Financial Support for Tertiary Students

The latest statistics relating to financial support for students including student loans, allowances and scholarships.

Shared cost of tertiary education

The Student Loan Scheme aims to enable a wide range of people to access tertiary education, gaining knowledge and skills that enhance the economic and social wellbeing of New Zealand. Sharing the cost of tertiary education helps support more people into tertiary study so they can invest in their future.

Funding of tertiary education

Table C1_T1: Funding of tertiary education
Government expenditure		2017/18	2018/19	2019/20
Source: Ministry of Education, Tertiary Education Commission and Ministry of Social Development. Refer to Table 1, Chapter 1, page 11 of the Student Loan Scheme Annual Report 2019/20 Notes: Tuition subsidies are represented by the Student Achievement Component. PBRF is the Performance-Based Research Fund. Fees Free represents the amount spent on paying tuition fees for Fees Free eligible learners. The following items of expenditure are not covered: industry training, community education, scholarships, Youth Guarantee, centres of research excellence, administration of tertiary education, and capital expenditure. To allow better comparisons between years, tuition and training expenditure in 2019/20 excludes the accounting impact of the government guaranteeing funding for providers in 2020 as a result of COVID-19 (which meant the expense of funding guaranteed for July to December 2020 needed to be recognised in 2019/20 rather than in 2020/21). This therefore differs to expenditure recorded in the Estimates of Appropriations for Vote Tertiary Education.
Expenditure ($ million)	Student loans - fair value write down on new borrowings	$594	$563	$506
	Student allowances	$511	$583	$567
	Tuition subsidies, Fees Free, and PBRF	$2,514	$2,580	$2,690
	Total	$3,619	$3,726	$3,763
	Total as % of GDP	1.24%	1.23%	1.25%

Median loan balance on leaving study

Table C1_F2: Median loan balance on leaving study
Year of last study	Median loan balance	Inflation adjusted Median loan balance
Source: Stats New Zealand IDI Refer to Figure 2, Chapter 1, page 11 of the Student Loan Scheme Annual Report 2019/20 Notes: Shown is median loan balance in dollars following the last year of study, and the same figure deflated to March 2001 dollars.
2018	$ 21,610	$ 14,922
2017	$ 19,350	$ 13,559
2016	$ 18,650	$ 13,212
2015	$ 17,780	$ 12,869
2014	$ 17,000	$ 12,356
2013	$ 15,990	$ 11,651
2012	$ 14,670	$ 10,853
2011	$ 13,570	$ 10,126
2010	$ 12,310	$ 9,330
2009	$ 11,680	$ 9,248
2008	$ 11,170	$ 9,025
2007	$ 10,620	$ 8,835
2006	$ 10,210	$ 8,780
2005	$ 10,330	$ 9,109
2004	$ 9,490	$ 8,645
2003	$ 9,410	$ 8,811
2002	$ 8,700	$ 8,272
2001	$ 8,470	$ 8,256
2000	$ 8,360	$ 8,360

Median loan balance for leavers by gender - all borrowers and those who studied at bachelor level

This table is produced online only

Table C1_F2.1: Median loan balance for leavers by gender - all borrowers and those who studied at bachelor level
Year of last study	All levels		Bachelor level
Source: Ministry of Education This is a supporting table for Figure 2, Chapter 1, Page 11 of the Student Loan Scheme Annual Report 2019/20
Year of last study	Male $	Female $	Male $	Female $
2018	22,110	21,390	30,080	28,690
2017	19,360	19,350	28,220	27,420
2016	17,860	18,580	27,920	26,360
2015	17,170	17,350	26,800	25,150
2014	15,960	16,580	26,270	23,920
2013	15,040	15,430	25,170	22,760
2012	13,800	14,180	23,610	20,710
2011	13,110	13,070	22,130	19,040
2010	11,990	11,910	20,500	17,410
2009	11,210	11,490	19,800	17,090
2008	11,120	10,770	19,570	16,280
2007	10,660	10,300	18,260	15,350
2006	10,520	9,740	18,940	15,720
2005	10,650	9,820	19,160	16,110
2004	10,050	8,760	17,410	14,120
2003	9,790	8,820	16,360	13,760

Percentage of borrowers who fully repaid each year

Table C1_F4: Percentage of borrowers who fully repaid each year who left study 2003, 2007, 2011 and 2015
Exit Year	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006	2005	2004	2003
Source: Stats New Zealand IDI Refer Figure 4, Chapter 1, Page 12 of the Student Loan Scheme Annual Report 2019/20 Notes: The leaving cohorts are those who last studied in 2003, 2007, 2011 and 2015, had borrowed from the scheme, and had a student loan balance of $20 or more at 31 March in the following year. Excluded are those who had repaid their student loan before 31 March in the year after leaving study. Full repayment is deemed to occur when the student loan balance has fallen below $20.
2003	76.9%	75.4%	73.6%	71.5%	69.2%	66.6%	63.5%	60.2%	56.5%	52.6%	47.8%	42.5%	36.4%	28.9%	22.5%	11.8%	0.0%
2007	69.6%	67.3%	64.4%	60.9%	57.1%	52.6%	47.3%	41.3%	34.4%	27.2%	19.3%	9.6%	0.0%
2011	57.1%	52.5%	46.9%	40.5%	33.8%	26.6%	18.9%	10.0%	0.0%
2015	28.7%	21.5%	14.3%	6.9%	0.0%

Earning potential

The earnings range for domestic graduates reflects the higher the qualification, the higher the expected income. The tables show the percentage of median and quartile earnings of employed New Zealand domestic tertiary graduates between 1 and 10 years after graduation.

Five years after graduation:

The median earnings of those with a Bachelor’s degree graduate was 23 percent above those with a Level 5-7 certificate/diploma.
The median earnings of those with a Master’s degree was 6.5 percent higher than those with a Bachelor’s degree and 31 percent higher than those with a level 5-7 certificate.

Median annual earnings of young domestic graduates

Table C1_F3: Median annual earnings of young domestic graduates
	Earnings as a percentage of national median earnings by year after qualification (%)
Qualification level	Year 1	Year 2	Year 3	Year 4	Year 5	Year 6	Year 7	Year 8	Year 9	Year 10
Source: Stats NZ IDI, Tertiary Education Commission Refer to Figure 3, Chapter 1, page 12 of the Student Loan Scheme Annual Report 2019/20 Notes: Graduate earnings are attributed only to the highest qualification completed by a person. Sources of data used to identify the highest qualification completed by a person include the Single Data Return, Industry Training Register and New Zealand Qualifications Authority register. The definition of employed graduates and employed population is based on size of income from employed taxable sources. A person is considered employed if their yearly income All earnings are measured in the 2019 tax year (between 1 April 2018 and 31 March 2019). Any negative earnings (income losses) were zeroed for the purposes of this report. For comparison purposes the median earnings of the employed New Zealand population were calculated for age groups matching the median age of graduate groups in each year.
Doctorates	134	143	150	149	147	150	149	162	165	157
Masters	113	121	127	125	131	138	136	138	133	138
Honours & postgraduate certificates/diplomas	123	127	130	133	136	139	140	143	144	146
Graduate certificates/diplomas	96	102	110	112	118	119	123	127	127	130
Bachelor degrees	113	116	118	119	123	122	125	127	126	125
Level 5-7 certificates/diplomas	95	98	96	100	100	100	100	102	106	106
Level 4 certificates	105	109	104	102	104	106	108	110	109	109
Level 1-3 certificates	105	103	108	100	100	98	94	96	94	96

