Petition To Change HECS Debt Scheme Gets Record Number Of Signatures
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- Опубликовано: 25 мар 2024
- An online petition started by Independent MP Monique Ryan has received more than 200,000 signatures in 12 days, calling on the government to overhaul the HECS debt system after students exposed the harsh realities of indexation.
Western Sydney University graduate Nariman Dein explains.
#HECS #Students #University
I got my HECS debt started almost 20yrs ago and had no idea about indexing. I also thought the debt stayed at the amount and I paid it back when I worked. I started paying mine back with a contract job. The contract ended and I didn't earn enough to be required to pay back. Over time the amount that I paid back has been consumed by indexing. I've lost those thousands I paid and still owe more than I originally borrowed
I'm throwing extra money on it voluntarily so I can f it off once and for all. Don't want to end up 59 years old and owing $100k on a debt that started at $25k
I wish the girl in this video explained it the way you just did!
That’s The Equivalent To United States Student Debt
As a former Uni Student, it was never fully explained to me in High School. They just said you could pay it off whenever and didn't mention a single thing about Indexation or how HECS Debts work, yet even explain properly what a HECS is.
I really find that hard to believe. What debt can you take on without bring charged interest?
Oh wah wahwah wah I got an education without having to pay up front for it .... Get over it and get your education and pay for it and do some god damn research!!!!!
They take money every pay but don't take it off your HECS. They wait for tax return to see if you earn over the threshold and then take it off. But wait... They index it first, then take it off...
It is a trap. If I know HECS interest rate is higher than home loan, I will never let my daughter to study the double degrees. She has not yet earn a cent but loan forever.
Tertiary education is completely funded through taxes in Germany. This system has been successfully running for decades. No one does touch it no matter what political affiliation because it is serving the country’s need for skilled employees. The graduates pay taxes and feed the system for the successors. For people who may not support the idea of their taxes being used for the education of other members of the society they are living in: we also pay for roads, schools, libraries, hospitals, airports….because a developed society needs it to survive.
The Australian system is not family friendly because graduates are under too much financial pressure to start a family and their credit score for entering the housing market is too low because of HECS debts.
I agree that it needs an overhaul. Over 25 years ago, I was able to pay upfront with a 25% discount. Recommendations to the government on how it should be done may speed up the process on making the changes
There is no such thing as free. Someone is paying for it.
University used to be free in Australia.
@@Isabel-hl1jy
It was never free.
@@arcluxYeah, the correct way to describe it was that university used to be fully subsidised by taxpayers.
@@Isabel-hl1jyuniversity used to be tax payer funded rather than student funded
I’m not against tax payer funded university. I am against the term “free university”
@@arclux it wasn't charged for separately if you want to move past your word games. The same people that benefited from not being indebted for their degrees made the people that follow pay...
I have 2 adult kids who both went to Uni and I dont remember it being indexed back then;1 is now 50 and the the other is 42
When i was at Uni 20 years ago HECs was an interest free debt. Then a year after I graduated it became HELP. And no it doesn’t mean your going to get a better job, in fact even in the longer more advanced degrees your bound to end up overqualified and under experienced. After 20 years i have got about $8000 to go. When people ask me if it was worth it i say no. Universities are now about money, offer little support during your degree and offer no support post degree. You will not get bang for your buck but sadly the government is hell bent on advertising it as the best way to go.
Looks like all uni students need to attend a HECS debt lecture to explain the costs of HECS debt before they start uni. Imagine going to uni for 3 or more years without understanding how it works....
Don’t go blaming someone else because you couldn’t find out what indexation is
Many sign up and are under 18
Okay genius, what's the typical inflation rate? 2-3%. Did you foresee a global pandemic that would push inflation into double figures? Of course not. Heck I read the terms and understood that my load would be indexed, my crystal ball missed double digit indexation. I also missed the fine print that the government would withhold payments made against the debt and index the debt BEFORE applying repayments they were holding!
I agree her argument comes from a poor position, but the fact is the government pushes HECS as an interest free loan. When inflation is far higher than typical interest rates this claim is meaningless.
@@helen2197 she’s not a child. She’s a 24 year old tik tok head
Been known as FEE-HELP for almost 20 years
I knew it was indexed many years ago… but the inflation rates never been so high since having it.
I agree, it's the only situation I know of with no credit check, , correct financial planning or educational money management
We aren't asking for it to be free, which by the way was the case in the past and still is in a lot of countries, just stop the indexation. If I pay off 2k and get indexed 5k how is that debt ever going away. Also most degrees on there own aren't enough for a job and even those jobs pay less then most trades. But it won't change because Australia's economy is being carried on the back of student debt. Also HECS is advertised as interest free debt to be paid off in your own time. Which is true but misleading. I expect a bank or car dealer to mislead me not the government.
If it debt is not indexed then there's no incentive to pay it off sooner. In fact, because of inflation, people would never pay it off before they had to.
There was a time when none of the cost of university was charged to students, but it was much, much harder to get admitted. People who can't read about indexation definitely wouldn't be smart enough to get into University.
