Corbyn's Student Debt Promises - £100bn Vapourware

I would imagine that more and more students are coming to the realisation that Corbyn's promises were vapourware and just a shameless attempt to bribe voters.

In an interview with Andrew Marr, the Labour shadow education secretary has admitted the true cost of Corbyn's vapourware promise is . . . a staggering £100 BILLION !

It's no longer a promise, it's just an "ambition", something everyone would like, but which no-one can afford. Typical socialist dreamland.

http://www.dailymail.co.uk/news/article-4679256/Corbyn-promise-cancel-student-debt-costs-100BILLION.html

From the article:

"Ms Rayner told the BBC's Andrew Marr today that wiping out student debts was an 'ambition'."

"She said: 'It's something that he'd like to do. It's something that we will not announce that we're doing unless we can afford to do that.'"

"She added: 'It's a big abacus that I'm working on with that, it is a huge amount, it's £100 billion, which they estimate currently, which will increase."

"Ms Rayner said the amount it would take for the Student Loans Company to reverse tuition fees would be £9.5 billion, plus the maintenance grants."

Stop being psychologically mugged imo. The promises are vapourware.

Reply 1

Maukho

4

I appreciate that this would cost a lot, but does this comparison take into account all the loans that will get written off under the current scheme? And the (admittedly hard to quantify) cost to the economy of 18 year olds being put off of higher education by high levels of debt?

(edited 6 years ago)

Reply 2

Ezisola

17

Original post by Maukho

And the (admittedly hard to quantify) cost to the economy of 18 year olds being put off of higher education by high levels of debt?

Hard to quantify because it's not happening?

Reply 3

learningmachine

3

Rayner said that it's an ambition because it would be tricky to find funding for all of it. Repairing the slowing down economy would come before funding any such promises. Ultimately, I believe that the policy would be watered down to scrap tuition fees for the poorest and reduce fees for others, retaining fees for young people from upper middle-class+ families.

You have to remember that before general elections and referenda all political parties promise the sun to voters just to get into power. It has been the case with every GE in the history of this country and every referendum. That's why there's no point acting shocked and outraged because very little of what's promised will actually come to fruition.

Reply 4

the bear

20

Mr Corbyn would inflict misery on all except the feckless poor whom he fetishises and the ultra-rich who can simply move away.

Reply 5

Maukho

4

Original post by Ezisola

Hard to quantify because it's not happening?

This article suggests applications amongst 18 year olds is up - my mistake.

However amongst mature students (those aged 19 and over) it's a lot lower. Preventing people from up or re-skilling due to high fees is also damaging IMO.

http://www.bbc.com/news/education-38827189

Reply 6

username2763536

15

Because penisioners are never bribed are they? What exactly would you call the triple lock exactly? Regardless people should stop letting the conservatives pretend that it's necessary for unis to charge so much.Believe it or not there is a middle ground between free and highly unaffordable you know? For starters vice chancellors do not need to earn 300,000 pay salaries.

Reply 7

PilgrimOfTruth

OP

17

Original post by learningmachine

You have to remember that before general elections and referenda all political parties promise the sun to voters just to get into power. It has been the case with every GE in the history of this country and every referendum. That's why there's no point acting shocked and outraged because very little of what's promised will actually come to fruition.

Yeah well of course the older members of society have the experience to know and expect that. The younger voters however mostly don't. I wonder how many voted for the first time this year and simply got caught up in the frenzy and truly hoped that Corbyn would eradicate student debts ?!

So Corbyn isn't going to be able to deliver his student debt promises, he isn't going to help them with Remaining in the EU (Corbyn is very anti-EU) so really what DOES he have to offer the young voters?

It looks a very empty cup and I guess many will feel somewhat duped by the man.

Reply 8

learningmachine

3

Original post by PilgrimOfTruth

Yeah well of course the older members of society have the experience to know and expect that. The younger voters however mostly don't. I wonder how many voted for the first time this year and simply got caught up in the frenzy and truly hoped that Corbyn would eradicate student debts ?!

So Corbyn isn't going to be able to deliver his student debt promises, he isn't going to help them with Remaining in the EU (Corbyn is very anti-EU) so really what DOES he have to offer the young voters?

It looks a very empty cup and I guess many will feel somewhat duped by the man.

Some definitely voted out of their heart, sure, but a vote is a vote, no matter what led to the vote.

Actually, I don't think that young people are as gullible as you describe them to be. They can read and debate as comprehensively as the older voters. Many of the young people also accept that it was their fault for not going to vote in the referendum and they also accept that Brexit will go ahead. That's why many of them campaign for remaining within the Customs Union and the Single Market, but there's also many youngsters that don't want that.

He offers hope to young voters, and not just to them alone. Many middle-aged and the elderly stand behind the Labour Party more and more, day after day. According to studies, the young generations now expect different things from life than the older generations did at their age. They don't chase money no matter what because their hardship isn't as intense as their parents' and grandparents' were. That's why many young people don't look up to over-privileged Tories. They saw how Corbyn reacted to Grenfell and they saw how May reacted to Grenfell, and they chose the former. They believe in Corbyn and that's their right. It's no-one's right to question others' choices.

Reply 9

mashbbk

18

Paying ~£500 a month in student loan repayment so, yes please :rofl:

Reply 10

Quady

20

Original post by PilgrimOfTruth

I would imagine that more and more students are coming to the realisation that Corbyn's promises were vapourware and just a shameless attempt to bribe voters.

