Geekzone: technology news, blogs, forums
Guest
Welcome Guest.
You haven't logged in yet. If you don't have an account you can register now.


View this topic in a long page with up to 500 replies per page Create new topic
1 | 2 | 3 | 4 | 5 | 6 | 7
1702 posts

Uber Geek

Subscriber

  # 457384 11-Apr-2011 09:54
Send private message

My parents helped me with my student fees during studies. I worked out if I had put that money in a bank account and taken out the maximum funds I was eligible for I would have had in the tune of 60-70K of money sitting there earning interest. I could then pay it back at 10% of my wage for the next 20 years, and have a mortgage -70K. But I didnt do that listened to my mother as it was, if I could do it all again would I do it? Hell yes! How do the rich get richer?

124 posts

Master Geek


  # 457396 11-Apr-2011 10:54
Send private message

itxtme: My parents helped me with my student fees during studies. I worked out if I had put that money in a bank account and taken out the maximum funds I was eligible for I would have had in the tune of 60-70K of money sitting there earning interest. I could then pay it back at 10% of my wage for the next 20 years, and have a mortgage -70K. But I didnt do that listened to my mother as it was, if I could do it all again would I do it? Hell yes! How do the rich get richer?


I don't see how you could get that much, Living Costs are worth around 5000 per year at most.

 
 
 
 


1371 posts

Uber Geek


  # 457397 11-Apr-2011 10:56
Send private message

Mooseboy:
itxtme: My parents helped me with my student fees during studies. I worked out if I had put that money in a bank account and taken out the maximum funds I was eligible for I would have had in the tune of 60-70K of money sitting there earning interest. I could then pay it back at 10% of my wage for the next 20 years, and have a mortgage -70K. But I didnt do that listened to my mother as it was, if I could do it all again would I do it? Hell yes! How do the rich get richer?


I don't see how you could get that much, Living Costs are worth around 5000 per year at most.



Because instead of using his parents money to pay for fees he uses the loan and then invests his parents money in term deposits etc.  

1702 posts

Uber Geek

Subscriber

  # 457419 11-Apr-2011 11:42
Send private message

jbard:
Mooseboy:
itxtme: My parents helped me with my student fees during studies. I worked out if I had put that money in a bank account and taken out the maximum funds I was eligible for I would have had in the tune of 60-70K of money sitting there earning interest. I could then pay it back at 10% of my wage for the next 20 years, and have a mortgage -70K. But I didnt do that listened to my mother as it was, if I could do it all again would I do it? Hell yes! How do the rich get richer?


I don't see how you could get that much, Living Costs are worth around 5000 per year at most.



Because instead of using his parents money to pay for fees he uses the loan and then invests his parents money in term deposits etc.  


Exactly

95 posts

Master Geek


  # 457453 11-Apr-2011 12:32
Send private message

The interest on student loans should not be applied if you WORK AND PAY TAX in NZ. However if you decide to go work over seas then sure apply the interest.

I know the collection of money from the overseas ex-students is a bit of a hassle, but the government does have deals with many foreign governments with regard to collecting this money.

A few people have said that we should encourage students to stay by having a bonus to staying here, this plan has merits but would need to be trialled to see if it actually reduced the number of students leaving. And if not eliminated.

Disclaimer: I have a fairly significant student loan, as an engineer I know that I could earn better money overseas. However I like NZ my family is here and I want to stay. If the government re-applies interest to the student loans...I would seriously consider following the better money in some other country. 

801 posts

Ultimate Geek


  # 457579 11-Apr-2011 18:58
Send private message

What would happen if they dissolved the scheme?
Let anyone who is in current study finish. But then make it user pays.
So uni numbers would plummet, unemployment increases.
What would the government then use the additional money for?
As for the loan repayments, perhaps an incentive to stay would be a better idea. I think interest should be charged at the conclusion of study. But I wonder if increasing numbers of students devalues degrees.

Or is still a small percentage that actually graduate population wise?

780 posts

Ultimate Geek
Inactive user


  # 457588 11-Apr-2011 19:23
Send private message

mudguard: What would happen if they dissolved the scheme?
Let anyone who is in current study finish. But then make it user pays.
So uni numbers would plummet, unemployment increases.
What would the government then use the additional money for?
As for the loan repayments, perhaps an incentive to stay would be a better idea. I think interest should be charged at the conclusion of study. But I wonder if increasing numbers of students devalues degrees.

Or is still a small percentage that actually graduate population wise?



Actually, I think this is a good thing - there are too many average students going to university.

I say, bring back the elitism to our uni's.   Only the best qualify.

Bump the rest into trades and useful jobs.  

