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Labour’s ‘Generous’ Student Loan Scheme A Myth


Hon Max Bradford
Minister for Tertiary Education

MEDIA RELEASE

20 October 1999


Labour’s ‘Generous’ Student Loan Scheme A Myth


Labour’s so-called ‘generous’ Student Loan Scheme is a myth, Minister for Tertiary Education Max Bradford said today.

Mr Bradford said Labour’s policy was vague and oversold.

“When you do the sums using the little information provided, the difference in repayment times between the Government’s proposals announced in November 1998 and Labour’s proposal is between one and two years.

“But, for this small improvement Labour is prepared to see student debt levels escalate dramatically, with its plan to offer free interest loans while studying,” Mr Bradford said.

For example;

Government policy Labour

Nurse: ($31,000 loan) 19.9 years to pay back 18.2 years to pay back

Teacher: ($40,000 loan) 18.9 years to pay back 16.7 years to pay back

Lawyer : ($48,500 loan) 15.8 years to pay back 13.9 years to pay back

Doctor: ($50,000 loan) 10.5 years to pay back 9.6 years to pay back

ENDS

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