Latest news with #studentdebt
Bloomberg
13 hours ago
- Business
- Bloomberg
Trump Tariffs Face Threat at Supreme Court — Over Rulings That Blocked Biden
A legal argument that the US Supreme Court used to foil Joe Biden on climate change and student debt now looms as a threat to President Donald Trump's sweeping tariffs. During Biden's presidency, the court's conservative majority ruled that federal agencies can't decide sweeping political and economic matters without clear congressional authorization. That blocked the Environmental Protection Agency from setting deep limits on power-plant pollution and the Education Department from slashing student loans for 40 million people.
News.com.au
2 days ago
- Business
- News.com.au
‘Money in your pocket': Aussie student debt-slashing laws still months away
Millions of Aussies with outstanding student debt will have their deficits deepened on Sunday, despite a promised slashing of student debt being some two months away. One of Labor's big ticket pre-election promises was to slash HECS, VET and apprenticeship loans by 20 per cent as soon as Anthony Albanese's government was re-elected. People's debt will jump on Sunday when the annual increase kicks in, as laws to make the 20 per cent cut won't be introduced to parliament until MPs return in late-July. 'It will be the first bill that we introduce into the parliament when parliament sits for the first time in the last week of July,' Education Minister Jason Clare said this week. The 20 per cent cut will be backdated but will not annul the June 1 annual increase. Student debts will be jacked up 3.2 per cent on Sunday, in line with the consumer price index. But once the tax office wipes 20 per cent, the annual indexation increase will then actually be applied. Slashing student debts by 20 per cent will cost the federal budget $700m during the next four years, and $16bn over the coming decades. The average student debt in Australia is about $28,000; last term, the federal government tweaked the annual increases after debts skyrocketed during the back-end of the pandemic with massive inflation. 'I think everyone listening will know somebody in this situation and perhaps will know that HECS debts are bigger today than they were when I went to uni, when many of us went to university – that by cutting this debt by 20 per cent, it's going to help a lot of people get a good start in life, make it easier to get out there and buy their first home,' Mr Clare said on ABC radio this week. Higher education was free in Australia from 1974 until 1989. Initially, all degrees then cost $1800, but in 1996 the federal government brought in three-tiered rates. The current Education Minister, Mr Clare, finished with a bachelor of arts and a law degree from UNSW in 1998. The laws required to slash student debts by 20 per cent will have other functions too. 'It will change the amount of money that you have to earn before you start paying your debt back,' Mr Clare said. The threshold to start paying off the debt will rise from $54,000 to $67,000. For someone being paid $70,000, repayments should decrease $1300-per-year. 'It means more money in your pocket,' Mr Clare said. Laws need to change so the tax office can wipe 20 per cent off the debts. Labor will have to rely on the Greens to pass the laws through the senate. During the election campaign, the Greens said they would wipe all student debt if elected.
Daily Mail
3 days ago
- Business
- Daily Mail
Student debt cut in Australia: When Labor will reduce your payments under landmark legislation
Anthony Albanese 's government will cut 20 per cent off all student loan debts, wiping around $16billion in student debt for around three million Australians. The policy - central to Mr Albanese's re-election campaign - is now set to be implemented following his election victory as of June this year. Under the plan, a graduate with an average student debt of $27,600 will see their loan reduced by $5,520, according to government figures. Mr Albanese's proposed reform would apply to all Higher Education Loan Program, Vet Student Loans, Australian Apprenticeship Support Loans and other income-contingent student loans. 'Our whole nation benefits when we make it easier for people to access education. This is about opening the doors of opportunity – and widening them,' he previously said when announcing the plan. The reforms would also raise the threshold for repayment from $54,000 to $67,000 and lower the rate to be repaid. For someone on an income of $70,000, this will mean they will pay around $1,300 less per year in repayments. Education minister Jason Clare said the cuts to student loans will be the first piece of legislation that Labor introduces when Parliament returns on July 22. The legislation will cut 20 per cent off your student debt and backdate it to 1 June, before indexation was applied,' Clare said. 'This is a game-changer for the more than three million Australians with a student loan.' This builds on a $3billion policy introduced last year, which links student debt indexation to the lower of the wage price index or the consumer price index. Without it, graduates could have faced another steep increase, like in 2023, when indexation soared to 7.1 per cent - up from 3.9 per cent the year before - adding $1,759 to the average student debt of $24,770. Mr Dutton had vowed to scrap Labor's student debt relief if the Coalition had won the election arguing its unfair on tradies who didn't go to university.
