had my time again, it's probably not a career I'd choose and that's from someone who actually loves the job itself.
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stui magpie Gemini

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Joined: 03 May 2005
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PostPosted: Sun Sep 11, 2022 7:27 pm
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Casual lecturer?

RMIT is a cash making machine too, they had 100 Deloittes staff working full time on the project I worked on. Their property portfolio is such they could stop being a Uni and go to property management instead, it's unreal.

I did a piece of work while I was there on casual usage in different schools and colleges in prep for the new workforce management system. All over the fkn place, every school did it different and none did it well.

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Pies4shaw Leo

pies4shaw


Joined: 08 Oct 2007


PostPosted: Sun Sep 11, 2022 9:04 pm
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nomadjack wrote:
I've worked in the sector since the mid 1990s including at most Victorian unis at one point or another. Melbourne and Monash are cash making machines but the rest are not. I'm lucky enough to be in a continuing position now, but spent 11 years working on a casual basis from 12 week contract to 12 week contract and another 9 years as a research only staff member across 3 separate contracts. I love the work but it's not a career I recommend to those coming through now. Reliance on short term contract labour and casuals means that approximately half of all uni staff on in insecure work. Average Vice Chancellor's salaries are north of 1million a year. At the same time 21/40 Australian unis have recently been or are currently under investigation for wage theft. If I had my time again, it's probably not a career I'd choose and that's from someone who actually loves the job itself.

Hilariously, all the well-paid gigs in universities are in administration - and occupied by people who aren't clever enough to even warrant consideration for an academic position. Talk about the tail wagging the academic dog.
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think positive Libra

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PostPosted: Sun Sep 11, 2022 9:11 pm
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The whole values system needs overhauling. In every field. I canā€™t wrap my head around the contracts of formula one, US basketball. Actors, models, especially models, the list goes on
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watt price tully Scorpio



Joined: 15 May 2007


PostPosted: Tue Sep 13, 2022 12:30 am
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Pies4shaw wrote:
Education should be free to everyone, at all levels. It's a net benefit to society. Only a %$^%$ļæ½$% like Dawkins could have thought HECS up for the ALP.


Mostly I agree but Iā€™d have means testing.

I am lucky enough to have a few Uni qualifications and most of them were in the non fee or HECS paying era. The last one was a post grad at Melb Uni a 12 month course which was fee paying but I kept on getting mail from the Uni with the subjects I did, their cost and amount to pay which was 0. I kept on thinking the Uni made a mistake. Then on completion of the course I thought oh well Iā€™ll have to pay now. Again amount to pay = 0. I was lucky enough to win a couple of awards and thought the gigā€™s up now Iā€™m definitely gunna get busted. Turns out my employer without ever telling me paid šŸ¤¦ā€ā™‚ļø.

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