Investment in students strengthened
Joint Statement
Tertiary Education and
Revenue
Investment in students strengthened
Today’s budget further strengthens the government’s investment in tertiary students with a student support package valued at $130.8 million in operating funding and $24.4 million in capital funding over four years.
“With this Budget, the lot of the individual student continues to improve, and that is good news for the whole society’s competitiveness over time,” Tertiary Education Minister Pete Hodgson said.
Today’s initiatives include:
• a 10 percent
increase in the parental income threshold for a full
student allowance from 1 January 2009 (benefiting 12,000
students a year)
• lowering the age limit for student
allowances parental income testing to age 24, and lifting
the maximum rate of student allowances for those aged 24 to
the level for students aged 25 years and above (benefiting
more than 5,000 students a year)
• indexing the student
loan living cost component to inflation from 1 April 2009,
following a one-off increase from $150 per week to $155 per
week on 1 January 2009
• a 50 per cent expansion of
the Bonded Merit Scholarship Scheme to 1500 scholarships per
year (benefiting 500 high-achieving undergraduate students
each year)
“These changes give effect to the provisions of the United Future’s confidence and supply agreement with this government to improve access to student allowances, including a reduction in the age at which the parental income test applies,” Peter Dunne said.
Pete Hodgson also acknowledged the Green Party’s work with this government on the moves to strengthen the parental income threshold changes.
Pete Hodgson said measures announced today build on previous announcements including:
•
abolishing interest on all student loans to stop debts
escalating
• controlling tuition fees
• earlier
increases in the parental income threshold for allowances so
that over half of eligible students now receive a
non-repayable allowance.
ENDS