Domestic graduate earnings range

This table is produced online only

Table C1_F3.1 Domestic graduate earnings range – Median, lower, upper quartiles (1-13 years after study for each qualification level)
Level of study	Measure	Annual earnings ($)
Source: Stats NZ IDI, Tertiary Education Commission interpretation. This is a supporting table for Figure 3, Chapter 1, Page 12 of the Student Loan Scheme Annual Report 2019/20
Level of study	Measure	Year 1	Year 2	Year 3	Year 4	Year 5	Year 6	Year 7	Year 8	Year 9	Year 10	Year 11	Year 12	Year 13
Level 1-3 certificates	Lower quartile	28,000	31,000	32,000	33,000	33,000	35,000	35,000	37,000	37,000	38,000	38,000	38,000	38,000
Level 1-3 certificates	Median	39,000	41,000	43,000	43,000	45,000	47,000	47,000	49,000	50,000	51,000	51,000	53,000	55,000
Level 1-3 certificates	Upper quartile	50,000	52,000	53,000	55,000	57,000	60,000	60,000	64,000	65,000	66,000	68,000	70,000	74,000
Level 1-3 certificates	National median	37,000	40,000	40,000	43,000	45,000	48,000	50,000	51,000	53,000	53,000	56,000	57,000	58,000
Level 4 certificates	Lower quartile	31,000	33,000	34,000	35,000	38,000	39,000	41,000	42,000	42,000	43,000	44,000	46,000	46,000
Level 4 certificates	Median	45,000	47,000	47,000	48,000	50,000	53,000	55,000	57,000	58,000	60,000	62,000	62,000	64,000
Level 4 certificates	Upper quartile	61,000	63,000	64,000	65,000	68,000	70,000	72,000	74,000	76,000	77,000	81,000	82,000	83,000
Level 4 certificates	National median	43,000	43,000	45,000	47,000	48,000	50,000	51,000	52,000	53,000	55,000	56,000	57,000	58,000
Level 5-7 certificates and diplomas	Lower quartile	28,000	32,000	33,000	35,000	36,000	37,000	39,000	39,000	41,000	41,000	40,000	39,000	41,000
Level 5-7 certificates and diplomas	Median	38,000	42,000	43,000	45,000	47,000	48,000	51,000	53,000	55,000	56,000	56,000	55,000	58,000
Level 5-7 certificates and diplomas	Upper quartile	48,000	51,000	54,000	58,000	61,000	63,000	68,000	70,000	72,000	74,000	75,000	76,000	81,000
Level 5-7 certificates and diplomas	National median	40,000	43,000	45,000	45,000	47,000	48,000	51,000	52,000	52,000	53,000	56,000	56,000	58,000
Bachelors degrees	Lower quartile	35,000	40,000	42,000	44,000	45,000	46,000	47,000	48,000	47,000	47,000	48,000	48,000	48,000
Bachelors degrees	Median	45,000	50,000	53,000	56,000	59,000	61,000	64,000	66,000	67,000	69,000	70,000	71,000	72,000
Bachelors degrees	Upper quartile	54,000	60,000	65,000	70,000	74,000	78,000	82,000	86,000	89,000	92,000	94,000	97,000	100,000
Bachelors degrees	National median	40,000	43,000	45,000	47,000	48,000	50,000	51,000	52,000	53,000	55,000	56,000	57,000	58,000
Level 7 graduate certs/dips	Lower quartile	35,000	40,000	41,000	44,000	45,000	47,000	47,000	49,000	50,000	50,000	47,000	53,000	52,000
Level 7 graduate certs/dips	Median	45,000	49,000	53,000	56,000	60,000	62,000	65,000	70,000	71,000	74,000	73,000	78,000	78,000
Level 7 graduate certs/dips	Upper quartile	52,000	55,000	61,000	66,000	72,000	77,000	80,000	84,000	86,000	86,000	88,000	93,000	91,000
Level 7 graduate certs/dips	National median	47,000	48,000	48,000	50,000	51,000	52,000	53,000	55,000	56,000	57,000	58,000	58,000	60,000
Level 8 honours/postgrad certs/dips	Lower quartile	39,000	43,000	46,000	47,000	49,000	52,000	52,000	53,000	55,000	56,000	62,000	61,000	65,000
Level 8 honours/postgrad certs/dips	Median	53,000	57,000	61,000	64,000	68,000	71,000	73,000	76,000	79,000	82,000	88,000	92,000	94,000
Level 8 honours/postgrad certs/dips	Upper quartile	63,000	69,000	74,000	79,000	84,000	89,000	94,000	98,000	108,000	115,000	120,000	125,000	127,000
Level 8 honours/postgrad certs/dips	National median	43,000	45,000	47,000	48,000	50,000	51,000	52,000	53,000	55,000	56,000	57,000	58,000	59,000
Masters	Lower quartile	38,000	45,000	48,000	49,000	50,000	55,000	56,000	50,000	52,000	56,000	57,000	55,000	59,000
Masters	Median	51,000	57,000	61,000	64,000	68,000	73,000	75,000	77,000	76,000	80,000	84,000	80,000	83,000
Masters	Upper quartile	60,000	68,000	75,000	79,000	86,000	95,000	95,000	102,000	104,000	110,000	115,000	105,000	114,000
Masters	National median	45,000	47,000	48,000	51,000	52,000	53,000	55,000	56,000	57,000	58,000	59,000	60,000	60,000
Doctorates	Lower quartile	51,000	58,000	61,000	61,000	68,000	72,000	58,000	72,000	82,000	73,000	74,000	72,000	86,000
Doctorates	Median	67,000	73,000	78,000	79,000	81,000	84,000	85,000	94,000	99,000	94,000	100,000	92,000	103,000
Doctorates	Upper quartile	78,000	82,000	87,000	97,000	99,000	96,000	104,000	107,000	135,000	124,000	125,000	126,000	130,000
Doctorates	National median	50,000	51,000	52,000	53,000	55,000	56,000	57,000	58,000	60,000	60,000	60,000	61,000	61,000

Participation and borrowing

Participation

Since 2010 the overall enrolment rate of students and those in full-time equivalent study has steadily decreased.

Enrolment by domestic students in tertiary education

Table C2_F5: Enrolment by domestic students in tertiary education
Years	Students	EFTS
Source: Ministry of Education Refer to Figure 5, Chapter 2, Page 14 of the Student Loan Scheme Annual Report 2019/20 Notes: Data before 1999 excludes private training establishments and ‘other tertiary education provider’ students. Data relates to domestic students enrolled at any time during the year. The difference between student numbers and EFTs numbers relates to the proportion of part-time students enrolled and the study load they enrol for Participation excludes industry training, non-government-funded private training establishments, formal courses of a week or less, and all non-formal learning.
2019	328,075	215,675
2018	335,620	220,265
2017	343,590	223,300
2016	353,545	230,815
2015	358,075	233,470
2014	363,035	239,695
2013	368,695	244,770
2012	372,770	245,685
2011	381,455	245,580
2010	418,180	254,520
2009	423,000	250,635
2008	418,660	235,115
2007	441,720	237,445
2006	445,490	235,440
2005	452,415	242,820
2004	432,745	243,115
2003	407,425	239,450
2002	379,825	224,235
2001	342,440	203,795
2000	314,615	190,660
1999	294,425	181,100
1998	259,280	160,275
1997	258,935	154,840
1996	260,555	148,470
1995	259,230	145,425
1994	245,940	139,985

Participation and completion by domestic students

Table C2_T2: Participation and completion by domestic students in tertiary education
Participation and completion		2017	2018	2019
Source: Ministry of Education Refer to Table 2, Chapter 2, Page 15 of the Student Loan Scheme Annual Report 2019/20 Notes: Data relates to domestic students enrolled at any time during the year. Participation excludes industry training, non-government-funded private training establishments, formal courses of a week or less, and all non-formal learning. A small number of students complete qualifications at different levels in the same year, hence the sum of the three levels does not always add up to the total sum of students completing their qualifications in a given year. Students are counted in each ethnic group they identify with, so the sum of the various ethnic groups may not add to the total. Data in this table, including totals, have been rounded so the sum of individual counts may not add to the total.
Domestic students participating in tertiary education	Total (000)	344	336	328
	20 years old and under	90	89	86
	21-26 years old	99	96	94
	27-50 years old	123	121	119
	Over 50 years old	31	31	29
	Female	201	199	198
	Male	143	137	130
	Māori	79	76	73
	Pasifika	34	32	33
	European	214	209	204
	Asian	49	50	51
Domestic students completing qualifications	Non-degree	78	75	71
	Bachelors	27	28	27
	Postgraduate	15	16	14
	Total	118	117	111

The proportion of borrowers enrolled at a bachelor degree level and higher has steadily increased while Level 1 – 4 certificates decreased substantially over the last 10 years .

