Borrowing in 2018

• There were 30,613 new borrowers in 2018, a decrease of 27 percent compared with 2017
• The total amount borrowed was $1.45 billion, a decrease of 7.4 percent compared with 2017
• The average amount borrowed in 2018 was $9,391, an increase of 1.9 percent compared with 2017
• Students used 59 percent of the total they borrowed to pay for course fees
• For the first time since 2013, the number of borrowers at doctorate level increased, while the numbers at all other levels of study decreased
• Of all the 154,608 active student loan borrowers:¹
  • 62% were European
  • 18% were Māori
  • 15% were Asian
  • 9.4% were Pacific people
  • 4.3% were other²

Repayments in 2018/19

• Overdue student loan debt was $1.5 billion; overseas-based borrowers owed 91 percent of the amount overdue
• 46 percent of overseas-based borrowers are taking positive actions towards repaying their student loan
• $996.2 million of repayments was made through the Inland Revenue Pay As You Earn (PAYE) system; this is 3.7 percent higher than 2017/18 due to an increase in the number of borrowers in employment and making repayments
• $374.5 million of repayments was made directly by borrowers
• 48,235 borrowers repaid their loans in full in the year to 30 June 2018
• The forecast median repayment time for all borrowers who left study in 2016 was 7.2 years

Value of the Student Loan Scheme in 2018/19

• The nominal value of all loans was $16 billion
• The cost of lending was 41.42 cents in every dollar lent (a total of $563 million) over the year ended 30 June 2019
• The carrying value of the loan scheme (or the value of the loan asset) was $10.7 billion