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The Government said on Tuesday that overseas borrowers are responsible for 80% of overdue loan repayments which now total about $535 million.
Revenue Minister Todd McClay said people will be arrested only in the most serious cases.
Elton
From the article:
The Government said on Tuesday that overseas borrowers are responsible for 80% of overdue loan repayments which now total about $535 million.
Revenue Minister Todd McClay said people will be arrested only in the most serious cases.
Perhaps if you take out a student loan you should take steps to pay it back...
schuyler
Elton
From the article:
The Government said on Tuesday that overseas borrowers are responsible for 80% of overdue loan repayments which now total about $535 million.
Revenue Minister Todd McClay said people will be arrested only in the most serious cases.
Perhaps if you take out a student loan you should take steps to pay it back...
WHAT a concept! Do you mean to tell me that someone who loans you money actually expects you to pay it back? It looks to me from the article that they don't expect you to have paid it all back at all; they expect you to be paying it back. I know that may seem like a minor difference, but the idea is that you don't default on the loan, that you make periodic payments toward it so that, in time, you have it all paid off. The only people in trouble here are those who have simply ignored the loan.
Now I know the loan situation is seriously messed up, but I would submit that reform is necessary in an area other than simply changing the rules so that you don't have to pay it back. It's really the same issue that hit the housing market. Loans were made to people who were NEVER going to be able to pay them back. Those who received loans were able to get "stated" loans where they did not have to verify their income. In many cases loans were given to people simply because they complained of discrimination in that it "wasn't fair" that people who could never pay back a loan could not get a loan where people who COULD pay back a loan were allowed one.
What needs to happen is a return to sane loan practices where the borrower has to make the case that he can pay back a loan on the basis of the likelihood he can get a job that allows that. Now, you say, "well what about in a recession when you can't get a job?" OK. How many engineers can't get jobs? How many pharmacists can't get jobs? How many people who have taken out loans to learn real skills necessary in today's world cannot get jobs?
What the loaners really need to do is STOP LOANING money for bachelor's degrees in English, anthropology, and "ethnic studies" in favor of fields that actually have some demand in the real world. We have enough fry cooks already. We have enough people who can demand free stuff, but who know how to do nothing really useful. We have enough people who skate through university on the strength of things we can't discuss on ATS because of T&C and have put no thought into their future at all.
Now I don't think the loaners should simply refuse to loan you money for some degree on some black list. If you can make a case for yet another degree in English, then MAKE YOUR CASE. Just exactly how are you going to pull this off? How do you propose to make a living of sufficient means to both live and pay off this loan? What is your fallback position? And if you can show a concrete plan, then good for you!
But enough of this rubber-stamping of loans for anything because that's what you demand to "study." If the demand for actual jobs in your chosen field is not there, you shouldn't be able to get a loan, and then complain about it for the next twenty years.
anonentity
I remember back in the eighties when a nice house in a nice suburb cost two years wages. Now its seven years and rising with the extra cost paid in interest to the banks.
Indebtedness started with credit cards, people actually thought it was some sort of manna from heaven. At some stage Debt burdens become overwhelming, and the whole house of cards starts to collapse.When Investors have more money than investments available, it means that they will loose money.
tothetenthpower
Debtors prison makes it grand return.
I've heard there are MANY countries who are going to be re-introducing this dirty little tactic. Even in the event you owe to a private institution.
How digusting. I never understood why you system forced you into 100K plus worth of debt, in order to start at 45K a year and be a productive tax paying member of society. The money that should go back into the system in the form of big purchases is replaced by the large payment being sent to the government's coffer's every month.
Sad.
~Tenth
Elton
From the article:
The Government said on Tuesday that overseas borrowers are responsible for 80% of overdue loan repayments which now total about $535 million.
Revenue Minister Todd McClay said people will be arrested only in the most serious cases.
Perhaps if you take out a student loan you should take steps to pay it back...