The trend in the age of borrowers continues to show a reduction in borrowers who are under 26 years old. This trend is consistent with the introduction of the Fees Free policy in 2018.

Trends in level of study among borrowers in 2019

This table is produced online only

Table C2_T2.1: Trends in level of study among borrowers in 2019
Qualification level	Number of students
Level 1-3 Certificates	9,163
Level 4 Certificates	10,376
Level 5-7 Diplomas	15,101
Level 7 Bachelors	91,656
Level 8 Honours/Postgrad cert/dip	13,611
Level 9 Masters	7,839
Level 10 Doctorates	1,451
Non Formal	9
Missing	23
Total	149,229

Qualification	2006	2007	2008	2009	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019
Source: Ministry of Social Development and Ministry of Education This is a supporting table for Table 2, Chapter 2, Page 15 of the Student Loan Scheme Annual Report 2019/20 Note: Students studying for more than one qualification are listed under the highest
Bacherlors degrees or higher	56.1%	56.6%	60.1%	59.5%	60.6%	61.9%	64.4%	66.2%	68.0%	69.2%	71.0%	72.7%	75.1%	76.8%
Level 1–4 certificates	30.0%	26.6%	27.8%	25.8%	25.6%	24.8%	23.1%	22.3%	20.9%	19.9%	18.3%	17.1%	15%	13%

Trends in the age profile of borrowers

This table is produced online only

Table C2_T2.2: Trends in the age profile of borrowers
Age groups	2000	2001	2002	2003	2004	2005	2006	2007	2008	2009	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019
Under 18	3,206	4,143	4,473	4,246	4,148	3,942	4,147	4,333	4,033	3,978	3,059	2,602	2,347	2,031	1,632	1,440	1,199	1,146	574	429
18 - 20	37,546	41,677	41,938	42,645	42,512	42,483	47,571	51,534	54,502	60,415	63,525	62,655	62,366	61,330	59,989	59,121	58,365	56,279	45,876	42,056
21 - 23	30,981	34,408	35,762	37,259	37,456	37,202	39,804	41,566	43,726	48,787	53,398	53,833	54,184	52,761	52,042	51,244	50,204	48,818	47,718	47,210
24 - 26	13,421	15,422	15,531	16,591	16,780	16,445	17,593	18,185	18,902	21,646	23,199	22,767	22,329	21,747	21,459	21,478	20,658	19,615	18,252	17,780
27 - 29	9,223	10,736	10,453	11,079	10,933	10,446	10,963	11,198	11,617	13,523	15,104	14,099	13,078	12,118	11,933	11,903	11,650	11,206	10,857	10,511
30 - 32	7,247	8,914	9,004	9,313	9,259	8,264	8,412	8,280	8,390	9,549	10,450	10,025	9,447	8,930	8,437	8,046	7,790	7,606	7,250	7,476
33 - 35	6,086	7,310	7,196	7,673	7,753	7,273	7,472	7,149	6,956	7,548	7,981	7,759	7,293	6,807	6,500	6,234	5,929	5,764	5,562	5,456
36 - 38	5,722	6,508	6,200	6,460	6,350	6,058	6,166	6,157	6,050	6,812	7,245	6,723	6,109	5,404	5,123	5,066	4,698	4,552	4,295	4,345
39 - 41	4,430	5,466	5,507	5,736	5,572	5,118	5,269	5,223	5,233	5,909	6,451	6,174	5,589	4,982	4,528	4,299	3,949	3,621	3,542	3,468
42 - 44	3,395	4,213	4,234	4,416	4,758	4,625	4,875	4,765	4,301	4,871	5,208	5,209	4,743	4,401	4,070	3,810	3,406	3,088	2,835	2,793
45 - 47	2,516	3,115	3,163	3,374	3,621	3,575	3,854	4,079	4,147	4,391	4,559	4,267	3,965	3,515	3,388	3,257	2,944	2,773	2,609	2,409
48 - 50	1,665	2,156	2,246	2,456	2,604	2,645	2,977	2,984	2,959	3,347	3,753	3,649	3,424	2,895	2,664	2,462	2,345	2,089	1,993	2,049
51 - 53	1,074	1,401	1,518	1,575	1,736	1,788	2,125	2,210	2,182	2,430	2,656	2,603	2,417	2,301	2,140	1,904	1,740	1,559	1,436	1,437
54 - 56	612	944	1,045	1,067	1,167	1,244	1,506	1,501	1,569	1,763	1,950	1,787	1,602	1,381	1,284	1,243	1,159	1,096	1,003	972
57 - 59	371	568	641	679	759	910	1,123	1,128	1,164	1,236	1,409	1,296	1,008	787	632	560	468	440	425	428
60 - 64	387	646	835	833	752	987	1,368	1,487	1,333	1,323	1,427	1,143	843	592	449	355	330	294	283	320
65 & over	225	515	780	848	872	1,406	2,195	2,012	1,469	1,210	1,111	739	443	275	207	115	104	91	98	90
Total	128,107	148,142	150,526	156,250	157,032	154,411	167,420	173,791	178,533	198,738	212,485	207,330	201,187	192,257	186,477	182,537	176,938	170,037	154,608	149,229

	2006	2007	2008	2009	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019
Source: Ministry of Social Development. This is a supporting table for Table 2, Chapter 2, Page 15 of the Student Loan Scheme Annual Report 2019/20
Borrowers under 26 years	109,115	115,618	121,163	134,826	143,181	141,857	141,226	137,869	135,122	133,283	130,426	125,858	112,420	107,475
Percentage of borrowers aged 26 or younger	65.2%	66.5%	67.9%	67.8%	67.4%	68.4%	70.2%	71.7%	72.5%	73.0%	73.7%	74.0%	72.7%	72.0%

Borrowing

Since 1992, 1.37 million students have borrowed a total of $28.8 billion through the Student Loan Scheme (net of refunds to Studylink, and inclusive of administration charges, to 30 June 2020). Borrowers have repaid $16,949 million. More than 660,000 borrowers have repaid their loans since the scheme began.

In 2019 there were less students entering the student loan scheme overall however, the demographics of new active borrowers shows new borrowers increased substantially from 2018. This is due to the delay in borrowers entering the scheme for the first time due to first year fees-free. This is also why the median age of new borrowers has increased from 19 to 20 years.

Borrowing trends since 1992

Table C2_F6: Borrowing trends since 1992
	1992	1993	1994	1995	1996	1997	1998	1999	2000	2001	2002	2003	2004	2005	2006	2007	2008	2009	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019
Source: Ministry of Social Development and Ministry of Education Refer to Figure 6, Chapter 2, Page 16 of the Student Loan Scheme Annual Report 2019/20 Notes: Borrowing amount includes establishment fees. The lending amount includes admin fees but did not take account of refunds (i.e. all lending regardless of any refunds back to MSD)
Loan borrowings ($m)	160	272	342	398	444	577	654	566	782	915	940	995	983	989	1,107	1,180	1,241	1,389	1,551	1,583	1,574	1,599	1,601	1,622	1,602	1,568	1,452	1,472
Borrowers	44,202	68,411	79,338	89,817	95,411	105,038	114,387	115,142	128,107	148,142	150,526	156,250	157,032	154,411	167,420	173,791	178,533	198,738	212,485	207,330	201,187	192,257	186,477	182,537	176,938	170,037	154,608	149,229

