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Ballooning steudent loan debt no surprise
BALLOONING STUDENT LOAN DEBT NO SURPRISE
The Taxpayers’ Union is not
surprised that student loan debt is continuing to increase,
with 728,000 now owing $14.84 billion
according to the New Zealand Herald. Taxpayers’
Union spokesman, Ben Craven, says:
“Of course people aren’t going to think about borrowing money when we don’t even charge for the Government’s cost of borrowing.”
“There is no incentive for student loan borrowers to pay back their debts any quicker than the slowest rate demanded by the Government. When you have a loan that’s interest free, the real value of that decreases over time due to inflation.”
“One of the great travesties of the student loan scheme is that it is a transfer from blue collar workers to the soon-to-be middle class lawyers and doctors of the country. It also traps people into degrees for which there are often very few employment opportunities, needless shackling young people down with debt.”
“The politicians can’t have it both ways – on the one hand provide interest free student loans and then complain about it when record numbers of people take up the scheme.”
ENDS
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