Scoop Feedback: The Student Loans Scam
Re: Eco-Economy: The Student Loans Scam
I agree entirely with this article. I started my law studies at Otago University in 1990. A friend and I have tried to track down fellow students from the early 1990s (namely from our University Hostel). Information appears that we are the only ones left in NZ. Our fellow students apparently now earning in good jobs overseas (mainly UK and Australia).
I too spent 3yrs in Europe/UK and only came back after overstaying for a year and HAVING to return to NZ.
My best friend graduated as a dentist in 1995. We worked every summer holidays and weekends while at University. Her loan upon graduating was $100,000. Even now (earning $75,000) she cannot reduce her loan at any rate to really beat the interest. It is in effect, a mortgage hanging over her head (without the house).
My loan is now getting under control but it is so frustrating to be working very hard without so far ever seeing my full salary (because of student loan repayments). Middle-aged professional NZers have no comprehension of what we face. They were paid to go to University.
Although I hate to say it, my advice to budding students of tomorrow would be to avoid University unless they have a set career in mind (ie accountancy, law, dentistry).. I know too many people who have graduated with Arts degrees etc who are now unable to find a job to sufficiently ever repay their loan.