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Survey of bank managers loan study needed

Otago survey of bank managers shows urgent need for loans scheme study

The Ministry of Education's refusal to investigate the economic implications of the student loans scheme has been questioned by the Alliance's education spokesperson Liz Gordon.

The report from the Otago University Students Association shows that 83% of bank managers considered student loans affect whether or not they would give people loans. Dr Gordon's own research released last week shows the government was not researching this aspect of the student loans scheme.

'The government assumes that the loans scheme has no secondary effects. The Otago study show differently. People with student debt can be turned down for loans, and in particular mortgages, and many have been,' Alliance Education Spokesperson Liz Gordon said.

'The student loans scheme is stunting the development of too many young New Zealanders. Young people are being forced to put off buying a house and having a family because of the huge debt burden they face

'What this report doesn't show is that many young New Zealanders with loans will never get to the bank manager until they have repaid their loans. For the 10,000 people with debts of over $35,000 this means any hope of owning their own home is years away.

'The Alliance is the only party that is going to do anything about the causes of student debt. Only the Alliance has a plan to reduced fees, introduced student allowances and abolish the need for the student loans scheme in the future.

'Max Bradford will deny there is a problem. However the Otago student have undertaken research that Bradford has not because his ministry says it is too hard.

'A party vote for the Alliance will mean an end to the student loans scheme and the chance for young people to have the same chance their parents have had,' Liz Gordon said.

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