AUS: Chinese student visas halted/US: Student loan to end
The Department of Home Affairs has dealt another hammer blow to the international student trade, halting visas to Chinese students that had been accepted to study at Australian education institutions
A group of education agents — whose members channel
Chinese students into all major universities — says it has not seen any
student visas issued to mainland Chinese applicants since February 1,
the day Scott Morrison imposed the coronavirus travel ban…
“After the Prime Minister’s announcement, we haven’t seen any new
visas granted,” said Gary Li, president of the Education Consultants
Association of Australia, which has about 35 members.
Acting Immigration Minister Alan Tudge confirmed on Tuesday that “due
to the enhanced border measures we are not finalising applications for
individuals currently in mainland China”…
The group of Chinese students who are still waiting for their visas to be issued are additional to the 100,000 who have visas but are caught in China.
This follows the Chinese Government’s cancellation of English-language exams for a second consecutive month, which will also stem the flow of new students into Australia’s universities (other things equal).
Meanwhile, Health Minister Greg Hunt yesterday gave his strongest indication yet that the travel ban on China looks set to extend beyond Saturday:
Mr Hunt used his strongest language yet to warn the travel ban, due to expire at the weekend, would likely be extended when a decision was made at the end of the week…
“We don’t want to set a false expectation that is likely to change yet at this point,” he said.
“We’re going to have a very serious consideration of that at the end of this week.”
He said the travel advice for Australians regarding China remained “do not travel”, but would not be drawn on for how long the ban for entrance to Australia from China would be extended.
“We follow the medical advice … everybody understands the huge implications of these travel bans, and if there’s any reason or basis for relaxing them, that advice will come as soon as it’s there,” Mr Hunt said.
Recall that China is by far Australia’s biggest source of international students, with 255,000 enrolled across Australia at the end of 2019.
China also accounted for $12.1 billion of Australia’s education ‘exports’ in 2019.
With more than 100,000 Chinese students unable to enter Australia to commence their studies, Australia’s economy is facing a multi-billion hit from lost tuition fees and spending.
With over 100,000 not allowed to arrive, and a complete stop to new
student visa approvals - the impact on the Australian economy is going
to be significant! Will a huge drop-off in international students lead
us into a recession?
https://www.theaustralian.com.au/higher-education/home-affairs-halts-new-visas-for-chinese-students/news-story/f21fc6672beef8e7268a4dfa46c38bf0
In a new setback for Australia’s $40bn a year international education sector, the Department of Home Affairs has stopped issuing new student visas to Chinese students who have been accepted for study by Australian education institutions.
A group of education agents — whose members channel Chinese students into all major universities — says it has not seen any student visas issued to mainland Chinese applicants since February 1, the day Scott Morrison imposed the coronavirus travel ban.
Trump Calls For End To Student Loan Forgiveness Program
President Trump wants to end a popular student loan forgiveness program.
End Student Loan Forgiveness
Trump’s new annual budget calls for several changes to student loans, which are part of a $5.6 billion cut in funding to the U.S. Education Department. As in previous years, Trump repeated his call to end public service loan forgiveness. Under Trump's proposed budget, if passed by Congress, the Public Service Loan Forgiveness program would be eliminated.
The Public Service Loan Forgiveness program is a federal program created in 2007 by President George W. Bush that forgives federal student loans for borrowers who are employed full-time (more than 30 hours per week) in an eligible federal, state or local public service job or 501(c)(3) nonprofit job who make 120 eligible on-time payments over ten years.
Why Cancel Public Service Student Loan Forgiveness?
The president and Education Secretary Betsy DeVos have stated that they want to balance the needs of both student loan borrowers and federal taxpayers. Eliminating this program, they argue, would save the federal government money from not having to forgive potentially billions of dollars of federal student loans. Others believe that the program is vital to attract and retain individuals to enter public service and non-profit jobs, many of which pay lower salaries than private sector roles. Supporters of the Public Service Loan Forgiveness program believe that ending it could deter student loan borrowers from entering public service jobs, and could adversely impact public servants, including members of the U.S. Armed Forces, police officers, firefighters, first responders, prosecutors, public defenders and others. Importantly, the proposal would impact future borrowers, not existing borrowers who already work in public service and are currently paying off student loans.
“Cancel Student Loans”
This proposal to end this student loan forgiveness program differs drastically from several presidential candidates, including Sen. Bernie Sanders (I-VT) and Sen. Elizabeth Warren, who have offered plans to cancel student loans. Sanders wants to forgive all $1.6 trillion of outstanding student loans, including both federal and private student loan debt. Sanders’ student loan forgiveness plan has no eligibility requirements; all 45 million student loan borrowers are eligible for student loan discharge.
Warren wants to cancel student loan debt for more than 95% of borrowers, and would entirely cancel student loan debt for more than 75% of Americans with student loan debt. Warren’s plan cancels $50,000 in student loan debt for every person with household income under $100,000 and cancel substantial debt for every person with household income between $100,000 and $250,000.
What Trump Proposes Instead
Trump does not propose to eliminate all student loan forgiveness.
Rather, he proposes to end the Public Service Loan Forgiveness program.
Trump believes that reducing the number of student loan repayment plans
will simplify student loan repayment and help borrowers pay off student loans faster.
Importantly, federal student loan repayment plans can help you lower
your monthly payment (even though interest accrues on your balance), but
don’t expect to get a lower interest rate on your student loans.
Trump has proposed an income-based repayment plan that would forgive federal student loans for undergraduate borrowers after 15 years of student loan payments. Currently, you can receive federal student loan forgiveness after 20 years (undergraduate) or 25 years (graduate school) under existing income-driven repayment plans. Like current income-driven repayment plans, borrowers under this proposed plan likely would be liable for income taxes on the amount of student loan forgiveness they receive.
Your Next Steps
Importantly, this proposal is part of a comprehensive budget.
Congress decides federal spending and therefore decides whether to fund
or defund a federal program. As Washington debates the future of your
student loans, make sure you have a student loan repayment plan. Where
should you start? Start with these four options - all of which have no
fees:
Student loan refinancing
Student loan consolidation
Income-driven repayment plans
Student loan forgiveness
Source: by Leith van Onselen, February 13, 2020, https://amp.macrobusiness.com.au; https://www.patreon.com; https://www.forbes.com, by
Zack Friedman,Follow the authour on Twitter
or LinkedIn. Check out my website
or
some of my other work here.
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