Education Policy | Post Primary | Preschool | Primary | Tertiary | Search

 


Loan Borrowers’ Income Not Enough

Loan Borrowers’ Income Not Enough To Sustain Fee Rises

Nearly 70% of student loan borrowers earn under the repayment threshold, according to IRD statistics released today by the New Zealand University Students’ Association (NZUSA).

“It’s clear that many graduates are not earning enough to ever pay off their student loans,” said Andrew Campbell, NZUSA Co-President. “Tertiary institutions must be aware that their threats of increased fees for next year will mean that thousands more students will be shackled with huge debts for life.”

The income range of student loan borrowers at 31 March 1999 (figures for the 2000 tax year are still not available) show that 69.94% of the 256,922 borrowers were earning less than $15,000 per year. On this income they would not be making any repayments on their student loans.

“While it is important to acknowledge that a significant proportion of those earning under the repayment threshold will be current students, it is also shocking that only 12% of borrowers earned over $30,000 a year,” said Campbell.

“Basically all student loan borrowers – 98% - were making less than $50,000 each year. These figures show that graduates are not walking into the high paying jobs that many think they are,” said Campbell. “Vice-Chancellors should be aware that if they raise fees they will be loading more and more debt on to graduates whose salaries cannot sustain loan repayments.”

“Tertiary institutions and government must work together to ensure that student loans do not get any bigger because of fee increases,” said Andrew Campbell.

Attached: Table of student loan borrowers income at 31 March 1999

ENDS

© Scoop Media

 
 
 
 
 
Culture Headlines | Health Headlines | Education Headlines

 

Electronica: Restoring The World’s First Recorded Computer Music

University of Canterbury Distinguished Professor Jack Copeland and UC alumni and composer Jason Long have restored the earliest known recording of computer-generated music, created more than 65 years ago using programming techniques devised by Alan Turing. More>>

ALSO:

Scoop Review Of Books: Almost Getting Away With Murder

The Black Widow by Lee-Anne Cartier: Lee-Anne Cartier is the sister of the Christchurch man found to have been murdered by his wife, Helen Milner, after an initial assumption by police that his death, in 2009, was suicide. More>>

Howard Davis: Triple Echo - The Malevich/Reinhardt/Hotere Nexus

Howard Davis: The current juxtaposition of works by Ralph Hotere and Ad Reinhardt at Te Papa perfectly exemplifies Jean Michel Massing's preoccupation with the transmigration of imagery in a remarkable triple echo effect... More>>

Scoop Review Of Books: Nō Tāu Manawa

Vaughan Rapatahana responds to Fale Aitu | Spirit House by Tusiata Avi: "fa’afetai Tusiata, fa’afetai, / you’ve swerved & served us a masterclass corpus / through graft / of tears & fears..." More>>

9 Golds - 21 Medals: NZ Team Celebrates As Rio 2016 Paralympic Games Close

The entire New Zealand Paralympic Team, led by kiwi sprinter and double gold medallist Liam Malone as flag bearer, are on the bus to the Maracanã Stadium in Rio de Janeiro for the Closing Ceremony of the Rio 2016 Paralympic Games. There, they will celebrate the fantastic successes of the past 10 days. More>>

ALSO:

New Zealand Improv Festival: The Festival Of Moments To Return To The Capital

The eighth incarnation of the New Zealand Improv Festival comes to BATS Theatre this 4-8 October , with a stellar line-up of spontaneous theatre and instant comedy performed and directed by top improvisors from around New Zealand and the world. More>>

ALSO:

Get More From Scoop

 
 

LATEST HEADLINES

 
 
 
 
Education
Search Scoop  
 
 
Powered by Vodafone
NZ independent news