Student loan numbers surge
The recession-driven flight to university boosts loans and allowances to their highest level yet.
The recession-driven flight to university has seen student loans and allowances rise to their highest level yet.
Year-end figures just released by Statistics New Zealand reveal 20,211 or 11.3% more people took out a student loan last year.
Figures for 2009 – the most recent full-year figures available – count the total number of people with a student loan to be 198,723 – the highest since the scheme began in 1992.
An extra 61,629 first-time borrowers meant that 42% of all students now use the student loan scheme, up from 39% the year earlier (2008)
The number of tertiary students receiving a student allowance also increased 25% to 80,703.
Statistics NZ said the increase reflected greater demand for tertiary education resulting from the recession.
The impact of the tougher economic conditions also flowed through to university leavers – where first-year earnings for those leaving study in 2008 fell 2.5% – the first decline since 1998.
Lower income levels were most significant for students aged 24-years or younger and for males – down 4.5% compared with a fall of less than 1% for females.
But on the brighter side, the numbers demonstrate that competing a degree can boost average earnings and wage growth.
Students who completed a bachelor level degree and entered the workforce in 2004 earned an average 17% more ($48,410) last year than those who did not complete study ($41.060).
Georgina Bond
Thu, 23 Dec 2010
Thu, 23 Dec 2010
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Student loan numbers surge
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