Number of total active borrowers and new active borrowers in each academic year

Table C2_F6.1: Number of total active borrowers and new active borrowers in each academic year
Year	Total active borrowers	New active borrowers
Source: Ministry of Social Development and Stats NZ IDI This is a supporting table for Table 2, Chapter 2, Page 15 of the Student Loan Scheme Annual Report 2019/20 Notes: The apparent discrepancy in the 1992 figures is due to different data sources. The figures for all borrowers were provided by the Ministry of Education, while the figures for new borrowers were provided by Statistics New Zealand from the integrated dataset on student loans and allowances.
2019	149,229	34,212
2018	154,608	30,613
2017	170,037	42,136
2016	176,938	44,566
2015	182,537	46,721
2014	186,477	49,038
2013	192,257	51,732
2012	201,187	54,836
2011	207,330	57,024
2010	212,485	63,535
2009	198,738	61,266
2008	178,533	54,330
2007	173,791	54,309
2006	167,420	56,007
2005	154,411	46,920
2004	157,032	49,575
2003	156,250	52,593
2002	150,526	53,046
2001	148,142	59,031
2000	128,107	56,160
1999	115,142	44,844
1998	114,387	46,884
1997	105,038	44,931
1996	95,411	42,015
1995	89,817	42,735
1994	79,338	38,415
1993	68,411	43,965
1992	44,202	44,259

Demographic characteristics of all active student loan borrowers

Table C2_T3: Demographic characteristics of all active student loan borrowers
All active borrowers		2018	2019	2018 - 2019 change
Source: Ministry of Social Development Refer to Table 3, Chapter 2, Page 17 of the Student Loan Scheme Annual Report 2019/20 Notes: Borrowers can select more than one ethnic group so the sum of all ethnic groups may not add to 100 percent. Other includes borrowers who identified themselves with three or more ethnic groups. All percentages are of all active borrowers. The total number of borrowers includes those who identified themselves as gender diverse. Active student loan borrowers are those who borrowed from the loan scheme in the calendar year Numbers are not a true reflection of gender diversity as the option only became available when applying for a student loan on 2 December 2019.
All active borrowers		2018	2019	n	%
Total number		154,608	149,229	-5,379	-3.5
Gender	Female	94,901	92,243	-2,658	-2.8
Gender	Male	59,707	56,969	-2,738	-4.6
	Gender Diverse		17
Age	Average age	25	26
	Median age	22	22
	20 years and under	46,450	42,485	-3,965	-8.5
	21-26 years	65,970	64,990	-980	-1.5
	27-50 years	38,943	38,507	-436	-1.1
	Over 50 years	3,245	3,247	2	0.1
	20 years and under (%)	30.0	28.5
	21-26 years (%)	42.7	43.6
	27-50 years (%)	25.2	25.8
	Over 50 years (%)	2.1	2.2
Ethnic group	European (%)	62.3	61.0
	Māori (%)	18.1	17.6
	Pacific people (%)	9.4	9.3
	Asian (%)	15.0	15.4
	Other (%)	4.3	4.4

Demographic characteristics of new active student loan borrowers

This table is produced online only

Table C2_T3.1: Demographic characteristics of new active student loan borrowers
New active borrowers		2018	2019	2018 - 2019 change
Source: Ministry of Social Development This is a supporting table for Table 3, Chapter 2, Page 17 of the Student Loan Scheme Annual Report 2019/20 Notes: New active borrowers are those entering the loan scheme for the first time ever in 2019. Borrowers can select more than one ethnic group so the sum of all ethnic groups may not add to 100 percent. Other includes borrowers who identified themselves with three or more ethnic groups. All percentages are of total new active borrowers.
New active borrowers		2018	2019	n	%
Total number		30,613	34,212	3,599	11.8
Gender	Female	18,369	20,100	1,731	9.4
	Male	12,244	14,112	1,868	15.3
Age	Average age	23	23
	Median age	19	20
	20 years and under	20,358	23,143	2,785	13.7
	21-26 years	4,877	5,516	639	13.1
	27-50 years	4,780	4,905	125	2.6
	Over 50 years	598	648	50	8.4
	20 years and under (%)	66.5	67.6
	21-26 years (%)	15.9	16.1
	27-50 years (%)	15.6	14.3
	Over 50 years (%)	2.0	1.9
Ethnic group	European (%)	57.0	53.8
	Māori (%)	17.6	15.3
	Pacific people (%)	8.9	8.8
	Asian (%)	13.1	16.4
	Other (%)	3.9	4.2

Loan uptake

The overall loan uptake rate is reflective of both full-time and part-time students. The uptake rate of eligible;

full-time students fell from 72 percent (133,863 students) in 2018 to 69 percent (127,921 students) in 2019,
part-time students remained static at 33 percent (21,308 students).

The Average and Median amounts borrowed by loan component over the last 10 years show that between 2010 and 2019;

average amounts borrowed for course fees increased by 35 percent
average amounts borrowed for living costs increased by 51 percent

The average and median amounts borrowed by loan component shows in 2019, the:

average amount borrowed for course fees was $6,853 an increase of $191 or 2.9 percent
average amount borrowed for living costs increased by $283 (5.1 percent) to $5,796

Overall loan uptake

Table C2_F7: Overall loan uptake
Year	Students eligible to borrow	Borrowing uptake	Uptake rate
Source: Ministry of Social Development and Ministry of Education Refer to Figure 7, Chapter 2, Page 17 of the Student Loan Scheme Annual Report 2019/20 Note: Overall uptake rate reflects the mix of full-time and part-time students.
2019	249,651	149,229	59.8%
2018	248,826	154,608	62.1%
2017	246,649	170,037	68.9%
2016	253,737	176,938	69.7%
2015	255,808	182,537	71.4%
2014	257,673	186,477	72.4%
2013	260,462	192,257	73.8%
2012	277,188	201,187	72.6%
2011	278,854	207,330	74.4%
2010	291,171	212,485	73.0%
2009	285,182	198,738	69.7%
2008	264,272	178,533	67.6%
2007	264,618	173,791	65.7%
2006	258,504	167,420	64.8%
2005	257,761	154,411	59.9%
2004	253,406	157,032	62.0%
2003	233,416	156,250	66.9%
2002	240,863	150,526	62.5%
2001	217,349	148,142	68.2%
2000	193,351	128,107	66.3%

Full time uptake

This table is produced online only

Table C2_F7.1: Full-time uptake
Year	Full-time students eligible to borrow	Full-time student borrowing uptake	Full-time uptake rate
Source: Ministry of Social Development and Ministry of Education This is a supporting table for Figure 7, Chapter 2, Page 17 of the Student Loan Scheme Annual Report 2019/20
2019	185,467	127,921	69%
2018	186,119	133,863	72%
2017	182,438	146,550	80%
2016	188,566	152,561	81%
2015	191,102	158,417	83%
2014	194,704	162,850	84%
2013	198,543	167,666	84%
2012	211,135	174,187	83%
2011	209,665	173,398	83%
2010	216,482	176,314	81%
2009	209,867	163,368	78%
2008	193,328	145,491	75%
2007	192,456	142,031	74%
2006	187,706	136,483	73%
2005	185,379	127,055	69%
2004	178,601	131,407	74%
2003	171,994	133,791	78%
2002	183,735	133,559	73%
2001	160,387	129,391	81%
2000	145,308	115,839	80%

Part-time uptake

This table is produced online only

Table C2_F7.2: Part-time uptake
Year	Part-time students eligible to borrow	Part-time student borrowing uptake	Part-time uptake rate
Source: Ministry of Social Development and Ministry of Education This is a supporting table for Figure 7, Chapter 2, Page 17 of the Student Loan Scheme Annual Report 2019/20
2019	64,184	21,308	33.2%
2018	62,707	20,745	33.1%
2017	64,211	23,487	36.6%
2016	65,171	24,377	37.4%
2015	64,706	24,120	37.3%
2014	62,969	23,627	37.5%
2013	61,919	24,591	39.7%
2012	66,053	27,000	40.9%
2011	69,189	33,932	49.0%
2010	74,689	36,171	48.4%
2009	75,315	35,370	47.0%
2008	70,944	33,042	46.6%
2007	72,162	31,760	44.0%
2006	70,798	30,937	43.7%
2005	72,382	27,356	37.8%
2004	74,805	25,625	34.3%
2003	61,422	22,459	36.6%
2002	57,128	16,967	29.7%
2001	56,962	18,751	32.9%
2000	48,043	12,268	25.5%

