Internet Mana says it will forgive student debt, currently totaling $14.2b
Party promises to wipe fees, forgive existing debt and introduce a student allowance
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Hawke’s Bay
Internet Mana has today today confirmed it would make tertiary education free — but added a new wrinkle: a pledge to "Develop a comprehensive loan forgiveness programme for those with existing debt."
The party says it will also introduce a universal student allowance.
It says total student is currently $14.2 billion.
"Around 725,000 people currently carry a debt. Some 15% of students are estimated to live with absolute financial distress," the party says.
The party says its no-fees policy would cost $568 million, and its universal student allowance $570 million.
The policies would be immeidate, and funded by cancelling National's proposed tax cut for low-to middle income earners and dipping into ACC reserves.
The debt write-off scheme would be phased in from 2016 and be "funded from a variety of sources."
Earlier, in an Ask Me Anything session with NBR readers, Internet Party leader Laila Harre said the policy would not be a bottom line.
While Internet Mana hasn't put a price tag on debt forgivelness, the Taxpayers' Union says, “Student loan debt is currently $14.2 billion. Forgiving it would cost, on average, $8,374 per household."
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Internet Mana says it will forgive student debt, currently totaling $14.2b
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