When Student loan becomes IRD debt

Because I own a house and am trying to get a rental investment to work Anne Cleaver representing the IRD (Inland Revenue Department) believes I should take out another loan from a bank (incur new interest) to pay their student loan interest debt. Although my assets in real terms have been dropping since 1994 because I have to keep topping up my living accounts from my assets earnt before the student loan.

Robin Hood never had a pen to sort out The Sheriff of Nottingham so the bastard survived. But now at least we can Blog.

Don’t be fooled by the hype that student loans are designed to give everyone an opportunity to education. This is IRD bullshit; they are designed to give the Government a debt. Then they can say internationally they are a big time business, we can borrow x because we are owed xx.

In 1994 I became unemployed with out any redundancy when the freezing works went into receivership. At the time I was naive enough to think the student loan was good for the Government as Government represented us the tax payer. And if someone was going to get an education they should pay us the tax payer something for that. What a crock of shit that is, we should be educating any one of our citizens to as higher a degree as possible for the good of us all, simple as that.

Anyway I agreed to have a student loan; I had a freehold home from working in the freezing works for 14 years and flexographic printing for 4. I had given “EManuel Labour” a fair enough experience and now wanted to try and use my intellect a bit more, (for experience – R U). That was the big flaw in our “drop out drop in” philosophy; it actually allowed a whole generation of morons to go into admin and government.

I couldn’t survive on the student allowance alone and I had taken out a loan on my house a couple of months before unemployment to re-roof . So by the time I had finished getting my IT degree - once again I had a mortgage, but now I also had a student loan and had lost four years of working income.

I never for one minute in my life have believed the Government should be applying interest to a student loan. So every year when the IRD sent me details of a debt because of interest this burned me, my accountant advised me – don’t worry I’ll sort that. Short story is they never did and now although the Government has changed the policy to no interest on student loans, guess what they are calling the interest that wasn’t paid a “debt.”

I borrowed about 20 thousand for my degree with interest that became over 30 thousand, remember I also had to increase my mortgage every year to stay a full time student and I wasn't earning any wages for 4 years.

So now working in New Zealand this is what the IRD gets: (from a 45 hour week 855.00 gross in 2006 – I used to earn that much in the freezing works in 1994 with no student loan and a freehold house.)

PAYE $194.61
Student loan $52.50
Child support $144.80
Student debt $125.00
TOTAL IRD TAKE $516.91
FOR ME $338.09

NEW ZEALAND PERSONAL TAX PERCENTAGE: 60.5%