Total amounts drawn by loan component

Table C2_F8: Total amounts drawn by loan component
Year	Course Fees	Living Costs	Course-related Costs
Source: Ministry of Social Development Refer to Figure 8, Chapter 2, Page 18 of the Student Loan Scheme Annual Report 2019/20
2019	$866,133,763	$503,732,911	$93,799,443
2018	$845,089,395	$497,611,692	$100,164,688
2017	$1,039,317,480	$409,671,677	$108,884,300
2016	$1,060,187,209	$417,357,647	$113,909,186
2015	$1,072,996,999	$420,635,872	$118,075,657
2014	$1,052,825,086	$417,261,354	$120,270,874
2013	$1,056,461,915	$408,732,069	$122,112,645
2012	$1,053,553,315	$381,339,813	$126,950,781
2011	$1,054,837,497	$374,626,602	$140,885,415
2010	$1,007,868,200	$389,071,488	$143,280,132
2009	$885,174,215	$370,949,831	$123,356,530
2008	$787,834,735	$344,317,975	$100,356,596
2007	$736,116,062	$337,486,444	$98,226,493
2006	$688,743,663	$311,270,151	$98,388,233
2005	$609,842,253	$282,500,360	$89,415,201
2004	$589,607,800	$292,994,326	$92,390,309
2003	$593,922,339	$297,737,889	$95,143,228
2002	$560,550,975	$281,638,016	$90,810,508
2001	$551,265,300	$268,628,200	$88,177,896
2000	$468,864,957	$241,736,567	$65,008,000

Average and median amounts borrowed by loan component

This table is produced online only

Table C2_F8.1: Average and median amounts borrowed by component
	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019
Source: Ministry of Social Development This is a supporting table for Figure 8, Chapter 2, Page 18 of the Student Loan Scheme Annual Report 2019/20
	Course fees ($)
Average	5,076	5,441	5,571	5,850	6,074	6,323	6,453	6,558	6,662	6,853
Median	5,084	5,422	5,666	5,925	6,189	6,426	6,610	6,758	6,790	6,977
Living costs ($)
Average	3,832	3,710	3,774	3,944	4,036	4,179	4,259	4,351	5,513	5,796
Median	3,851	3,537	3,599	3,800	3,958	4,250	4,460	4,643	5,983	6,460
Course-related costs ($)
Average	992	990	988	988	987	988	985	982	981	981
Median	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000

Component of lending by sub-sector

Table C2_T4: Component of lending by sub-sector
2019	Subsector	Number of borrowers	Borrowing amount million ($)	Average borrowing ($)
Source: Ministry of Social Development. Refer to Table 4, Chapter 2, Page 18 of the Student Loan Scheme Annual Report 2019/20 Notes: Borrowers are limited to $1,000 per loan contract for course-related costs. Some borrowers have more than one contract in a calendar year; hence the average amount borrowed for course-related costs can exceed $1,000 per borrower. PTE stands for Private Training Establishment. Borrowers are counted in each sub-sector they studied at during the year, so the sum of all sub-sectors may not add to the total. Borrowing amount does not include establishment fees. Total is individual count The total number of borrowers is higher than that reported by MSD due to counting borrowers in every sub-sector that they were enrolled in the year
Course fees	University	81,720	608	7,441
	Polytechnic	30,996	161	5,186
	Wānanga	1,580	6	4,007
	PTE	12,092	91	7,518
	Total (StudyLink)	126,388	866	6,853
Course-related costs	University	57,241	56	970
	Polytechnic	24,846	25	991
	Wānanga	2,575	3	999
	PTE	10,913	11	1,014
	Total (StudyLink)	95,575	94	981
Living costs	University	59,294	375	6,329
	Polytechnic	17,259	84	4,842
	Wānanga	1,279	7	5,220
	PTE	9,087	41	4,527
	Total (StudyLink)	86,907	507	5,830
Totals	University	93,838	1,039	11,071
	Polytechnic	36,156	269	7,439
	Wānanga	3,008	16	5,179
	PTE	16,221	143	8,823
	Total (StudyLink)	149,229	1,467	9,827

Average course fees borrowed by sub-sector

This table is produced online only

Table C2_T4.1: Average course fees borrowed by sub-sector
	2000	2001	2002	2003	2004	2005	2006	2007	2008	2009	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019
Source: Ministry of Social Development This is a supporting table for Table 4, Chapter 2, Page 18 of the Student Loan Scheme Annual Report 2019/20 Notes: College of education are included with universities. Borrowers are counted in each sub-sectors they studied at during the year.
Universities	3,833	3,880	3,873	3,888	4,024	4,159	4,278	4,541	4,775	4,927	5,361	5,750	6,001	6,336	6,569	6,847	7,088	7,083	7,233	7,441
Institutes of technology and polytechnics	3,193	3,268	3,597	3,955	3,523	3,708	3,713	3,873	4,030	3,901	4,162	4,562	4,344	4,431	4,667	4,825	4,915	5,009	5,013	5,186
Wānaga	3,927	4,156	4,703	3,678	3,217	3,287	3,242	3,731	3,712	3,740	4,003	4,061	3,225	3,356	3,267	3,475	3,476	3,645	3,932	4,007
Private training establishments	5,071	5,303	5,160	5,059	5,006	5,284	5,575	5,606	5,642	5,644	5,819	6,203	6,775	7,171	7,213	7,513	7,557	7,696	7,565	7,518

Student loan borrowers by level of qualification and average amount borrowed

This table is produced online only

Table C2_T4.2: Student loan borrowers by level of qualification and average amount borrowed
Qualification level n= number of borrowers $ avg = average amount borrowed	2017		2018		2019
Source: Ministry of Social Development This is a supporting table for Table 4, Chapter 2, Page 18 of the Student Loan Scheme Annual Report 2019/20 Notes: Borrowers are counted in the highest qualification level they studied in the year Amount borrowed includes establishment fees
	n	$ avg	n	$ avg	n	$ avg
	1,433	8,684	1,445	10,120	1,451	9,625
Masters, honours, postgraduates certificates and postgraduate diplomas	21,448	10,597	21,187	10,979	21,450	11,361
Bachelors degrees, graduate certificates and graduate diplomas	100,649	10,010	93,444	10,271	91,656	10,781
Level 5–7 certificates/diplomas	17,422	8,274	16,092	8,058	15,101	8,173
Level 1–4 certificates	29,033	6,067	22,409	5,138	19,539	5,274
Other	52	5,112	31	4,011	32	3,797
Total borrower numbers	170,037		154,608		149,229
Average borrowed for all qualifications		9,220		9,391		9,867

Students are supported through student loans, student allowances or a combination of both. The Student Loan Scheme and the Student Allowance Scheme are interconnected. For the 2019/20 tax year, full-time students could borrow up to $239.76 a week for living costs from the loan scheme, less any student allowances they received. The maximum entitlement is adjusted for inflation on 1 April each year.

In 2019:

22,785 students received student allowances and also used the loan scheme for living costs. This was a decrease of 5.4 percent from 2018
39,710 students used a student allowance only. A reduction of 2.3 percent from 2018.

Number of students borrowing for living cost and receiving student allowances

This table is produced online only

Table C2_T4.3: Number of students borrowing for living cost and receiving student allowances
	2003	2004	2005	2006	2007	2008	2009	2010	2011	2012	2013	2014	2015	2016	2016	2018	2019
Source: Ministry of Social Development and Ministry of Education This is a supporting table for Table 4, Chapter 2, Page 18 of the Student Loan Scheme Annual Report 2019/20
Student allowances only	42,174	40,332	38,350	39,487	40,363	42,796	52,334	61,192	60,320	57,145	47,210	44,588	43,521	41,878	39,289	40,633	39,710
Student allowances and living costs	21,862	20,494	18,456	19,944	22,116	22,906	30,299	34,753	38,951	39,763	37,889	35,084	31,530	29,150	26,063	24,095	22,785
Living costs only	57,785	57,396	55,580	61,315	65,059	65,944	66,930	66,776	62,020	61,285	65,741	68,310	69,122	68,845	68,098	66,172	64,122

Student allowances compared with student loan living cost borrowing

This table is produced online only

Table C2_T4.4: Student allowances compared with student loan living cost borrowing
2019	Number of students	Average allowances ($)	Average living costs loan ($)	Average allowances and living costs loan ($)
Source: Ministry of Social Development This is a supporting table for Table 4, Chapter 2, Page 18 of the Student Loan Scheme Annual Report 2019/20
Student allowances only	39,710	10,274		10,274
Student allowances and living costs loan	22,785	8,144	2,625	10,769
Living costs loan only	64,122		6,923	6,923

Repayment times

Repayment times are influenced by factors such as;

Government policy on tertiary education and on student loans in particular
The strength of the labour market
The type of study undertaken
Whether a borrower stays in New Zealand or spends long periods overseas
The amount borrowed

The quartiles of actual and forecast repayment times shows that average amounts borrowed at a higher-level of qualification are similar while those borrowers who studied at a higher level tend to pay their loans off more quickly.

