Re:U.S. student debt: $966B as of Q4, 2012
by timeimp on Saturday March 02, 2013 @06:21AM
(#5309223)
Here in Australia, the Federal Government will cover the costs of your Tertiary Education (namely, Uni fees) under a scheme known as 'Commonwealth Supported Places' for most Tertiary Education places that have applied to be a part of it.
Universities usually charge in the neighbourhood of $800-1900 per subject, however many students simply put on HELP/HECS debt (and will pay it back later. Much later.)
You pay it back before when you start earning above a certain threshold, you must start paying it back, along with tax. Currently, that threshold is $44K per year and above. Similar to the UK, you pay a base rate + the consumer price index (read: inflation) for that financial year. There is NO interest rate (as such) whatsoever.
As part of the tax system, you have to declare to your employer that you have CSP/HELP/HECS debt and they usually take this into account when its payday.
You are then paid your gross amount -tax -CSP/HELP/HECS debt.
There are plenty of people who can take north of 20-25 years to pay off a full, 3-year degree of their choice.
Universities usually charge in the neighbourhood of $800-1900 per subject, however many students simply put on HELP/HECS debt (and will pay it back later. Much later.)
You pay it back before when you start earning above a certain threshold, you must start paying it back, along with tax. Currently, that threshold is $44K per year and above. Similar to the UK, you pay a base rate + the consumer price index (read: inflation) for that financial year. There is NO interest rate (as such) whatsoever.
As part of the tax system, you have to declare to your employer that you have CSP/HELP/HECS debt and they usually take this into account when its payday.
You are then paid your gross amount -tax -CSP/HELP/HECS debt.
There are plenty of people who can take north of 20-25 years to pay off a full, 3-year degree of their choice.
If anyone is interested:
http://studyassist.gov.au/sites/studyassist/helppayingmyfees... http://en.wikipedia.org/wiki/Tertiary_education_fees_in_Aust...