The Sun
5 days ago
- Business
- The Sun
The best paid jobs that you WON'T need a qualification for – where you get paid to train and can earn up to £45k
FOR workers with no qualifications a £45k a year salary might seem like a distant dream - but there are jobs that can help you up your skill set as well as your pay packet. The Sun takes a look at the jobs that help you learn as you earn if you skipped university and thousands of pounds of student debt. 2 A new wave of apprenticeships is turning heads by offering eye-catching salaries right from the start, showing that you don't need a degree to land a high-paying job. With university costs soaring and graduates in England leaving with debts averaging over £48,000, it's no surprise that many are rethinking the traditional route. For those who took out loans after August 2023, the repayment period now stretches to a staggering 40 years, making it harder to plan for milestones like buying a home or starting a family. Meanwhile, the average graduate salary is just £40,000 a year, according to the Department for Education - only £2,570 higher than the national average salary of £37,430. So, if you're weighing up your options after school or college, or even considering a career change, remember that university isn't the only path to success. An apprenticeship could be your ticket to a well-paid job, valuable skills, and a debt-free future. We've teamed up with recruitment site Adzuna to crunch the numbers and uncover which apprenticeships offer the best value for money. More than a dozen of these entry-level roles pay up to £44,962 in the first year - without the burden of tens of thousands of pounds in student loans. So, what are they? Which apprenticeships offer the highest salaries? And how can you find the perfect role for you? What are apprenticeships? FRANCY earning while you learn? An apprenticeship is a real job with training. You get paid a wage while gaining skills and knowledge in a specific industry. It's a brilliant way to get your foot in the door and gain valuable experience without racking up loads of student debt. Apprenticeships are open to anyone over 16, including school leavers and those seeking a career change. You'll gain on-the-job training and off-the-job learning, like at a college. Apprenticeships are available in many industries, from engineering to healthcare. You can check for local apprenticeships in your area by visiting: What are the top paying apprenticeships? Apprentice nurses, who choose to specialise as a health visitor or school nurse, topped the list - and the roles come with average salary of £44,962. Then there's a whole bunch of other healthcare roles – like audiologist, physiotherapist, healthcare scientist practitioner, clinical technologist, midwife, and operating department practitioner – where you're looking at an average of about £36,483. But it's not just those wishing to go into the healthcare sector who can cash in on a training scheme. Apprenticeship insurance officers, who help administrate and manage claims made by customers, can expect to earn £38,560 in their first year - that's £1,130 more than the average UK salary. If you're a bit of a petrolhead, or just good with cars, apprenticeships like vehicle damage assessor and mechanic can net you around £35,000 on average. 2 MY RAPID RISE FROM TRAINEE TO CHIEF FORMER apprentice Grace Hardy has gone from trainee to chief executive in three years. After studying with accountancy firm Mazars, she set up her own business, Hardy Accounting, last year at the age of 21. She has already received an apprenticeship recognition award from the Department for Education. Grace, from Oxford, said: 'Having developed all the skills I've needed to successfully run a business as an apprentice, I can't speak highly enough of the opportunity apprenticeships represent. 'It feels like so much less of a gamble to pursue a route where you can get a head start in your career and earn while you learn, rather than accruing endless debts.' How can I get myself noticed? Apprenticeships are becoming increasingly popular, so how can you make your application stand out and secure a spot among the 700,000 people enrolling each year? Claire Costello, Chief People and Inclusion Officer at supermarket chain Co-op, said: "Preparing your application is an important first step. "This signals to us that you are serious about joining our team and contributing to our success. So make it count." When applying for an apprenticeship, it's all about making yourself stand out. Start by tailoring your CV and cover letter to the specific role you're after. Highlight the skills, experiences, and qualifications that match the job, and ditch the generic statements. Instead, focus on what makes you the perfect fit for that role. Show your passion and enthusiasm too. Whether it's in your cover letter or during the interview, explain why you're excited about the company, the role, and the industry. Talk about how your values align with theirs and what excites you about the opportunities to learn and grow. Even if you haven't had a formal job, don't worry – you've likely got plenty of relevant