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APTAINS ORNER
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week packed with fun and frivolity has just ended. On Tuesday the federal
government handed down the budget and whatever anyone thinks of the policy changes there is no denying the benefits Bond University will receive. When Bond opened 25 years ago it was against all the odds. Only a few years later questions were raised as to whether Bond would even exist in a few years. And with the past week gone it’s certain Bond’s here to stay. Congratulations to all involved in last weeks celebrations, and too another 25 years. Speaking to several alumni at Gala Ball it’s great to know that in 25 years Bond still knows how to throw a party. This week the Vice-President of Education, Luke Lovegrove, has written on the budget and what the exact advantages are for all of you. If you have any questions send them to publications.busa@bond.edu.au and responses to those questions will be published next week. Yearbook is currently underway. Just like last year BUSA is looking for a Graphic Designer to aid in the production of this little piece of memorabilia for the year that’s nearly passed us. The position will be imbursed for the work done and applications will be opened up via the BUSA page, Scope page and Student Daily Digest. If you’re an experienced Graphic Designer or know someone who is apply or get them to apply. Applications will close end of Week 3. It’s only week two so don’t forget to take a break and head to the SDSA’s Renegade (formerly Whitehouse; formerly Woodlands) for a riotous time.
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Why are uni students mobbing Julie Bishop and yelling at Pyne? by Luke Lovegrove
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Source: ABC News
ast week the Abbot Government revealed their first Budget causing much public outrage and controversy with measures such as GP co-payments, a debt levy and ‘Work for the Dole’ programs. The Budget also includes historic changes to tertiary education. Should the budget as it currently reads be passed by the Senate, which is by no means a certainty, then Bond University will be in a unique position to influence the future of Australian higher education. The changes to public universities are far more drastic, and have prompted semi-violent protests across the country. Below are some summaries of the changes and where they will affect Bond students, with the largest changes concerning students on FEE-HELP loans: Bond College
Undergraduate
Higher Degree Research
Removal of 25% Fee on FEE-HELP Taking effect from January 2016, the 25% fee will be removed.
Removal of 25% Fee on FEE-HELP Taking effect from January 2016 the 25% fee will be removed. This will not apply retrospectively.
Research Training Scheme Contribution Higher degree research students under the Research Training Scheme may be required to make a contribution towards their research. This will be capped at $3900 pa for high cost courses and $1700 pa for low cost courses. This can be deferred through FEE-HELP.
Commonwealth Grant Scheme It may now be possible for Bond College students to study Diplomas, Advanced Diplomas and Associate Degrees with Commonwealth assistance. However, as with undergraduate positions, the VC has indicated in The Australian that Bond will not be seeking Commonwealth Supported Places.
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All Bond Undergraduate and Postgraduate Degrees: Increased Indexation of HELP Debts From June 2016, the indexation of all HELP debts will change. Under the existing system, it is indexed yearly by the CPI (Currently 2.9%). The new system will see it indexed from the 10 year Government bond rate (currently 3.8%) but capped at 6%. The indexation will begin once the debt is 11 months old.
Removal of limits on FEE-HELP From January 2016 there will be no borrowing limits imposed on HELP loans. FEE-HELP is currently capped at $96k and $120k for undergraduate medicine. Essentially, students could put the full cost their degree, whatever it is, on FEE-HELP and also study multiple degrees under the scheme.
Income Threshold decrease and Repayment change The minimum income threshold to begin repaying a HELP debt will decrease to approximately $50,638 pa in July 2016 and repayments at this level will begin at 2% of salary. The threshold will be indexed yearly by the CPI. The new minimum income threshold is 90% of what was originally forecast for July 2016 and the 2% initial repayment rate is decreased from 4%.
Deregulation of public universities and removal of Fee Caps From 2016 public universities will be free to set their own tuition prices. It is likely that the course fees will increase significantly. Public universities will be required to pay 20% of the additional revenue into a Commonwealth Scholarship scheme.
