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universities ALBERT Einstein said compound interest was the most powerful force in the universe and now university students are about to feel it.
Economist Bruce Chapman, who designed the Higher Education Contribution Scheme loans system, yesterday said the Abbott government's plan to charge interest on student loans was unfair and would unduly impact on poorer students.
From next year students will have to pay interest on student loans, during which time fees could more than double after the government allowed universities to charge what they like.
Professor Chapman said the government should follow Britain and charge interest only once graduates were earning an income over the repayment threshold. Debt should also be...