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Proportion of huge student debts growing

Proportion of huge student debts growing

The latest student loan scheme report released by the Inland Revenue Department shows that the proportion of student loan borrowers is increasing, with over 500 extra borrowers having loans over $40,000 since the last quarterly report.

"Student debt has more than doubled under the Labour government and the big scary loans of many thousands are not going away" said Fleur Fitzsimons, Co-President of the New Zealand University Students' Association. "As living costs make up a bigger proportion of bigger student loans, it's clear that borrowing for rent and food is forcing students into multi thousand dollar debts."

"Students could avoid getting into such large debts if government deliver on their promise to increase access to living allowances," said Fitzsimons. "A living allowance for all students is the best way to get massive student debts under control."

The student loan scheme quarterly report shows that recent changes to the loans scheme have not fixed New Zealand's huge student loan problem.

"Debt is set to grow even more this year when Labour's fee rises kick in. With big fee rises in many areas, expect to watch the big debts balloon and the problems associated with debt get even worse."

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