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The Labour Partys proposed scrapping of the student loan interest rate will do nothing to lift quality in tertiary education, nor will it pay good staff more, help build New Zealands research base or encourage more on-the-job training, says the Education Forum.
Education Forum policy advisor Norman LaRocque said the estimated $300 million annual cost (at maturity) of scrapping interest on student loans would mean less money for other priority areas, including schools, hospitals, police and tax cuts.
The government has argued that the change to student loans will massively reduce repayment times. But, while it will reduce the interest build up for students, some of this will be offset as more students are likely to borrow (and borrow more) given that student loans will represent free money to them.
Graduates will also have little incentive to make voluntary repayments under the scheme - a significant issue given that some 46 percent of repayments since the loan scheme began have come directly from borrowers, rather than through compulsory deductions by employers.
The proposed changes appear to be aimed solely at appeasing vested interests within tertiary education and will do nothing to advance the national interest.
Sources : Online Resources
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