skills. Think teamwork, communication, and problem-solving. Use examples from school clubs, volunteering, or personal projects to show what you've achieved and how it relates to the apprenticeship you want. Do your homework on the company you're applying to. Get to know their mission, values, and culture, and mention what you've learned in your application. It shows you're really invested and not just sending out generic applications. Don't forget to highlight your soft skills, like adaptability, time management, and communication. Employers value these just as much as technical know-how because they're essential for thriving in the workplace. Finally, show that you're committed to learning and self-improvement. Whether it's online courses, workshops, or hobbies, these extras demonstrate your drive to develop new skills and grow personally and professionally. How to find the right apprenticeship for you FRANCIS Bunch, of the National Careers Service, shares his tips to help you find the right one. He said: "Apprenticeships provide the opportunity to combine real work with training and study. "They are a great entry route into lots of industries - from creative to clean energy and construction." How to decide if an apprenticeship is right for you: Anyone can become an apprentice, whether you are starting work or changing career. If you can, get some relevant work experience beforehand, to help understand more about the sector or role. You will also gain skills that employers need. Search Skills For Life to find out more. How to find an apprenticeship: There are more than 660 types of apprenticeships available in the UK. See the website or talk to your local careers adviser by contacting the National Careers Service. Which course? Apprenticeships take between one and six years to complete, depending on what type, which level and your previous experience. For people with little or no experience, an intermediate (Levels 2 or 3) is a good place to start. You can progress with advanced (Levels 4 or 5) and higher and degree apprenticeships (Levels 6 and 7). Top tips to ace your application: When you have found one you are interested in, either complete an application form or submit a CV and covering letter. The National Careers Service has guidance on how to write a CV, how to write your letter, and application form advice. Set yourself up for success: Be open-minded and embrace every opportunity that comes your way. You will usually complete 20% of your studies at college or with a training provider, so it is important to make time to learn and stay organised, particularly for those juggling family or other commitments outside work.
Yahoo
5 days ago
- Business
- Yahoo
Trade schools allow some high school graduates to make big money instead of racking up college debt
Some high school students are skipping college and learning trades, then graduating with $70,000-a-year job offers. Marcos Tigreros is still weeks away from graduating high school, but the 18-year-old already has a plan for the future. 'I just got a job at a company called FullTech International and they make nuclear containers,' Tigreros said. He's one of 24 students in the welding program at Father Judge High School in Philadelphia that are graduating with job offers. [DOWNLOAD: Free WSB-TV News app for alerts as news breaks] 'In these type of blue collar jobs. All these jobs can generate six figures at a very young age with no college debt,' Welding Director/Instructor Joe Williams said. 'I wasn't the best studier, so it was hard for me to get good grades, and I didn't know how the college route was going to go for me. But when I saw the welding program, I saw an opportunity to be successful like other college students without needing that degree,' Tigreros said. With one in four adults in the US owing student debt from college, trade programs offer an alternative by giving teens hands-on training outside of traditional classrooms. 'You don't hear kids waking up saying, 'I want to be a longshoreman, I wanna be an electrician, I'm gonna be a welder.' There's definitely a shortage in people going into the trades. So that makes the demand and the pay skyrocket for us,' Williams said. TRENDING STORIES: Missing pregnant woman found safe after walking away from Atlanta hospital Man accused of gunning down Georgia Tech student in targeted shooting has turned himself in Trooper injured after fleeing driver crashes into his patrol car and runs away Anthony Calabrese, 18, attended the Heavy Metal Summer Experience in Chicago last year. The free summer program introduces kids around the country to sheet metal, piping, and plumbing trades. 'I actually had no idea about any of the trades before I got into the program. To get hands-on experience in these fields was awesome,' Calabrese said. Calabrese, now an employee of Sheet Metal Werks and working towards a union apprenticeship, could be earning $60 an hour in just four years. 'It feels nice to know that I'm wanted and that there's a role for me to fill. That I have a unique set of skills that people want and are looking for,' Tigreros said. [SIGN UP: WSB-TV Daily Headlines Newsletter]
