Student loans are getting bigger and graduates are taking longer to pay back the money they owe.
Figures from last year’s Student Loan Scheme Annual Report show the median loan balance in this country grew from $10,833 in 2008 to $14,904 in 2016.
The median repayment time for someone with a bachelor’s degree also lifted from just over six years, to eight and a half. …
New Zealand Union of Students’ Associations Jonathan Gee said students were worried they were not going to be able to pay back the loans they were accruing.
A student loan is the best investment you can make. The median balance is just under $15,000 and the average increase in earnings from having a degree is $1.6 million.