22 Dec 2015

Student loan debt reaches $14.8bn

12:26 pm on 22 December 2015

Students are borrowing and repaying more than ever, and the total student loan debt has reached $14.8 billion, the student loan scheme's annual report says.

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Photo: 123rf.com

More than $1.5 billion was borrowed in the 2014-15 financial year, and $1.01 billion was repaid.

The total owed to the scheme reached $14.8b in the past financial year, up from $14.2b the previous year.

The latest figure was after a record $35 million had been written off because of death or bankruptcy.

Interest added $141m to the total debt and penalties a further $58m.

Students borrowed about $7m more than in the previous financial year, and repaid $82m more.

The report said 728,348 people had a student loan with Inland Revenue at the middle of this year.

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