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<!DOCTYPE html>
<html lang="en">
<head>
<meta charset="utf-8">
<meta http-equiv="X-UA-Compatible" content="IE=edge">
<meta name="viewport" content="width=device-width, initial-scale=1">
<title>Comparison of fees before/after deregulation</title>
<link href="css/bootstrap.min.css" rel="stylesheet">
<link href="css/slider.css" rel="stylesheet">
<link href="css/main.css" rel="stylesheet">
<script>
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})(window,document,'script','//www.google-analytics.com/analytics.js','ga');
ga('create', 'UA-51714691-1', 'anu.edu.au');
ga('send', 'pageview');
</script>
</head>
<body>
<div class="container">
<div class="row" id="header">The cost of a university degree before/after deregulation</div>
<div class="row">
<!--Info blurb-->
<div class="col-md-3">
<h3>Deregulation</h3>
<p>
The Abbott government has recently proposed changes to the higher education system which will
affect both the tuition fees charged by universities as well as the interest rate applied to
student loans. In the current system, tuition fees are set at a fixed rate depending on the degree
and there is no interest applied to student loans. In the proposed system, tuition fees are no longer fixed
and universities may charge any rate as long as it is below the international rate. In addition, student loans
will be subject to an interest rate which is pegged to the ten-year treasury bond rate.
</p>
<p>
You may compare the cost of an education before and after deregulation
by choosing values for each of the relevant variables.
</p>
<p>
This model is specific to the ANU only in that the
maximum deregulated tuition fee is computed using the current ANU
international rates.
</p>
</div>
<!--Output stuff here-->
<div class="col-md-5">
<!--Chart container-->
<div id="container"></div>
<!--Output table-->
<table class="output-table table table-bordered">
<tr>
<td></td>
<td>Before</td>
<td>After</td>
</tr>
<tr>
<td>Years to repay loan after graduation
<a href="#" data-toggle="modal" data-target="#YearsTakenModal">[?]</a>
</td>
<td id="OldYearsBox"></td>
<td id="NewYearsBox"></td>
</tr>
<tr>
<td>Total cost of education
<a href="#" data-toggle="modal" data-target="#TotalPaidModal">[?]</a>
</td>
<td id="OldPaidBox"></td>
<td id="NewPaidBox"></td>
</tr>
<tr>
<td>Interest paid
<a href="#" data-toggle="modal" data-target="#InterestPaidModal">[?]</a>
</td>
<td id="OldInterestBox"></td>
<td id="NewInterestBox"></td>
</tr>
<tr>
<td>Remaining debt upon retirement
<a href="#" data-toggle="modal" data-target="#RemainingDebtModal">[?]</a>
</td>
<td id="OldUnpaidBox"></td>
<td id="NewUnpaidBox"></td>
</tr>
</table>
</div>
<!--Input stuff here-->
<div class="col-md-4">
<form class="form-horizontal" id="inputs" role="form">
<div class="form-group">
<label for="DegreeBand" class="input-label control-label">Subject area</label>
<select class="selectpicker form-control" id="DegreeBandSelector">
<option value="1">Accounting</option>
<option value="2">Administration</option>
<!-- <option value="3">Agriculture</option> -->
<option value="4">Behavioural Science</option>
<!-- <option value="5">Built Environment</option> -->
<option value="6">Commerce</option>
<option value="7">Computing</option>
<!-- <option value="8">Dentistry</option> -->
<option value="9">Economics</option>
<!-- <option value="10">Education</option> -->
<option value="11">Engineering</option>
<option value="12">Foreign Languages</option>
<!-- <option value="13">Health</option> -->
<option value="14">Humanities</option>
<option value="15">Law</option>
<option value="16">Mathematics</option>
<!-- <option value="17">Medicine</option> -->
<!-- <option value="18">Nursing</option> -->
<option value="19">Science</option>
<option value="20">Social Studies</option>
<option value="21">Statistics</option>
<!-- <option value="22">Surveying</option> -->
<!-- <option value="23">Veterinary Science</option> -->
<option value="24">Visual and Performing Arts</option>
</select>
</div>
<div class="form-group">
<label for="DegreeLength" class="input-label control-label">Degree length</label>
<button type="button" class="btn" data-toggle="modal" data-target="#DegreeModal">?</button>
<input type="text" id="DegreeLengthSlider" class="slider form-control" data-slider-min="3" data-slider-max="6" data-slider-step="1" data-slider-value="4">
<b id="DegreeLengthBox">4</b>
</div>
<div class="form-group">
<label for="TuitionFees" class="input-label control-label">Deregulated annual tuition fees</label>
<button type="button" class="btn" data-toggle="modal" data-target="#TuitionFeesModal">?</button>