Median Debt and forecast repayment time for leavers

Table C2_T5: Median Debt and forecast repayment time for leavers
	2018	Median leaving balance ($)	Median post-study repayment time (years)
Source: Stats NZ IDI and Ministry of Education Student Loans Integrated Model Refer to Table 5, Chapter 2, Page 19 of the Student Loan Scheme Annual Report 2019/20 Notes: The population is those who studied in 2018, did not study in 2019 who completed a qualification at the level shown in 2018. Forecast repayment times have increased in 2020 due to the expected impact of COVID-19.
All	Level 1-4 certificates	9,850	8.3
	Level 5-7 diplomas	19,610	9.0
	Bachelors and graduate certificates / diplomas	34,530	9.2
	Postgraduate	38,770	7.5
Male	Level 1-4 certificates	8,570	6.6
	Level 5-7 diplomas	20,290	8.2
	Bachelors and graduate certificates / diplomas	35,520	8.7
	Postgraduate	45,040	7.9
Female	Level 1-4 certificates	10,700	9.5
	Level 5-7 diplomas	19,380	9.5
	Bachelors and graduate certificates / diplomas	33,940	9.5
	Postgraduate	34,390	7.3

Median leaving debt and repayment time by ethnicity and level of study for leavers in 2018

This table is produced online only

Table C2_T5.1: Median leaving debt and repayment time by ethnicity and level of study for leavers in 2018
	Cert1-4			CertsDip5-7			Bachelors			PostGrad			All Levels
	N	Median repayment time (years)	Median leaving debt ($)	N	Median repayment time (years)	Median leaving debt ($)	N	Median repayment time (years)	Median leaving debt ($)	N	Median repayment time (years)	Median leaving debt ($)	N	Median repayment time (years)	Median leaving debt ($)
Source: Stats NZ IDI and Ministry of Education Student Loans Integrated Model Notes: Counts have been randomly rounded and may not appear to add. The ethnicity is reported using 'multiple response', meaning that people are counted in each broad ethnic group they identify with. Repayment times are a mixture of real experience and modelling. Forecast repayment times have increased in 2020 due to the expected impact of COVID-19.
European	10,167	7.6	9,620	6,351	8.1	17,900	17,724	8.5	30,230	6,381	7.6	38,370	40,623	8.2	23,520
Māori	9,711	11.9	10,110	2,469	10.5	16,710	4,227	9.8	26,230	1,086	8.4	32,570	17,490	10.7	15,220
Pasifika	3,111	10.1	10,820	1,101	11.1	20,030	2,934	10.2	28,610	663	8.5	34,240	7,806	10.1	20,070
Asian	1,215	7.5	9,950	909	7.9	17,550	4,134	8.2	28,590	1,680	7.2	35,560	7,944	7.9	26,230

Forecast repayments times for borrowers who left study in 2018

Table C2_T6: Forecast repayment times for borrowers who left study in 2018
		Repayment times (years)
	% of leavers	25th percentile	median	75th percentile
Source: Stats NZ IDI and Ministry of Education Student Loans Integrated Model Refer to Table 6, Chapter 2, Page 20 of the Student Loan Scheme Annual Report 2019/20 Notes: Counts have been randomly rounded and may not appear to add. The ethnicity is reported using 'multiple response', meaning that people are counted in each broard ethnic group they identify with. Shown are quartiles of post-study repayment time. This is a mixture of real experience and modelling. ''n' indicates that full repayment is not seen to occur in the modelling. Forecast repayment times have increased in 2020 due to the expected impact of COVID-19.
All	100%	4.6	8.6	14.7

By Gender
Male	38.8%	4.2	7.9	13.2
Female	61.2%	4.9	9.1	15.8

By level of study
Level 1-4 certificates		3.8	9.2	21.2
Level 5-7 certificates/diplomas		4.2	8.7	15.9
Bachelors and graduate certficates/diplomas		5.3	8.6	13.1
Postgraduate		4.1	7.6	11.9

By Ethnicity
European		4.4	8.2	13.1
Māori		5.3	10.7	22.1
Pasifika		5.2	10.1	19.4
Asian		4.5	7.9	12.6

By leaving debt band ($000)
<5	14.6%	0.8	1.9	5.1
5-10	12.7%	2.4	5.1	9.7
10-15	10.2%	3.8	6.7	12.6
15-20	9.4%	4.8	7.6	13.6
20-25	9.2%	5.5	8.2	13.7
25-30	7.9%	6.5	9.3	14.8
30-35	6.9%	7.2	10.2	15.4
35-40	5.7%	7.8	10.9	16.7
40-45	5.2%	8.4	11.5	16.7
45-50	4.2%	9.0	11.7	16.9
50-55	3.0%	9.4	12.9	19.4
55-60	2.6%	10.0	13.5	18.8
60-65	2.2%	10.0	13.4	18.5
65-70	1.5%	10.5	14.0	20.0
>70	4.6%	12.6	17.0	25.4

By location
Always NZ based	77.7%	4.0	7.7	12.8
Not always NZ based	22.3%	7.5	12.7	24.8

Quartiles of actual and forecast repayment times

This table is produced online only

Table C2_T6.1: Quartiles of actual and forecast repayment times by level of study
	Level 1-4 certificates			Level 5-7 certificates/diplomas			Bachelors and graduate certificates/ diplomas			Postgraduate
Year of last study	25th percentile	Median	75th percentile	25th percentile	Median	75th percentile	25th percentile	Median	75th percentile	25th percentile	Median	75th percentile
Source: Stats NZ IDI and Ministry of Education Student Loans Integrated Model This is a supporting table for Table 6, Chapter 2, Page 20 of the Student Loan Scheme Annual Report 2019/20 Notes: Shown are quartiles of student loan repayment time in years. The data is a mixture of actual repayment performance and projection. Forecast repayment times have increased in 2020 due to the expected impact of COVID-19.
2018	3.8	9.2	21.2	4.2	8.7	15.9	5.3	8.6	13.1	4.1	7.6	11.9
2017	3.5	9.2	21.3	4.1	9	16.6	4.9	8.4	12.9	3.6	7.4	11.5
2016	3.1	9	22.1	3.7	8.6	15.8	4.7	8.4	13	3.1	7.5	11.8
2015	3.1	9	22.8	3.5	8.2	15.9	4.1	8.1	13	2.8	7	11.9
2014	3	8.5	23.5	3.5	8.1	16.2	3.9	7.8	12.9	2.6	6.1	11.7
2013	3	7.4	21.9	3.4	7.5	16.9	3.8	7.2	12.8	2.5	5.6	11.2
2012	2.9	7	22.7	3.2	6.9	16.5	3.4	6.6	12.7	2.3	5.5	10.9
2011	3.1	7.6	27.2	2.9	6.7	16.4	2.8	6.3	12.5	1.7	4.9	9.9
2010	3.1	7.3	25.7	2.9	6.7	16.9	2.7	6.1	12.4	1.8	4.8	9.8
2009	3.2	7.7	27	2.9	6.7	16.2	2.8	6.3	12.6	1.8	4.5	9.5
2008	3.1	7.6	29.6	2.7	6.3	14.7	2.8	6	12.3	1.9	4.7	9.4
2007	3	7.5	25.8	2.6	6.6	15.5	2.8	6.1	11.9	1.9	4.7	9.8
2006	2.9	7.4	23.1	2.6	6.6	15.4	3	6.3	12.3	2.1	5.1	9.7
2005	2.9	7.4	21.6	2.8	6.7	15.6	3	6.7	12.8	2.5	5.9	10.9
2004	3	7.7	22	2.6	6.6	14.9	2.4	6.3	12.7	1.6	5	10.6
2003	3.1	7.3	19.4	2.5	6.6	15.1	2	6.1	12.9	1.5	4.5	10.5

Repayment performance

Borrowers and balances

As at 30 June 2020, there were 692,486 student loan borrowers, compared with 708,518 at the same time last year, a reduction of 2.3 percent. Borrowers by age group shows the largest group of borrowers are in their early twenties as they are most likely still studying or entering the workforce. Borrowers travelling overseas tend to do so once they finish study therefore show an increase from their mid to late twenties.

