HELPing Australia - I think not

Below is a chart of unpaid debt piled up under our current HECS or HELP debt.

This is the money that is lent to University students to pay for their courses. They only have to pay it back when they attain a certain income, above $50,000, and then only between 4% to 8% per annum depending on their income.

Doesn’t seem to be getting paid back, does it.

So once again, a great thought bubble under Labor is proving to be a costly mess.

Who would have thought that would happen.

Or maybe this University education is not allowing students to “attain” their full potential and make a decent quid. This is a whole other story.

By all accounts, the Government expects around 17% of debtors to not pay a cent back. So approximately 1 in 5 University students rack up the debt and then do not go on to earn a decent quid.

The figures above do not take into account any University students who come from a low income family, they get the debt for free, as a grant.

So we have a University system that encourages all and sundry to enter and attend University because the Federal Government pays for all students, so the University gets more money for more students. Some students pay it back, 1 in 5 do not.

By the way, only 50% of University staff are teachers, the rest are, well, hanging around.

So your debt (created by Labor Federal Government initiatives) is being used to fund a whole lot of malarkey.