 
 
 
 


111 posts

Master Geek


  # 457717 12-Apr-2011 10:16
Send private message

itxtme: My parents helped me with my student fees during studies. I worked out if I had put that money in a bank account and taken out the maximum funds I was eligible for I would have had in the tune of 60-70K of money sitting there earning interest. I could then pay it back at 10% of my wage for the next 20 years, and have a mortgage -70K. But I didnt do that listened to my mother as it was, if I could do it all again would I do it? Hell yes! How do the rich get richer?



If I did this i would only get about 48k.  What did you study and for how many years?

1598 posts

Uber Geek
Inactive user


  # 457733 12-Apr-2011 10:43
Send private message

mattRSK:
amford: Then make it illegal for them to leave for more than 6 months at a time. 


So you have to stay in NZ until your loan is payed off. That will never work. 

I thought they kept people in NZ if they hadn't paid their fines, why not do the same for the Student Loans?

95 posts

Master Geek


  # 457761 12-Apr-2011 11:24
Send private message

codyc1515:
mattRSK:
amford: Then make it illegal for them to leave for more than 6 months at a time. 


So you have to stay in NZ until your loan is payed off. That will never work. 

I thought they kept people in NZ if they hadn't paid their fines, why not do the same for the Student Loans?


Student loan is not a fine! 

447 posts

Ultimate Geek


  # 457999 12-Apr-2011 21:20
Send private message

@codyc1515: by extension of your idea, anyone who owes money to anyone else, be it mortgage on houses, HP, overdraft on accounts, loans for buying a car, should be a prisoner in their own country.....that doesn't seem very kiwi to me.

1598 posts

Uber Geek
Inactive user


  # 458003 12-Apr-2011 21:23
Send private message

@nickd: I suppose you wouldn't mind me taking off overseas after my tax payer funded education and never paying it back?

124 posts

Master Geek


  # 458026 12-Apr-2011 22:27
Send private message

codyc1515: @nickd: I suppose you wouldn't mind me taking off overseas after my tax payer funded education and never paying it back?


Thats a mighty leap between his statement and yours.

536 posts

Ultimate Geek


  # 458032 12-Apr-2011 22:43

Surely there must be some sort of clause prohibiting this? But yes, many of my friends do it, although I respect the taxpayer.

895 posts

Ultimate Geek


  # 458034 12-Apr-2011 22:51
Send private message

I would do this but i actually need the money, and get allowance anyway. If i was going to borrow it would be because I needed the money. And thank you taxpayers of New Zealand, you are funding my training and up skilling so I too can become a functioning member of society like you.





1 | 2 | 3 | 4 | 5 | 6 | 7
View this topic in a long page with up to 500 replies per page Create new topic



Twitter and LinkedIn »



Follow us to receive Twitter updates when new discussions are posted in our forums:



Follow us to receive Twitter updates when news items and blogs are posted in our frontpage:



Follow us to receive Twitter updates when tech item prices are listed in our price comparison site:





News »

Samsung Galaxy Fold now available in New Zealand
Posted 6-Dec-2019 00:01


NZ company oDocs awarded US$ 100,000 Dubai World Expo grant
Posted 5-Dec-2019 16:00


New Zealand Rugby Selects AWS-Powered Analytics for Deeper Game Insights
Posted 5-Dec-2019 11:33


IMAGR and Farro bring checkout-less supermarket shopping to New Zealand
Posted 5-Dec-2019 09:07


Wellington Airport becomes first 5G connected airport in the country
Posted 3-Dec-2019 08:42


MetService secures Al Jazeera as a new weather client
Posted 28-Nov-2019 09:40


NZ a top 10 connected nation with stage one of ultra-fast broadband roll-out completed
Posted 24-Nov-2019 14:15


Microsoft Translator understands te reo Māori
Posted 22-Nov-2019 08:46


Chorus to launch Hyperfibre service
Posted 18-Nov-2019 15:00


Microsoft launches first Experience Center worldwide for Asia Pacific in Singapore
Posted 13-Nov-2019 13:08


Disney+ comes to LG Smart TVs
Posted 13-Nov-2019 12:55


Spark launches new wireless broadband "Unplan Metro"
Posted 11-Nov-2019 08:19


Malwarebytes overhauls flagship product with new UI, faster engine and lighter footprint
Posted 6-Nov-2019 11:48


CarbonClick launches into Digital Marketplaces
Posted 6-Nov-2019 11:42


Kordia offers Microsoft Azure Peering Service
Posted 6-Nov-2019 11:41



Geekzone Live »

Try automatic live updates from Geekzone directly in your browser, without refreshing the page, with Geekzone Live now.


Support Geekzone »

Our community of supporters help make Geekzone possible. Click the button below to join them.

Support Geezone on PressPatron



Are you subscribed to our RSS feed? You can download the latest headlines and summaries from our stories directly to your computer or smartphone by using a feed reader.

Alternatively, you can receive a daily email with Geekzone updates.