<input type="text" id="TuitionFeesSlider" class="slider form-control" data-slider-min="30" data-slider-max="100" data-slider-step=".1">
<b id="TuitionFeesBox"></b>
</div>
<div class="form-group">
<label for="InflationRate" class="input-label control-label">Inflation rate</label>
<button type="button" class="btn" data-toggle="modal" data-target="#InflationRateModal">?</button>
<input type="text" id="InflationRateSlider" class="slider form-control" data-slider-min="0" data-slider-max="6" data-slider-step="0.1" data-slider-value="2.77">
<b id="InflationRateBox">2.77 %</b>
</div>
<div class="form-group">
<label for="BondRate" class="input-label control-label">Interest rate</label>
<button type="button" class="btn" data-toggle="modal" data-target="#TreasuryRateModal">?</button>
<input type="text" id="BondRateSlider" class="slider form-control" data-slider-min="0" data-slider-max="6" data-slider-step="0.1" data-slider-value="5">
<b id="BondRateBox">5.0 %</b>
</div>
<div class="form-group">
<label for="GapYears" class="input-label control-label">Years unemployed</label>
<button type="button" class="btn" data-toggle="modal" data-target="#GapYearModal">?</button>
<input type="text" id="GapYearSlider" class="slider form-control" data-slider-min="0" data-slider-max="10" data-slider-step="1" data-slider-value="2">
<b id="GapYearBox">2</b>
</div>
<div class="form-group">
<label for="StartingSalary" class="input-label control-label">Starting salary</label>
<button type="button" class="btn" data-toggle="modal" data-target="#StartingSalaryModal">?</button>
<input type="text" id="StartingSalarySlider" class="slider form-control" data-slider-min="30" data-slider-max="100" data-slider-step="1" data-slider-value="52.5">
<b id="StartingSalaryBox">$ 52.5 K</b>
</div>
<div class="form-group">
<label for="SalaryIncrease" class="input-label control-label">Annual raises as percentage</label>
<button type="button" class="btn" data-toggle="modal" data-target="#SalaryIncreaseModal">?</button>
<input type="text" id="SalaryIncreaseSlider" class="slider form-control" data-slider-min="0" data-slider-max="10" data-slider-step="0.1" data-slider-value="5">
<b id="SalaryIncreaseBox">5.0 %</b>
</div>
</form>
</div>
</div>
<div class="row">
<div class="col-md-4 col-md-offset-4" id="following">
<p>
Click <a href="model.pdf">here</a> for a description of how these figures are calculated
</p>
<p>
Click <a href="https://github.com/sn6uv/debt_website">here</a> for the source code of this model
</p>
</div>
</div>
<div class="row">
<div class="col-md-8 col-md-offset-2" id="footer">
Created by <a href="https://maths-people.anu.edu.au/~alperj/">Jarod Alper</a>, Hannah Bull,
Joshua Chen, Angus Griffith,
<a href="https://maths-people.anu.edu.au/~smythd/">David Smyth</a> // 2014
<br />
The content of this webpage does not represent the official views of the Mathematical Sciences Institute nor the Australian National University.
<br />These figures are not an indication of future ANU policy.
</div>
</div>
</div>
<!-- Information modals -->
<!--Years-->
<div class="modal fade bs-example-modal-sm" id="DegreeModal" tabindex="-1" role="dialog">
<div class="modal-dialog modal-sm">
<div class="modal-content">
<div class="modal-header">
<button type="button" class="close" data-dismiss="modal" aria-hidden="true">×</button>
<h4 class="modal-title">Degree length</h4>
</div>
<div class="modal-body">
Choose here the number of years it takes to complete the degree.
A typical university degree takes 3 to 4 years.
</div>
</div>
</div>
</div>
<!--Tuition fees-->
<div class="modal fade bs-example-modal-lg" id="TuitionFeesModal" tabindex="-1" role="dialog">
<div class="modal-dialog modal-lg">
<div class="modal-content">
<div class="modal-header">
<button type="button" class="close" data-dismiss="modal" aria-hidden="true">×</button>
<h4 class="modal-title">Deregulated annual tuition fees</h4>
</div>
<div class="modal-body">
<p>
While it is impossible to predict how far annual
tuition fees will rise if deregulation is implemented,
it is possible to establish likely minimum and maximum values
for tuition fees within each subject area. In this model, you may select any value between this minimum and maximum.
The default setting is the average of this minimum and maximum.
</p>
<p> We have set the minimum within each subject area as current
domestic fees plus the amount necessary to compensate for the decreased
government contribution under the proposed deregulation. In the table below,
these figures are listed in the 5th column entitled "Minimum Student Contribution"
and are calculated as the sum of the 2nd and 3rd minus the 4th column.