What does this mean for Bondies? Current students Unfortunately, most of these benefits won’t kick in until after the majority of current students have graduated. However, with the removal of the FEE-HELP limit, current students may be able to continue on with another degree. The worst outcome for current students is the increase in indexation and lowering of the repayment salary threshold, as current students will cop the 25% loan fee plus an increase in indexation. For example, Timmy P. Oorstudent (a purely fictional character) will finish his LLB at Bond before 2016. Timmy is a smart boy so he received a 50% scholarship. As a result, the total amount he deferred to FEE-HELP was $60,000 (NB: Numbers are rounded). With the 25% loan fee that Timmy paid, his total debt to pay back is $76,250. Prior to 2016, this was indexed yearly to the CPI (2.8%) meaning the interest Timmy would pay in 2015 is $2,135 bringing his total debt at the end of 2015 to $78,385. In 2016, Timmy’s debt is indexed to the new 10 year government bond rate (3.8%) incurring interest of $2,979 bringing his debt to $81,364. In 2016, Timmy received a low-paying job in a law firm. He is earning $50,638 pa and so is required to pay back 2% of his salary to his debt. Timmy will pay $1,012 off his FEE-HELP debt in 2016. may | 5
Clearly, the interest accrued on the debt will exceed the amount being paid off so graduates will initially be on the back foot. However, voluntary repayments will still receive a 5% discount and as graduates’ salaries increase so will the debt repayments. University graduates traditionally earn on average a million dollars more over their life than non-graduates. Current MBBS students in their first or second year will be able to put the last year or two years of their degree entirely onto FEE-HELP. Considering that Bond offers the most expensive MBBS in the country, and the current FEE-HELP limit is around $120,000, this is a huge benefit for these students. Although an MBBS graduate on FEE-HELP will have an enormous debt upon graduation, Doctors are one of the highest paid professions in the country with even GPs often earning up to $300k pa. Higher degree research students may also be required to contribute up to $3900 pa to their research as of 2016. There are many grants and scholarships available to HDR students, although the new Budget does significantly decrease the grants that are available. Future students Future Bond students are the real winners out of this Budget. With the removal of the 25% loan fee, the debt just became that much easier to pay off. The removal of the FEE-HELP cap is perhaps the best thing to come out of the budget. For the MBBS it very much evens the playing field with other universities, as now students who could not previously afford to pay the high tuition costs will now be able to defer the entire cost to FEE-HELP. For LLB students, the $120k degree is currently well outside the FEE-HELP limit of $96k but once the limit is removed the entire cost of the LLB can be deferred, again increasing the amount of students that would be able to access the degree.
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DISCLAIMER: This paragraph is purely Lovegrove speculation and opinion. Once fee caps on tuition at public universities are removed, the bigger universities, like the GO8, will almost certainly increase their fees. I would go so far as to say that the fees would steadily increase to a point where they are very close to the fees at Bond. This means that the advantage public university recruitment had in substantially lower fees will be gone, and Bond will be directly competing with the other best universities in the country. Unfortunately for public unis, Bond has been competing at this level for 25 years, and public universities will be the away team at a home game. The service quality delivery at Bond, in perks such as small staff to student ratios, high graduate outcomes, increased employability and world-class facilities already exist at a higher standard. Public universities will be scrambling to catch up to where Bond has been for a long time. Conclusion There is very strong resistance to the many changes proposed in the Budget and so there is a good chance that none of these reforms will ever be implemented. If the reforms are implemented though, it could very well be a game-changer for Bond University and I will be watching these debates very closely. For now, there is no need for any students to take action. Please do not revise your study plan or decide to become a career student based on this information because until it is passed it is nothing more than a few promises. If you have questions or would like to comment on this article, please email your responses to publications. busa@bond.edu.au and they will be published in the next edition of Scope For more information, please visit: Department of Education FAQs: https://education.gov.au/higher-education-and-research-budget-information Budget Papers: http://www.budget.gov.au/2014-15/index.htm Study Assist FAQs: http://studyassist.gov.au/sites/studyassist/helpfulresources/pages/faqs-for-current-students Group of Eight Universities: https://go8.edu.au
Luke can be contacted at any time on education.busa@bond.edu.au and can be found in the BUSA office from 12-2pm every Thursday.
Wise words from the Education Minister
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Abergowrie Social Justice Trip, 141
Jingerri!
