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What the Tories should do

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JTCW View Drop Down

Joined: 19/February/2007
Location: Canada
Points: 4
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    Posted: 20/February/2007 at 2:48pm
It is clear that the student loan system needs to be fixed. The Tories have a huge surplus, or so we are being told. Here is what the Tories should do:

1. cut the interest rate to prime immediately, and eventually to zero;

2. tie payments to income. Payments do not start until income rises to a certain amount, and payments are fixed as a percentage of that.

3. increase the grace period to 12 months;

4. stipulate a maximum period for which payments will be made. By this I mean even if the debtor's income remains low, s/he is not still paying loans at age 50.

I wonder how much it would cost the government to abolish interest. Does anyone know?
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