International student losses set to punch $18 billion hole in economy
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The loss of hundreds of thousands of international students to Australia’s strict border closures will punch an $18 billion hole in the economy, as the Morrison government warns universities to be less reliant on foreign fees in the wake of COVID-19.
Research commissioned by
The Sunday Age has shed fresh light on the devastating economic impact of coronavirus, particularly in Melbourne’s CBD – which has lost almost half of its student population since December 2019 – and in education hubs in the outer suburbs such as Clayton, Box Hill and Springvale.
International student losses set to punch $18 billion hole in economy
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International student losses set to punch $18 billion hole in economy
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âThe odds are stacked against usâ: Student loans taking two years longer to pay off
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Students are taking more than two years longer to pay off their university loans than they did 15 years ago as the federal government comes under growing pressure to extend the loans to include certificate courses.
A Sydney Morning Herald analysis of new federal government figures released this week suggest that the time to repay student debt has risen from an average of 7.3 years in 2005 to 9.3 years in 2020.
Australian National University Professor Bruce Chapman, who designed the Higher Education Contribution Scheme (HECS) system introduced in 1989, said the increase in course fees over the past 15 years would help explain the longer time taken to repay student loans.