chance said:
Poor management and weak Board Corporate Governance is the real underlying reason IMHO.
Maybe, maybe not but that's not for us to decide. However, it can't be denied that if mismanagement indeed went on, it was only enabled by the grossly disproportionate allocation of VET-FEE HELP loans to aviation students. Any mismanagement would have been a sequela of how easy the government made it to access the seemingly unlimited pool of loans. It was the VET-FEE HELP scheme that gave birth to these problems.
KyleTheAviator said:
You do realise the FEE HELP debt has to be 100% repaid, with 20% on top right? And its indexed to inflation, so the government actually make money from this loan...
No, the Government loses a lot of money from the current FEE HELP system.
No, the system is not designed to make the Government money; an educated population is their return.
No, a graduate does not have to repay their loan if they never get a job with their 150hr CPL or do get a job but never make more than $54,869 (for 2016-17 FY)... many other circumstances prevent people repaying their loans. This is not your typically secured personal loan or mortgage from a big bank. The Grattan Institute estimates 40% of VET-FEE HELP loans across all sectors will never be repaid.
KyleTheAviator said:
not just a few rich kids that can afford flight school.
Please don't imply that only "rich kids" succeed in aviation; that's tempocentric rubbish. Why are people always surprised by the amount of hard work, patience and sacrifice others are willing to put into achieving their goals, without handouts from anyone else??