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  Reply # 1567075 7-Jun-2016 13:08
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They clearly need to have an IQ or English language comprehension or Contract law course available for free before you're allowed to accept the personal responsibility of signing on the dotted line

This sounds like John Key's fault to me

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  Reply # 1567095 7-Jun-2016 13:34
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nathan: They clearly need to have an IQ or English language comprehension or Contract law course available for free before you're allowed to accept the personal responsibility of signing on the dotted line

This sounds like John Key's fault to me

 

 

 

There actually are requirements (imposed by TEC) for minimum literacy/numeracy standards to gain entry to EFT funded tertiary study.

 

 


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  Reply # 1567107 7-Jun-2016 13:45
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So if someone is too illiterate or too stupid to understand the agreement they are signing, is that their fault or the fault of the authority charged with enforcing these kinds of things?

 

 





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jmh

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  Reply # 1567119 7-Jun-2016 14:00
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I've always thought that the teen years are a really bad time to give someone the responsibility of a loan - I know I made some bad financial decisions back in the day, and this was before student loans were around.


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  Reply # 1567714 8-Jun-2016 09:45
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jmh:

 

I've always thought that the teen years are a really bad time to give someone the responsibility of a loan - I know I made some bad financial decisions back in the day, and this was before student loans were around.

 

 

I also made some stupid financial decisions back in the day, and that was in the early days of full interest bearing student loans. I ended up with a bigger loan debt than I should have, so you know what I did? I steadily paid it back until it was gone.

 

I don't see how anyone can feel sorry for someone who borrows money from the NZ tax payer to give them a higher education (and more earning potential) and then heads off shore to make use of that education and chooses not to pay the money back.

 

And it IS a choice they make. Sure, the repayments don't come directly out of their pay, and maybe they don't receive as many reminders or statements as they should. But they know they took out a loan, and it is their responsibility to make the minimum repayments and stay informed of how much they still owe.

 

 


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  Reply # 1567737 8-Jun-2016 10:12
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The repayment setup is basically another tax, so simply by being in NZ and earning a basic amount, you'll be contributing to the repayments.  It's presently interest free, so none of this is hard, and you simply don't see the money in the first place, so you can't skip out of it.

If you head overseas though, it's a manual process.  The interest comes on past a certain time away and this ups the anti.  I know several people impacted by this, but you know what they did?  They made it a priority and paid it off quickly.

 

There are many discussions to be had around the whole loan setup, but once you've committed, you've committed.  No one needs to take out a student loan, but everybody who does so should pay it back.


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