A group concerned with youth poverty issues yesterday criticized President Ma Ying-jeou’s (馬英九) recent announcement that the student loan repayment period would be extended for economically disadvantaged students, saying the move would not have much of a concrete impact.
“Ma’s policy announcement on extending the student loan repayment period does not touch the core of the issue, because for those who are unable to repay their debts, it only makes them suffer longer,” Youth Wants to be Rich executive member Chen Ping-hui (陳秉暉) told a press conference held at the Legislative Yuan. “To resolve the issue from its roots, a ‘repayment according to capacity’ measure must be implemented.”
At present, college graduates repaying student loans for eight semesters must do so in 12 years, while, according to Ma’s announcement, college graduates may now repay their student loans over a period of 16 years beginning on Feb. 1 next year.
As for those who have completed a doctorate using loans, they may repay their loans over a period of 44 years.
Currently, college graduates may suspend loan payments for three years if they earn less than NT$25,000 (US$833) per month. Under the new system, the threshold would be raised to NT$30,000.
“Ma made the decision as if he were trying to get a bargain at a traditional open-air market. That should not be how a national policy is made,” Chen said. “A more reasonable reform is to implement a ‘repayment -according to capacity’ measure.”
“Repayment according to capacity” means that a college graduate should make monthly loan repayments based on each individual’s monthly income, said Chen Fang-yu (陳方隅), another member of the youth group.
“If the person earns more, he or she pays more, if the person earns less, he or she should pay less. And if the debtor could not make more than a threshold, he or she should be allowed to suspend payment until his income exceeds the threshold,” he said. “And no matter what happens, the repayment period should not last more than 25 years after graduation, otherwise the government should take care of the rest of the payment.”
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