Number of borrowers

Table C3_F9: Number of borrowers as at 30 June
Year	All borrowers	NZB	OBB	Overall # change	Overall % change
Source: Inland Revenue Refer to Figure 9, Chapter 3, Page 23 of the Student Loan Scheme Annual Report 2019/20
2020	692,486	584,212	108,274	-16,032	-2.3%
2019	708,518	599,678	108,840	-10,669	-1.5%
2018	719,187	610,832	108,355	-13,786	-1.9%
2017	732,973	622,479	110,494	1,219	0.2%
2016	731,754	621,015	110,739	3,406	0.5%
2015	728,348	617,754	110,594	6,911	1.0%
2014	721,437	611,960	109,477	10,469	1.5%
2013	710,968	603,965	107,003	9,736	1.4%
2012	701,232	600,137	101,095	80,074	12.9%
2011	621,158	529,434	91,724	33,659	5.7%
2010	587,499	502,362	85,137	25,700	4.6%
2009	561,799	479,462	82,337	31,510	5.9%
2008	530,289	453,512	76,777	31,030	6.2%
2007	499,259

Age range of borrower groups

This table is produced online only

Table C3_F9.1: Age range of borrower groups
Age group	All Borrowers	NZ-based borrowers only	Overseas-based borrower only
Source: Inland Revenue This is a supporting table to Figure 9, Chapter 3, Page 23 of the Student Loan Scheme Annual Report 2019/20
Under 18	238	238	0
18	3,786	3,784	2
19	14,754	14,713	41
20	23,718	23,580	138
21	27,557	27,197	360
22	30,472	29,734	738
23	32,007	30,623	1,384
24	31,917	29,840	2,077
25	31,719	29,038	2,681
26	31,087	27,795	3,292
27	30,415	26,483	3,932
28	29,117	24,732	4,385
29	28,243	23,574	4,669
30	26,268	21,498	4,770
31	23,811	19,312	4,499
32	21,869	17,576	4,293
33	19,784	15,894	3,890
34	18,145	14,362	3,783
35	16,820	13,232	3,588
36	16,213	12,599	3,614
37	15,547	11,765	3,782
38	14,995	11,262	3,733
39	14,299	10,686	3,613
40	13,352	9,780	3,572
41	13,194	9,704	3,490
42	12,518	9,059	3,459
43	11,847	8,530	3,317
44	11,131	7,959	3,172
45	10,575	7,567	3,008
46	9,901	7,096	2,805
47	8,931	6,560	2,371
48	8,416	6,387	2,029
49	7,559	5,830	1,729
50	6,760	5,242	1,518
51	6,225	4,900	1,325
52	5,803	4,548	1,255
53	5,331	4,201	1,130
54	4,819	3,851	968
55	4,745	3,742	1,003
56	4,331	3,459	872
57	4,350	3,484	866
58	4,069	3,282	787
59	3,567	2,876	691
60	3,188	2,592	596
61	2,794	2,348	446
62	2,543	2,099	444
63	2,327	1,930	397
64	2,206	1,838	368
65+	19,223	15,831	3,392
Grand Total	692,486	584,212	108,274

The borrower base - 692,486 borrowers, owe a total nominal balance of $16,135m. The range and distribution of loan balances shows overseas-based borrowers continue to have higher average loan balances than New Zealand-based borrowers because of interest and (often) late payment interest charges to their loan accounts. The most frequent range being between $10,000 and $15,000. The supporting table shows at the end of June 2020;

56 percent of overseas-based borrows have loan balances over $20,000 compared with 41 percent of New Zealand-based borrowers
20 percent of overseas-based borrowers have loans over $50,000 compared to 9.4 percent of New Zealand-based borrowers.

The comparison of both New Zealand-based and overseas-based borrowers by activity over the last five years uses the following activity segments:

Borrowing – those who are currently borrowing from the scheme
Borrowing and repaying – those who are borrowing but their income is above the repayment threshold so they are repaying previously drawn loans or making voluntary repayments
Repaying – those who have completed study and are repaying their loans
Inactive participants – those who have a positive loan balance but did not interact with the scheme in the last financial year

Points to note are:

There is a smaller borrower base who are borrowing and/or making repayments
Less repayments being made by both cohorts
The number of inactive borrowers for both cohorts has decreased

Aggregated nominal balance

Table C3_F10: Aggregated Nominal Balance
Year	Balance ($m)	$m increase	% increase
Source: Inland Revenue Refer to Figure 10, Chapter 3, Page 23 of the Student Loan Scheme Annual Report 2019/20
2020	16,135	101	0.6%
2019	16,034	165	1.0%
2018	15,869	134	0.9%
2017	15,735	395	2.6%
2016	15,340	503	3.4%
2015	14,837	602	4.2%
2014	14,235	673	5.0%
2013	13,562	593	4.6%
2012	12,969	899	7.4%
2011	12,070	925	8.3%
2010	11,145	886	8.6%
2009	10,259	686	7.2%
2008	9,573	161	1.7%
2007	9,412	1,042	12.4%
2006	8,370

Average and median loan balances

This table is produced online only

Table C3_F10.1: Average and Median Loan Balances
Year	Average ($)	Median ($)
Source: Inland Revenue This is a supporting table to Figure 10, Chapter 3, Page 23 of the Student Loan Scheme Annual Report 2019/20
2020	23,307	16,422
2019	22,065	16,125
2018	21,467	15,938
2017	20,963	15,271
2016	20,371	14,904
2015	19,731	14,421
2014	19,076	13,882
2013	18,494	13,307
2012	17,276	12,849
2011	16,731	11,880
2010	16,213	11,399
2009	16,129	11,090
2008	16,833	10,883

Range and distribution of loan balances

Table C3_F11: Range and Distribution of loan balances
Balance range	NZB	OBB	All borrowers	NZB	OBB
Source: Inland Revenue Refer to Figure 11, Chapter 3, Page 23 of the Student Loan Scheme Annual Report 2019/20
$1 - 1,999	44,502	4,407	48,909	7.6%	4.1%
$2,000 - 3,999	44,445	4,546	48,991	7.6%	4.2%
$4,000 - 5,999	43,761	4,910	48,671	7.5%	4.5%
$6,000 - 7,999	42,916	5,254	48,170	7.3%	4.9%
$8,000 - 9,999	37,997	5,380	43,377	6.5%	5.0%
$10,000 - 14,999	73,674	13,048	86,722	12.6%	12.1%
$15,000 - 19,999	59,052	10,597	69,649	10.1%	9.8%
$20,000 - 24,999	49,933	9,630	59,563	8.5%	8.9%
$25,000 - 29,999	38,753	8,160	46,913	6.6%	7.5%
$30,000 - 34,999	31,523	6,733	38,256	5.4%	6.2%
$35,000 - 39,999	26,157	5,544	31,701	4.5%	5.1%
$40,000 - 44,999	20,811	4,735	25,546	3.6%	4.4%
$45,000 - 49,999	15,768	3,776	19,544	2.7%	3.5%
$50,000 - 54,999	12,203	3,449	15,652	2.1%	3.2%
$55,000 - 59,999	9,864	2,811	12,675	1.7%	2.6%
$60,000 - 79,999	21,438	6,915	28,353	3.7%	6.4%
$80,000 - 99,999	6,952	3,551	10,503	1.2%	3.3%
$100,000 - 119,999	2,571	1,951	4,522	0.4%	1.8%
$120,000 - 139,999	1,150	1,191	2,341	0.2%	1.1%
> $139,999	742	1,686	2,428	0.1%	1.6%
Total	584,212	108,274	692,486	100%	100%

