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March 4, 2013 | by  | in News |
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Anzac Goes After Students

“Fair dincome”

Australia and New Zealand will begin collecting student debt from each other’s citizens under a deal floated in February.

The proposal has received Prime Ministerial assent from both nations, and is likely to be implemented through salary deductions and more extreme measures including asset seizure.

New Zealanders living in Australia currently owe around $600 million in student loans. It is hoped the measure will improve the state of New Zealand’s loan book, currently $13 billion in the red.

Changes made by the Government to the post-graduate student allowance took effect on January 1st, with students faced with saddling thousands in extra debt.

Ministry of Education data show 5140 students are expected to be affected by the changes, with each affected student likely to have to borrow an extra $4610.89 on top of fees.

The changes will save the Government $29.2 million per year, while national student debt will increase by $23.7 million per annum as a result of the additional borrowing.

 

Chris McIntyre

 

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