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


Interest On Student Debt Amasses At $410,000 Daily

Interest On Student Debt Amasses At $410,000 Net Per Day

The Aotearoa Tertiary Students Association (ATSA) is bitterly disappointed at today’s announcement by Government that the student loan interest rate will remain at seven percent for the next year. Figures released today by ATSA show that under the current seven percent rate students are collectively amassing nearly half a million dollars per day in interest on student loans.

“ATSA is appalled at the rate Student Loan interest is increasing the burden on students, families and communities in New Zealand. A conservative estimate is that the total interest on student loans is increasing overall debt by over $415,000 dollars per day," stated ATSA President Julie Pettett. “This is despite the government’s much touted policy of interest write-offs for current students and low income earners.”

"The decision by government to persist with an interest rate of seven percent shows that they are not facing up to the reality of the problems they are creating. The 'debt' from interest on Student Loans is destined to cripple our country. It is time for politicians and policy makers to own up to getting it wrong and begin to address the issue."

"Lots of New Zealanders have a dream of winning a million dollars on Lotto," said Pettett. "The government is winning that amount every 2.5 days from the interest on student debt! They are placing an unprecedented burden on the youth of today, their families and communities.

"A truly horrifying fact is that this student debt is already out of control. If the debt is not manageable now, what will it be like when it is growing at $1 million each day? Or $2 million each day?”

“Will the current Labour Government be remembered as the government that perpetuated a "generation of debt" or as the government with the courage and conviction to address this serious social issue?” asked Pettett. “ATSA hopes for the latter – and believes voters will give Labour that message at this year’s election."


© Scoop Media

Culture Headlines | Health Headlines | Education Headlines


NZ On Air TV Funding: More Comedy Comes Out Of The Shadows

Paranormal Event Response Unit is a series conceived by Jemaine Clement and Taika Waititi as a TV spin-off from their highly acclaimed feature film What We Do In The Shadows. More>>


Mars News: Winners Announced For The 2016 Apra Silver Scroll Awards

Wellington singer-songwriter and internationally acclaimed musician Thomas Oliver has won the 2016 APRA Silver Scroll Award with his captivating love song ‘If I Move To Mars’. More>>


Scoop Review Of Books: Salt River Songs by Sam Hunt

Colin Hogg, a longtime comrade of Sam, writes in his Introduction that, ‘There is a lot of death in this collection of new poems by my friend Sam Hunt. It’s easier to count the poems here that don’t deal with the great destroyer than it is to point to the ones that do.’ More>>

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>>

Get More From Scoop



Search Scoop  
Powered by Vodafone
NZ independent news