In an interview with Andrew Marr, the Labour shadow education secretary has admitted the true cost of Corbyn's vapourware promise is . . . a staggering £100 BILLION !

It's no longer a promise, it's just an "ambition", something everyone would like, but which no-one can afford. Typical socialist dreamland.

http://www.dailymail.co.uk/news/article-4679256/Corbyn-promise-cancel-student-debt-costs-100BILLION.html

From the article:

"Ms Rayner told the BBC's Andrew Marr today that wiping out student debts was an 'ambition'."

"She said: 'It's something that he'd like to do. It's something that we will not announce that we're doing unless we can afford to do that.'"

"She added: 'It's a big abacus that I'm working on with that, it is a huge amount, it's £100 billion, which they estimate currently, which will increase."

"Ms Rayner said the amount it would take for the Student Loans Company to reverse tuition fees would be £9.5 billion, plus the maintenance grants."

Stop being psychologically mugged imo. The promises are vapourware.

Wat promise? That wasn't in the manifesto.

£100bn over the next 35 years, hardly crazy amounts.

Reply 11

username1799249

19

Original post by PilgrimOfTruth

In an interview with Andrew Marr, the Labour shadow education secretary has admitted the true cost of Corbyn's vapourware promise is . . . a staggering £100 BILLION !

The vast majority are not going to pay back their debt which is rising faster than it can be paid off. So at the least, all Corbyn is doing is acknowledging that it is going to be written off. The Tories have created a system that looks like a loan but is actually just a smallish graduate tax on top of a grant.

Reply 12

L i b

19

Original post by Robby2312

Believe it or not there is a middle ground between free and highly unaffordable you know? For starters vice chancellors do not need to earn 300,000 pay salaries.

I too would like to see lower fees, but I think policymakers already consider this a middle-ground. By no means do tuition fees cover the economic cost of running our universities. A great deal of that continues to come from general taxation.

I'd also take issue with the suggestion that tuition fees as they stand now are "highly unaffordable" given the simple point that no-one cannot afford them: I'm sure I don't need to rehearse the mechanics of how they are repaid, but I genuinely cannot see how there can be legitimate concerns about affordability in such a structure.

Reply 13

username1751857

21

They say the Tories have a magic money tree, they look like they have a magic money forest.

Absolute fantasy.

Reply 14

ThomH97

21

They won't be able to do it, but I think it evidences their ideology for those who agree with it.

Reply 15

Roberto42

You have either not listened to the NME interview and are taking as your source material the reports of blatant lying media outlets, or you are lying yourself.The NME interview everyone is citing is publicly available. The bits about sudent debt are from minute eight to ten. https://www.youtube.com/watch?v=W5jS56gMMDc

Reply 16

Roberto42

Why are you using Daily Mail as a source? Use the actual interview Corbyn gave as a source. Then you will see the truth of what he said.

Go to minute 8 of the interview. Corbyn never said he would wipe out the debt. He said he would end fees. He understood that it was unfair on those who had paid £9k a year. "But Labour did not yet have an easy answer" to this. But that Labour would look for ways to help those who have excessive debts from the £9k fees.

We recognise the problem. we will deal with it.
proof see minute 8 of interview on
https://www.youtube.com/watch?v=W5jS56gMMDc&t=2s

This proves there has been no lie. Just MSM BS trying to get Corbyn. The mainstream and the rich do not want him.

Reply 17

Roberto42

Original post by CoffeeGeek

They say the Tories have a magic money tree, they look like they have a magic money forest.

Absolute fantasy.

The Tory magic money tree is for the rich, and for the bankers. They have not only carried on with the bailouts and money printing for bankers from New Labour but expanded it.

So far £450 billion of money has been printed and given t the banks at zero percent interest for an unlimited period. That is on top of the bailout funds. Even if all the money were repaid tomorrow, in real terms the bankers would have got £60 billion for free as not even the inflation rate (the falling value of money) is to be compensated for.

What we should do is take that £60 billion, and use it to wipe out over half of all outstanding student debt.

Reply 18

username878267

15

Original post by L i b

I too would like to see lower fees, but I think policymakers already consider this a middle-ground. By no means do tuition fees cover the economic cost of running our universities. A great deal of that continues to come from general taxation.

I'd also take issue with the suggestion that tuition fees as they stand now are "highly unaffordable" given the simple point that no-one cannot afford them: I'm sure I don't need to rehearse the mechanics of how they are repaid, but I genuinely cannot see how there can be legitimate concerns about affordability in such a structure.

Why not just have a graduate tax which would allow us to stop talking about the huge debt which people were racking up?

The current system is an absolute mess.

The biggest problem is what happens if the system changes, govenrments sell off the debts and private firms who've bought the debts come after them aggressively?

(edited 6 years ago)

Reply 19

RF_PineMarten

18

As far as I can work out, this thing about cancelling existing student debt was never a promise at all, Corbyn just made some very vague words about possibly looking at ways of helping them in an interview. I certainly don't remember seeing it in their manifesto either. Someone do correct me if I'm wrong.

This was not a rowback on anything, because it was never actual Labour policy in the first place. I get the feeling this has just been hyped up in an attempt to distract from the Conservatives' own difficulties.

This is of course separate from their policy of ending tuition fees, which is still perfectly intact as a policy.

(edited 6 years ago)

Corbyn's Student Debt Promises - £100bn Vapourware

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