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Labour Corrupt the Democratic Process

28 July 2005

Labour Corrupt the Democratic Process

Labour's online Student Loan calculator is lying about the amount of student interest Labour's new student loan policy will save students. The online calculator is over-inflating interest, making student loan interest and repayment times look worse than they in fact are.

David Farrar blogged about this today on kiwiblog so the Locke Foundation put it to the test. A quick comparison with non-political online calculators with the same loan values entered shows that both repayment time and the amount of interest currently applicable to student loans is significantly less than Labour's online Student Loan calculator says it is.

The Locke foundation tested Labour's online student loan calculator against the other online student loan calculators and came to the same conclusion as Bill English did that Labour's calculator is considerably exaggerated on the side of making student loan interest and repayment time look worse than it is.

For example compare Labour's student loan calculator with the student loan calculator at sorted.org.nz. We used the amount of $15,000 as the loan amount, the expected future income as $30,000 with a 3% salary growth.

Labour's online calculator said it would take 15 yrs, 3 months to pay off the loan. Sorted's online calculator said it would take 13 yrs, 4 months to pay off the loan.

Labour's online calculator said the interest amount would be $10,939 Sorted's online calculator said the interest amount would be $7,763

Not only have Labour tried to buy the student vote, they have deceived in order to get it.


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