If a degree won't help you earn more money then why are you doing it. Universities are really expensive to fund - it's not a place to just hang out and have fun.
Untrue. If you pay off $7000 and it does nothing to the level of your debt THEN there is no incentive to pay off your debt.
@@zen1647 It isn't about intelligence. It's about access. We aren't dealing with the old system (that btw only educated privileged white men so it wasnt THAT selective or necessarily selective in the right way). We are dealing with THIS system. (which you clearly know nothing about)
Free uni for past generations and indexed HECS debits for current generations. We the "lucky country" NOT.
High Education costs, high housing and rent costs, inflation driving high food and fuel costs, high electricity costs, high taxation charges.
Maybe decades ago it was the lucky country. Today it's the super expensive, over governed, class driven country😢
TikTok brain in full swing
Higher Education should be seen as an investment into our nations future and should be funded by taxes. Some level of loan system probably should be available for elective subjects but for core subjects it should be funded by taxes. Also there’s too much fluf in each uni degree, I’m sure with todays education resources we can cut down on the length of degrees or diploma.
I firmly believe that my HECS will be more than my super when I retire.
The reality is you are 17 at year 12 and then go into the real world. By the time you know how to read a contract you are in too deep. Sad!
What's wrong with these young adults (not kids)? They don't know that HECS is indexed? Can't they read? Are they not taking University seriously?
HECS is an incredibly fair system and is seen as a model program for tertiary education in the US where I used to live.
1. It WAS fair(ish, when it was designed). It hasn't been updated since then so it is no longer fair.
2. There is nothing wrong with these young adults who are pointing out that they are getting an extremely bad deal from society on ALL fronts (not just tertiary ed). Going to university will teach you all about the capitalist and individualists myths underpinning political policy.
3. Saying it's better than America means absolutely nothing. Comparing our universities to what they used to be or could be with adequate funding is a far more meaningful metric.
@@mindy56374
1. HECS has been updated a bit and some changes (such as different charges for different courses) are fairer IMHO.
@@mindy56374 2. They're getting a rotten deal on housing, that's for sure. People don't have to go to university - but if they do, I would hope they continue to enhance their critical thinking about political policy.
@@mindy56374 3. No, it's quite useful to compare Australia to OECD countries, especially the largest member. But I acknowledge it's not the only country that it's useful to compare to, just the one I'm most familiar with.
@@zen1647 you're clearly basing your position without all the facts. Yes I agree it's shocking that someone would sign up for a HECS debt and have no idea it was even indexed before seeing a tiktok... But the system is broken. Ignoring the fact that the inflation rate has been far higher than typical interest rates, the fact the government holds your repayments and doesn't apply them to your debt until AFTER they index it is criminal.
But I bet she knows the terms and conditions of buy now pay later schemes.
Hopefully she didn't misunderstood as pay 25% now and the other 75% never :)
If I'd got a loan every semester I be better off a d have it payed off this wat with gov it will always rise
Imagine taking out a loan without understanding the terms.....
HECS isn't a regular loan
Sadly I'd imagine the vast majority do. I however read through the agreement and was well aware that it would be indexed to inflation (typically 2-3%). What I could never have perceived is a global pandemic and uncertainty that saw inflation rise to double figures, which was well beyond my only other loan (mortgage).
I was also unaware that they would withhold the repayments I made throughout the year and index my debt BEFORE they applied my repayments which made the option of paying out the debt from the equity I have in my home pointless. They've also removed any incentive for early repayment. Several years ago, they incentivised early repayment by reducing the debt proportionally to the amount paid.
I imagine you don't have a degree, don't have a HECS debt yet somehow think you're entitled to cast judgement on those that do.
There may be some things which could be improved about HECS but honestly, this girl makes everyone in her generation sound silly. The fact she thinks the debt will stay as it is is delusional AND the fact she found out about it on TIKTOK was also laughable. Come on guys, when you sign off on something please do some research, its a google or chatgpt away, from there you can determine if the deal is right for you. Like I said, HECS could be greatly improved, but why bring her on as the advocate, she just makes all the gen-z'ers, even the ones that knew about indexation and researched it look silly.
Have fun going absolutely no where cuz of tuis!!!!
I doubt this will change anything but at least tiktok is being used for a worthwhile cause finally.
What a bunch of whingers . The HECS exists to enable everyone the opportunity to attend University if they qualify . It needs to be repaid over time . If it is not indexed, the value of the debt would be diminished . While we’re on the subject, ex students living overseas need to be repaying their debts . Many return to Australia for frequent holidays but never pay off their debts . Bloody disgraceful .
No.
Ha yeah lets just blame the government for all our problems, take no personal responsibility, assume that money just grows on trees and that indexation and student loans are a thing because the gpvernment has a personal vendetta against us 😂
So patronising and so asleep in the passenger's seat.
@@kyliemoronogue Australia has one of the most forgiving Uni loan systems in the world. People are just never satisfied...
@@schoolprojectsdotcom8122 🤦🏻😂😅😂😅😂😅🕵️💩💩💩💩