Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search


Maharey announces freeze on student loan interest

Maharey announces freeze on student loan interest rate

The Associate Minister of Education (Tertiary Education), Steve Maharey, today announced that the student loan interest rate for the 2000/01 tax year will be frozen while the Government reviews the way the rate is struck.

The Government is required to set the interest rate student loan borrowers are charged before the 28 February each year. Using present methodology the interest charged would have risen from the current 7.0% rate to 7.6% for the 2000/01 tax year beginning on 1 April 2000. Cabinet has decided to freeze the rate because officials are due to report next month on the present interest rate setting methodology.

"We are determined to cut the costs of gaining a tertiary education. We said that on the campaign trail last year and we are keeping our word.

"Today's announcement will help former students to get their loan debts under control. We do realise that a more permanent solution to student indebtedness is needed and that is why the Government has committed itself to a thorough examination of the loans system.

"New Zealand cannot afford to drive talented young people overseas to escape their student loan debts. We need their skills and knowledge here if we are to succeed as a small nation in the 21st century.

"The new Government has also inherited a soon-to-be completed review of the interest rate setting methodology. This is due to be completed by mid-March," Steve Maharey said.


© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines

Crowdsale And Crowdfunding Campaign: Help Create The Future Of Independent News

Two weeks to go! The Scoop 3.0 plan aims to create NZ’s first community-owned, distributed news and media intelligence ecosystem in 2019. We believe this ScoopPro media monetisation approach can be scaled and spread globally to support local and independent news efforts in regional New Zealand and around the world.

Scoop is an ecosystem, it would not exist without those who contribute to it, read it and rely on it for professional media purposes. Generous past support from this ecosystem has enabled us to come this far in developing our business model. Support our PledgeMe Campaign>>


14/11: Two Years’ Progress Since The Kaikoura Earthquake

Mayor John Leggett said it was a day for reflection, but also a time to recognise the work by many people to support progress towards recovery made across Marlborough since November 2016. More>>


Pike River: Mine Drift Re-Entry Plan To Proceed

“I’ve decided the Te Kāhui Whakamana Rua Tekau Mā Iwa - Pike River Recovery Agency, recommended course of action to enter the drift, using the existing access tunnel, is by far the safest option,” said Andrew Little. More>>


Appointments: New High Commissioner To Australia Announced

“Dame Annette King needs no introduction given her long running career as a parliamentarian where she has previously held a number senior Cabinet portfolios, including Justice, Police and Health. She also was Parliament’s longest serving female MP with 30 years’ service,” said Mr Peters. More>>


Two Years Since Kaikoura: Silvia Cartwright To Lead Inquiry Into EQC

“The inquiry will be the first of its kind under the Public Inquiries Act 2013 and will have all the powers of a Royal Commission, be independent of Government and make its report directly to the Governor-General. More>>


Gordon Campbell: On The Royal Commission Into Child Abuse

Obviously, it is good news that the coalition government has broadened the scope of its Royal Commission into the abuse of children, beyond its previous focus on children in state care. More>>


Cases Delayed: Court Staff Refuse To Handle Sentencing Papers

Dozens of court cases have reportedly been delayed, as court staff escalate industrial action at two Auckland courts by enforcing a ban on handling sentencing papers. More>>


Education: Primary Teachers Rolling Strikes

RNZ Report: More than 100,000 primary school students in Auckland will be home from school today as teachers and principals walk off the job for the second time this year. It's the start of a week of rolling one-day strikes around the country, after the collapse of contract negotiations last Thursday. More>>


"Process Was Sound": Inquiry Into Haumaha Appointment Released

The Inquiry’s purpose was to examine, identify, and report on the adequacy of the process that led to the appointment. It found the process was sound and no available relevant information was omitted. More>>





InfoPages News Channels