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


Student Loan Debt Hits $5 Billion

Total student debt has reached $5 billion this February according to government figures released today by the New Zealand University Students’ Association (NZUSA).

“$5 billion is yet another negative milestone in the history of student loans. 2002 is also the tenth anniversary of the student loan scheme. With student debt increasing by a billion dollars a year, it is time for the government to enact major changes to the loan scheme,” said Campbell.

“The government will be presenting options for the loan scheme in a discussion document due in May. NZUSA believes that there are five billion reasons why the scheme requires a major overhaul,” said Campbell.

Research released earlier this year by NZUSA showed that the average student debt had increased by 50% since 1996 and that only 1 in 10 students are now debt free.

“The reality is that the overwhelming majority of students now have to incur substantial debt to get an education. The loan scheme impacts on all sectors of New Zealand society with future consequences likely to create workforce shortages and decreasing birth rates”, said Campbell.

“If decisive action is not taken to address the primary drivers of debt; high fees and lack of living allowances, student debt will continue to snowball. 2002 is an election year and a good opportunity for all political parties to make investment in tertiary education their number one priority”, said Campbell.

Please note that there will be activities at Otago University today to mark the 10th anniversary of the loan scheme and student debt reaching $5 billion. Activities start at 1p.m outside the registry building.


© 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>>


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>>


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>>


Get More From Scoop



Search Scoop  
Powered by Vodafone
NZ independent news