We have set the maximum within each subject area as the difference
between current ANU international fees and the government contribution. Note that
international fees at the ANU may be higher than at other universities.
These figures are listed in the 7th column entitled "Maximum Student Contribution"
and are calculated as the difference of the 6th and 4th column.</p>
<center>
<img src="table.jpg" title="Commonwealth contributions" height="380px" width="850px" />
</center>
<i> Sources: <a href="http://education.gov.au/public-universities">[1]</a>,
<a href="http://www.innovation.gov.au/highereducation/ResourcesAndPublications/Resources/Documents/Rates2014.pdf">[2]</a>,
<a href="http://students.anu.edu.au/fees/domestic/csp.php">[3]</a>, and
<a href="http://students.anu.edu.au/fees/pdfs/ISF-schedule-2014.pdf">[4]</a>.
</i>
<br>
<br>
<p> Note that while domestic tuition fees are capped by the
difference between ANU international tuition fees and the government
contribution, the ANU administration is free to raise international
tuition fees, in which case the Maximum Student Contribution
numbers would be higher.
</p>
</div>
</div>
</div>
</div>
<!--Inflation rate-->
<div class="modal fade bs-example-modal-lg" id="InflationRateModal" tabindex="-1" role="dialog">
<div class="modal-dialog modal-lg">
<div class="modal-content">
<div class="modal-header">
<button type="button" class="close" data-dismiss="modal" aria-hidden="true">×</button>
<h4 class="modal-title">Inflation Rate</h4>
</div>
<div class="modal-body">
<p>
In the current regulated system, student debt is indexed by the inflation rate.
The default value in this model is set as 2.77% which is
the 10-year average of the quarterly inflation rates.
The current
inflation rate (as of 7 June, 2014) is 2.9%. The following graphic illustrates
how the inflation rate has varied since 1969.
</p>
<center>
<img src="inflation.jpg" title="Inflation rate" height="400px" width="800px" />
</center>
<p>
The historical data for the inflation rates was obtained from <a href="http://www.rba.gov.au/statistics/tables/"> this
government webpage</a>. The spreadsheet can be
downloaded <a href="http://www.rba.gov.au/statistics/tables/xls/g01hist.xls"> here</a>.
</p>
</div>
</div>
</div>
</div>
<!--Interest as 10-yr bond rate-->
<div class="modal fade bs-example-modal-lg" id="TreasuryRateModal" tabindex="-1" role="dialog">
<div class="modal-dialog modal-lg">
<div class="modal-content">
<div class="modal-header">
<button type="button" class="close" data-dismiss="modal" aria-hidden="true">×</button>
<h4 class="modal-title">Interest Rate</h4>
</div>
<div class="modal-body">
<p>
Under the proposed deregulated system, student debt will accumulate interest.
This interest rate is determined by
the <a href="https://www.ato.gov.au/rates/key-superannuation-rates-and-thresholds/?page=34">
10-year treasury bond rate</a>. The interest rate will be capped at 6% if the 10-year treasury bond rate
exceeds 6%.
The default value in this model is set as 5.0% which is
the 10-year average of the monthly 10-year treasury bond rates. The current
10-year treasury bond rate (as of 7 June, 2014) is 3.77%. The following graphic illustrates
how the 10-year treasury bond
rate has varied since 1969 with the red line indicating 6%.
</p>
<center>
<img src="treasurybond.jpg" title="Ten-year treasury bond rate" height="400px" width="800px" />
</center>
<p>
The historical data for the 10-year treasury bond rates was obtained from <a href="http://www.rba.gov.au/statistics/historical-data.html"> this
government webpage</a>. The spreadsheets can be
downloaded <a href="http://www.rba.gov.au/statistics/tables/xls-hist/f02histhist.xls"> here</a>
and <a href="http://www.rba.gov.au/statistics/tables/xls/f02hist.xls"> here</a>.
</p>
</div>
</div>
</div>
</div>
<!--Gap years-->
<div class="modal fade bs-example-modal-sm" id="GapYearModal" tabindex="-1" role="dialog">
<div class="modal-dialog modal-sm">
<div class="modal-content">
<div class="modal-header">
<button type="button" class="close" data-dismiss="modal" aria-hidden="true">×</button>
<h4 class="modal-title">Years unemployed</h4>
</div>
<div class="modal-body">
Choose here the number of years that elapse before the student begins earning the specified starting salary.
These years could represent years pursuing a graduate degree, years dedicated to volunteer work, or years taken to raise a family.
