Just heard a proposal to adopt an australian style loan system for 3rd level education.
IMO, this would be a big mistake and is a very dangerous proposal. Australia suffers from a phenomonal brain drain problem, very much attributable to their loan scheme. The loan system is a huge incentive on graduates to go abroad to work and avoid paying back their loans. If they ever return back, they tend to do so after many years when their earnings have grown immensely, allowing them to easily pay back their loans.
Also, I reject the argument that since 3rd level graduates earn higher wages, and benefit "most" from their education, they should bear most the cost.
We all benefit from having a high skills base and it is essential for the broader economy. IMO, it is perfectly valid for all taxpayers to contribute to education. Let's face it, education is the only genuine, sustainable differentiator we have in out economy
IMO, this would be a big mistake and is a very dangerous proposal. Australia suffers from a phenomonal brain drain problem, very much attributable to their loan scheme. The loan system is a huge incentive on graduates to go abroad to work and avoid paying back their loans. If they ever return back, they tend to do so after many years when their earnings have grown immensely, allowing them to easily pay back their loans.
Also, I reject the argument that since 3rd level graduates earn higher wages, and benefit "most" from their education, they should bear most the cost.
We all benefit from having a high skills base and it is essential for the broader economy. IMO, it is perfectly valid for all taxpayers to contribute to education. Let's face it, education is the only genuine, sustainable differentiator we have in out economy