During the Uni break, from the 28th of April to the 3rd of May, 12 Bond University students travelled to St Teresa’s Catholic College-‐ Abergowrie, which is an all boy’s boarding school 2 hours outside of Townsville. The team spend a week bonding with the students, helping out in the classrooms and study sessions, participating in sports i.e. rugby league, rugby league and more rugby league, supporting them in their football tryouts and match, and participating in their cross country. th
This trip was the 5 visit to the school and like the previous trips it was an amazing success and experience. The Bond Indigenous Awareness Society hopes to build on the partnership between Bond University and St Teresa’s College-‐ Abergowrie. “Curiosity was my ultimate driving force in getting involved, and I've found that through this experience, I've only become more curious about Indigenous culture.” – Sebastian Thomas
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(Hello in Yugambeh language)
Tuesday, Week 3
27/05/14
4:00pm Nyombile Centre (next to Career Development Centre)
~ FREE FOOD ~ ~ INDIGENOUS ART & ARTEFACT ~ ~ CANVAS PAINTING ~ ~ COMMUNITY LEADERS ~ ~ INFORMATION ON FUTURE ABERGOWRIE TRIPS AND UPCOMING EVENTS ~
Week 1
Photographers: Jude Gur | James Burns | Ben Thangkam Events: Illegally Bond | 25th Anniversary Celebratory Events
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The 25th Anniversay Gala Ball
“T
by James Burns
wenty-five years ago we changed the face of education in Australia by becoming the nation’s first private, not-for- profit university”, said Vice- Chancellor Professor Tim Brailsford – and on Saturday night, Bond changed the face of university events for the foreseeable future. With staff, students, alumni, and guests gathering from all over the world at the Gold Coast Convention Centre for the wildest celebration in Bond’s short (yet impressive) history, no expense was spared at the lavish and luxurious 25th Anniversary Gala Ball.
The Convention Centre was filled with over-the-top decorations, with every minor detail from table setting to the over-sized chandelier being thought through – all extravagant and exquisite. The red-carpet entry fulfilling the needs of those arriving in super-stretched Hummer limousines, and the photobooth’s (plus various paraphernalia) receiving quite the workout too. With Professor Brailsford’s early start on the beverages at the Rugby earlier in the afternoon leading to an enthusiastic opening speech, followed by the always inappropriately-appropriate James Smith hosting the night, there was no shortage of Moët and bed-wetting laughs throughout the evening. Chair of the Alumni Board, Peta Fielding, spoke about her experience as one of Bond’s earliest students, demonstrating perfectly the ideal attributes any bond graduate could hope to achieve. Following Ms Fielding, BUSA President, Melanie Hayden, had the crowd on their feet as always – speaking eloquently, and looking the part too – grabbing the attention of host James Smith, being asked to assist him in brushing up on his long-forgotten law degree over dinner. Byron Bay-based soul singing sensation Lisa Hunt didn’t disappoint on the entertainment front either, with boys in kilts getting dragged on stage and many more students and staff fan-girling on the dance floor below. Rumour has it there may have even been some post-gala entertainment on behalf of Ms Hunt, with her alleged hotel room number being leaked among some first year male students early Sunday morning! University Founder Alan Bond was another not to disappoint on the night, receiving numerous thunders of applause from the many whose lives have been touched by the creation of the university – Mr Bond maintained appearances by featuring in numerous selfies with students young and old. Post-Gala celebrations led to East nightclub in Broadbeach, with Pro Vice-Chancellor Catherine O’Sullivan and friends being spotted taking a stretch-limousine for the strenuous 200 metre walk in typical Bond University 12 | scope
style. There was no shortage of antics at the after party, with guests of all ages recalling the many memories created at Bond over the last 25 years, with such wild dancing leading to an apparent broken wrist in the early hours of Sunday morning. A night filled with glorious food (especially that cheese cart towards the end), insane glamour, great live music, and an endless supply of quality alcohol well beyond that of a standard student’s budget, was always going to lead to a memorable night – but the amalgamation of stories shared between alumni and current students, as well as the true celebration of Bond University as a wider community, is what truly made this a night never to be forgotten by those lucky enough to attend.
**Research participation credits for psychology students available**
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scope Š BUSA 2014
issue 20
Would you like to contribute to Scope Magazine? Send your articles and ideas to James Jeffree at publications.busa@bond.edu.au 16 | scope