</div>
</div>
</div>
</div>
<!--Starting salary-->
<div class="modal fade bs-example-modal-sm" id="StartingSalaryModal" tabindex="-1" role="dialog">
<div class="modal-dialog modal-sm">
<div class="modal-content">
<div class="modal-header">
<button type="button" class="close" data-dismiss="modal" aria-hidden="true">×</button>
<h4 class="modal-title">Starting salary</h4>
</div>
<div class="modal-body">
<p>
Choose here a starting salary. This represents the annual salary that the student
will make in their first job after uni.
</p>
<p>
This figure should be entered in today's dollars. This
means that if you choose $50,000 as a starting salary and you begin
earning this salary in the year 2024, you will actually be earning
50000*(1+inflation)^10 dollars. For instance, if the inflation rate is 2.77%, your
actual starting salary will be $65,710 in 2024 dollars.
</p>
<p>
The default is set at $52.5K, the median grad starting salary in 2012
<a href="http://www.abs.gov.au/ausstats/[email protected]/Lookup/4125.0main+features2320Jan%202013">(source)</a>.
</p>
</div>
</div>
</div>
</div>
<!--Annual raises-->
<div class="modal fade bs-example-modal-sm" id="SalaryIncreaseModal" tabindex="-1" role="dialog">
<div class="modal-dialog modal-sm">
<div class="modal-content">
<div class="modal-header">
<button type="button" class="close" data-dismiss="modal" aria-hidden="true">×</button>
<h4 class="modal-title">Annual raises as percentage</h4>
</div>
<div class="modal-body">
Choose here an annual raise given as a percentage.
For instance, if you begin earning $50000 in the year 2020 and this annual raise
percentage is 5%, then your salary in 2021 is $52500, in 2022 is $55125, and so on.
</div>
</div>
</div>
</div>
<!--Years taken-->
<div class="modal fade bs-example-modal-sm" id="YearsTakenModal" tabindex="-1" role="dialog">
<div class="modal-dialog modal-sm">
<div class="modal-content">
<div class="modal-header">
<button type="button" class="close" data-dismiss="modal" aria-hidden="true">×</button>
<h4 class="modal-title">Years taken to repay the loan</h4>
</div>
<div class="modal-body">
This number is the number of years that it takes after
graduation to repay the loan. If this number is 50, then
there is still debt remaining 50 years after graduation.
</div>
</div>
</div>
</div>
<!--Remaining debt-->
<div class="modal fade bs-example-modal-sm" id="RemainingDebtModal" tabindex="-1" role="dialog">
<div class="modal-dialog modal-sm">
<div class="modal-content">
<div class="modal-header">
<button type="button" class="close" data-dismiss="modal" aria-hidden="true">×</button>
<h4 class="modal-title">Remaining debt</h4>
</div>
<div class="modal-body">
This model assumes that the student retires 50 years after graduating from university.
This number reflects the amount of debt remaining on the loan in today's
dollars
when the student retires. It is shown in red
in the graph.
</div>
</div>
</div>
</div>
<!--Interest paid-->
<div class="modal fade bs-example-modal-sm" id="InterestPaidModal" tabindex="-1" role="dialog">
<div class="modal-dialog modal-sm">
<div class="modal-content">
<div class="modal-header">
<button type="button" class="close" data-dismiss="modal" aria-hidden="true">×</button>
<h4 class="modal-title">Interest paid</h4>
</div>
<div class="modal-body">
This number represents the total amount of interest paid for the education
in today's dollars. This number is
shown in blue in the graph.
</div>
</div>
</div>
</div>
<!--Paid fees-->
<div class="modal fade bs-example-modal-sm" id="TotalPaidModal" tabindex="-1" role="dialog">
<div class="modal-dialog modal-sm">
<div class="modal-content">
<div class="modal-header">
<button type="button" class="close" data-dismiss="modal" aria-hidden="true">×</button>
<h4 class="modal-title">Total cost of education</h4>
</div>
<div class="modal-body">
<p>
This number represents the total amount paid for the education including both tuition
fees and interest. This number is the sum of the black and
blue portions of the graph. If the student retires with debt still remaining on the loan, then
the debt remaining is not included in the total cost of the education.
</p>
<p>This number is the cost in today's dollars.
This means that dollar sums for loan payments in future years
are readjusted with inflation so that they make sense in 2014 dollars.
For instance, if the inflation rate is 2%, a loan payment of $1000
in the year 2024 translates to $1000 * (1.02)^(-10) or $820.34 in today's dollars.
</p>
</div>
</div>
</div>
</div>
<!--End info modals-->
<!--Scripts for sliders and chart-->
<script src="https://ajax.googleapis.com/ajax/libs/jquery/1.11.0/jquery.min.js"></script>
<script src="js/bootstrap.min.js"></script>
<script src="js/bootstrap-slider.js"></script>
<script src="js/highcharts.js"></script>
<script src="js/main.js"></script>
</html>