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Student debt is a huge burden on New Zealanders.
It will stay with graduates for years, maybe decades, taking 10% of their income once they earn $19,084 (less than minimum wage), limiting their choices in important life decisions, and denying young New Zealanders the financial security past generations enjoyed. The government needs to address the drivers of debt – high fees and limited access to living allowances, and fix the unfair loan repayment rules to free future generations from the burden of student debt.
What's the big deal about student debt?
A significant proportion of graduates of working and child-bearing age are struggling under the weight of their student debts.
Only 20 years ago graduates would finish their studies debt free, ready to save for a first home, start a family or invest in a business. There was ample financial support from the government to gain a tertiary education, with zero-low tuition fees and almost universal allowances and living costs grants.
Now, total student debt stands at almost $12 billion. Most students didn't qualify for an allowance while studying, and had to borrow to live, while high and rising fees pushed up borrowing even further.
The 2006 interest-free student loan policy has been great for shortening repayment times, but New Zealand needs even bolder and more progressive measures to address the ongoing and significant social and economic impacts of the student debt held by graduates within our communities.