Student loan debt skyrockets in New Zealand

Students in New Zealand are becoming weighed down by debt, reports the New Zealand Herald.

Tuition fees have risen significantly over the last year and the average student is now said to have a debt of approximately $21,000. Official figures reveal that nearly 731,800 students have a student loan, with a nominal total of $15.3 billion of debt.

According to the Ministry of Education, over 90 per cent of students take out loans in order to pay their tuition fees, but the second largest reason for loans is the cost of living.

More than 90 per cent of students borrow in order to pay their fees, the Ministry of Education report said, with the largest increase in costs coming from hikes to fees.

Conversely, the number of students has been decreasing since 2010.

Read more here from New Zealand Herald

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