Some ignorance on my part then. Certainly a 2.5% graduate tax will probably look more attractive than a 9% swipe on anything above 15k, in most cases, especially on a new graduates paycheck.
I think the biggest differences between the loans that are 'taxed' directly from paypackets and the new graduate tax is that, with loans, an individual pays back exactly what _they_ owe, it _can_ be paid early and once it is paid off, it is paid off.
With graduate tax, if by some chance an individual managed to turn their degree into a successful career, they'd end up contributing enough tax to pay their own debt... and then continue to be taxed.
I am pretty much in agreement. Given the massive level loans now are (my unpaid loan is £12K, that's on the low end of post '98 graduates), the repayment system you had would've been unworkable.
To be honest, I suspect Vince is angling to get through a "graduate tax" as a rebrand of the current loans scheme, including a tapering off once you've paid your fees &c. Although how the amount assessed would be calculated is anyone's guess.
Sorting out student finance is not something I'd want to do. Sorting it out then trying to persuade the Tories of the scheme to get it through is going to be an absolute bugger.
Start from scratch, easy, but unfortunately it's a right mess and there's no money to spare.
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I think the biggest differences between the loans that are 'taxed' directly from paypackets and the new graduate tax is that, with loans, an individual pays back exactly what _they_ owe, it _can_ be paid early and once it is paid off, it is paid off.
With graduate tax, if by some chance an individual managed to turn their degree into a successful career, they'd end up contributing enough tax to pay their own debt... and then continue to be taxed.
That's unfair in my mind.
no subject
I am pretty much in agreement. Given the massive level loans now are (my unpaid loan is £12K, that's on the low end of post '98 graduates), the repayment system you had would've been unworkable.
To be honest, I suspect Vince is angling to get through a "graduate tax" as a rebrand of the current loans scheme, including a tapering off once you've paid your fees &c. Although how the amount assessed would be calculated is anyone's guess.
Sorting out student finance is not something I'd want to do. Sorting it out then trying to persuade the Tories of the scheme to get it through is going to be an absolute bugger.
Start from scratch, easy, but unfortunately it's a right mess and there's no money to spare.