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Labour's pledge to scrap interest on all student loans will save tens of thousands of dollars for thousands of people across the region, Wairarapa MP Georgina Beyer said today.
Prime Minister Helen Clark and Education Minister Trevor Mallard this week announced the second of Labour's key election pledges: no further interest will be charged for those with student loans who reside in New Zealand.
Helen Clark said that this was a further important step in Labour's policy to make tertiary education more affordable.
"We know that in 2003, some 18,953 people in the Manawatu-Wanganui region, and 21,998 in Wellington, took out student loans. This policy is fantastic news for them, other graduates, and the many New Zealand families who share the cost of higher education. Our policy sends a clear message that we are committed to ensuring that tertiary education is more affordable," Ms Beyer said.
"We've already kept costs down by extending the number of students eligible for allowances and limiting fee increases.
"However, only a party vote for Labour will ensure that this vital support for anyone with a student loan, can be delivered.
"I know that the many students and families who have spoken to me about the burden of student loans, will be thrilled with this pledge. Labour has a proud record of meeting its pledges, so Wairarapa students and graduates can be assured we'll keep this one too," Ms Beyer said.
Under Labour, from 1 April next year, no further interest will accrue on any student loans for people who remain in New Zealand. Graduates choosing to work overseas will be charged interest at the current rate.
The policy also includes an amnesty period in 2006 where those returning from overseas or entering into repayment arrangements will not be charged penalties for overdue payments.
To calculate your student loan repayments, and savings, under a Labour government, visit our online calculator.
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