Student debt time bomb clocks $15 billion

new-zealand-labour-party

Wed Mar 02 2016 13:00:00 GMT+1300 (New Zealand Daylight Time)

Student debt time bomb clocks $15 billion

Wednesday, 2 March 2016, 8:30 am
Press Release: New Zealand Labour Party

Andrew
LITTLE
Opposition Leader

2 March 2016

Many students will be reflecting on the life-long impact their student loans will have as total student debt hits $15 billion today, Opposition Leader Andrew Little says.

“A generation of graduates will have their life choices limited by their debt. It is harder for them to buy a home, launch a business or start a family.

“It has contributed to home ownership rates plummeting to their lowest level in 64 years. Before student loans were introduced the home ownership rate for under 40s was 57 per cent. It has now slumped to just 25 per cent.

“This lack of security has an ongoing effect on people’s lives. It puts people off undertaking further study and can forces them to delay having children.

“We all know a more educated workforce creates a stronger economy. The barrier of debt must be broken down if New Zealand and New Zealanders are to be the best they can.

“Labour understands the burden student loans are creating. That’s why our Working Futures plan will provide three free years of training and study throughout a person’s life.

“Our plan will enable students to not only train for the jobs they want now, but for the jobs of tomorrow. And allow them to graduate without a millstone of debt hanging round their necks,” Andrew Little says.
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