More overseas ex-students paying off loans
More expat graduates are paying off their student loans - good news for Christchurch, and the national economy.
More expat graduates are paying off their student loans, according to new Inland Revenue Department (IRD) figures showing a sustained increase.
The total amount of gross repayments from overseas-based student loan borrowers is up on last year for May and June - $8.9 million for May (up 45% on May 2010) and $6.9 million for June (up 38% on June 2010).
Launched in March this year, the Heroic Educated Kiwi Expatriate (HEKE) campaign asks expat Kiwi graduates to make a significant contribution to the Christchurch earthquake recovery mission by paying back their student loans.
According to the HEKE website, the money is not paid into the Christchurch earthquake relief fund. “The money will go back to the New Zealand Government in the usual process – but it will significantly ease the burden of New Zealand taxpayers who will be required to contribute billions to the recovery effort.”
HEKE founder, New Zealander of the Year and Victoria University professor Sir Paul Callaghan, says while the direct impact of the HEKE campaign is unclear, the result of the extra millions repaid is encouraging for all New Zealanders.
“By paying off their loans these students are not only making life easier for themselves, they are directly helping New Zealand’s balance sheet by providing a healthy shot of external funds into the country—something we need desperately in the wake of the devastating Christchurch earthquakes.”
IRD has also been more actively targeting loan defaulters in recent months.
Charlotte Woodfield
Wed, 17 Aug 2011
Wed, 17 Aug 2011
© All content copyright NBR. Do not reproduce in any form without permission, even if you have a paid subscription.
More overseas ex-students paying off loans
16417