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.
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.