Green Tertiary Education Spokesperson Nandor Tanczos today said students across the country would be disappointed with news that the interest rate on student loans was staying static at seven per cent.

"The Alliance MPs are congratulating themselves on keeping the interest rate at seven per cent. They are having a laugh. This is higher than commercial rates. The Government should not be making money off the backs of students."

Nandor said given the Alliance's self congratulation he wondered whether there had actually been an effort made by the Labour Party to have the interest rate increased.

"Students all over the country are telling me story after story about the disastrous impact of the student loans scheme on their lives.

"In the third year of this Government we were all expecting much more. It is amazing to see the Alliance claiming the credit for keeping the student loan interest rate at seven per cent in the same month as student debt hit $5 billion."

Ends

© Scoop Media