Start Learning In 2001 Urges Maharey
New Zealanders are being encouraged to begin tertiary study this year as the Government's policies to lower the cost of education begin to bite, Associate Education (Tertiary Education) Minister Steve Maharey said today.
The Government has invested an additional $670 million over four years to develop a stronger and fairer tertiary education system. Key initiatives include freezing fees at all public institutions and most private providers this year; cancelling interest on student loans held by full-time and low-income part-time students; and the restoration of the value of the Training Incentive Allowance which assists domestic purposes, widows and invalids beneficiaries to undertake tertiary study.
Mr Maharey said that he had been concerned by recent media coverage about the costs of education to students.
"Recent reports have focused on the debts students incurred during the time the National government was in power. It is absolutely vital that New Zealanders understand that the costs of education have been dramatically reduced.
"A good education is an essential investment for the future – both personally and for the nation as a whole. That is why the Government targeted tertiary education amongst our most significant election commitments.
"The measures we have taken to date have lowered the cost of gaining an education and they are helping former students to pay their loans back more quickly. Fees will remain stable this year for the first time in a decade and the average student will pay their loan off two years earlier.
"As polytechnic students begin their studies for a new year, and the university enrolment period approaches, the Government wants to encourage all New Zealanders to think about taking up the study options available to them.
"Information about tertiary courses can be obtained from tertiary providers, Career Services and via the on-line Kiwi Careers website at www.kiwicareers.govt.nz," Steve Maharey said.
Attached is a schedule of the intiatives implemented by the Government to improve access to tertiary education.
Tertiary education initiatives
fees at all public
tertiary institutions and most private providers will be
frozen in 2001
no interest will be charged on
the loans of full time and low-income students while they
are studying
the interest rate borrowers are
charged on their loans was frozen in 2000 and we are looking
at the way the annual rate is set to see if the formula can
be improved
50% of loan repayments in excess of
the inflation adjustment now go directly to reducing the
principal sum borrowed
dental students have had
their fees halved, a drop of more than $10,000 per
year
loan access for student association fees
restored
eligibility has been extended for the
Training Incentive Allowance
an additional $6
million has been invested in the student loan administration
system to ensure the problems encountered in 2000 are not
repeated
an additional $3 million has been
invested in Student Job Search to enable it to enhance the
service it offers to students seeking summer
employment
a Tertiary Education Advisory
Commission is working with the Government to set a new
cooperative and collaborative framework for our tertiary
education
system