Borrower numbers by activity

This table is produced online only

Table C3_F11.1: Borrower numbers by activity
		2015/16	2016/17	2017/18	2018/19
Source: Inland Revenue This is a supporting table to Figure 11, Chapter 3, Page 23 of the Student Loan Scheme Annual Report 2019/20 Notes: Repayments/Lending - loans closed are not included and therefore neither are the transactions These are point-in-time volumes therefore may differ from the numbers in other tables. Data for 2019/20 is not yet avaliable.
New Zealand-based borrowers	Borrowing	104,848	96,070	78,677	74,800
	Borrowing and repaying	88,766	90,153	91,731	88,105
	Repaying	301,189	309,590	317,654	315,448
	Inactive	171,847	171,972	171,663	170,538
Overseas-based borrowers	Repaying	48,242	51,207	52,038	50,478
Overseas-based borrowers	Inactive	63,660	61,242	58,680	60,054
Total		778,552	780,234	770,443	759,423

Borrower segments

Summary of student loans at 30 June

Table C3_T8-10: New Zealand-based borrowers summary
	2018	2019	2020
Number of borrowers	610,832	599,678	584,212
Nominal balance ($m)	12,550	12,607	12,611
Median loan ($)	15,064	15,101	15,585
Average loan ($)	20,546	21,024	21,697

Table C3_T8-10: Overseas-based borrowers summary
	2018	2019	2020
Number of borrowers	108,355	108,840	108,274
Nominal balance ($m)	3,318	3,426	3,524
Median loan ($)	21,924	22,448	23,366
Average loan ($)	30,624	31,481	32,528

Table C3_T8-10: All borrowers summary
	2018	2019	2020
Source: Inland Revenue Refer to Tables 8-10, Chapter 3, Page 24 of the Student Loan Scheme Annual Report 2019/20
Number of borrowers	719,187	708,518	692,486
Nominal balance ($m)	15,869	16,034	16,135
Median loan ($)	15,938	16,125	16,422
Average loan ($)	22,065	22,630	23,307

Loan repayments

Overall loan repayments have continued to increase. However, repayments through the PAYE system show an increase of 9.7% ($96.6m). This increase reflects the movement of the Scheme accounts to Inland Revenue’s new platform in 2020. This meant student loan repayments made through the PAYE system are now accounted for earlier than in previous years. An additional $70m was attributed to the 2019/20 year as a result of this move. Table 7.1 Loan repayments direct from borrowers shows a breakdown of payments directly from New Zealand-based and overseas-based borrowers.

Loan repayments

Table C3_T7: Loan Repayments
Repayments	2017/18	2018/19	2019/20
	$million
Source: Inland Revenue Refer to Table 7, Chapter 3, Page 24 of the Student Loan Scheme Annual Report 2019/20
PAYE	$960.7	$996.2	$1,092.8
From borrower	$387.4	$374.5	$384.4
Total	$1,348.1	$1,370.7	$1,477.2
	Annual % change
PAYE	7.3%	3.7%	9.7%
From borrower	2.6%	-3.3%	2.7%
Total	5.9%	1.7%	7.8%

Loan repayments directly from borrowers

This table is produced online only

Table C3_T7.1: Loan Repayments directly from borrowers
	2017/18	2018/19	2019/20
Source: Inland Revenue This is a supporting table for Table 7, Chapter 3, Page 24 of the Student Loan Scheme Annual Report 2019/20
New Zealand-based
$million	166.1	168.2	172.8
Annual % change	2.2%	1.3%	2.7%

Overseas-based
$million	221.3	206.3	211.6
Annual % change	3.0%	-6.8%	2.6%

Total
$million	387.4	374.5	384.4
Annual % change	2.6%	-3.3%	2.6%

Overdue repayments

Student loan repayments become overdue when borrowers do not meet their repayment obligation by the due date. Overall, the number of borrowers with overdue repayments reduced slightly in 2020. The total amount overdue increased by 6.6 percent on the previous year. Overseas-based borrower default continues to impact on the overall level of default. The amount in default increases as late payment interest is added to overdue amounts. The longer borrowers are out of New Zealand the less engaged they are with their student loans. Overdue amounts continue to increase for both New Zealand-based (0.9%) and overseas-based borrowers (7.2%). New Zealand-based borrower default is mostly affected by returning overseas-based borrowers whose default is recorded as New Zealand-based once the borrower has been in New Zealand for more than six months. From April 2020 any unpaid amount after 30 September is now treated as an overdue amount, unpaid amounts for the 30 Sept due date are now reported as debt after the due date, rather than waiting until 31 March. Late payment interest is still only applied after 31 March.

Overdue repayments

Table C3_T11: Overdue repayments as at 30 June 2020
Overdue repayments	2018	2019	2020	% Change 2019-20
Source: Inland Revenue Refer to Table 11, Chapter 3, Page 25 of the Student Loan Scheme Annual Report 2019/20
New Zealand-based
Overdue amount ($m)	116.2	131.9	133.1	0.9%
No. of borrowers	26,021	28,221	29,389	4.1%
Average amount outstanding ($)	4,466.0	4,673.2	4,527.4	-3.1%
Overseas-based
Overdue amount ($m)	1,205.2	1,349.2	1,446.2	7.2%
No. of borrowers	75,375	75,882	74,215	-2.2%
Average amount outstanding ($)	15,990.0	17,779.6	19,486.1	9.6%
Total/overall
Overdue amount ($m)	1,321.5	1,481.0	1,579.2	6.6%
No. of borrowers	101,396	104,103	103,604	-0.5%
Average amount outstanding ($)	13,032.6	14,226.8	15,242.8	7.1%

Age and location of overdue repayments

Table C3_T12: New Zealand-based age and location of overdue repayments at 30 June 2020
	2016		2017		2018		2019		2020
Age of overdue repayments	$ million	%	$ million	%	$ million	%	$ million	%	$ million	%
0-1 month	5.3	5.8%	3.6	3.6%	4.9	4.3%	4.5	3.4%	1.0	0.7%
2-3 months	12.9	14.1%	12.4	12.4%	13.1	11.3%	13.2	10.0%	10.4	7.8%
4-6 months	3.9	4.3%	3.9	3.9%	4.4	3.8%	4.6	3.5%	4.6	3.5%
7-12 months	4.1	4.5%	4.4	4.4%	4.0	3.5%	5.4	4.1%	1.9	1.4%
1-2 years	13.5	14.8%	14.6	14.7%	15.4	13.3%	15.1	11.4%	17.7	13.3%
2-5 years	20.0	22.0%	26.5	26.6%	34.4	29.6%	39.7	30.1%	39.4	29.6%
>5 years	31.4	34.5%	34.0	34.2%	40.0	34.4%	49.4	37.5%	58.1	43.7%
Total	91.2	100.0%	99.3	100.0%	116.2	100.0%	131.9	100.0%	133.1	100.0%

Table C3_T12: Overseas-based age and location of overdue repayments at 30 June 2020
	2016		2017		2018		2019		2020
Age of overdue repayments	$ million	%	$ million	%	$ million	%	$ million	%	$ million	%
Source: Inland Revenue Refer to Table 12, Chapter 3, Page 25 of the Student Loan Scheme Annual Report 2019/20
0-1 month	3.9	0.4%	3.1	0.3%	3.5	0.3%	2.7	0.2%	0.4	0.0%
2-3 months	155.9	15.9%	154.7	14.0%	148.7	12.3%	142.9	10.6%	72.0	5.0%
4-6 months	5.3	0.5%	3.3	0.3%	4.8	0.4%	2.5	0.2%	2.0	0.1%
7-12 months	7.9	0.8%	9.1	0.8%	6.3	0.5%	16.9	1.3%	65.1	4.5%
1-2 years	153.3	15.6%	152.9	13.8%	148.5	12.3%	148.3	11.0%	131.6	9.1%
2-5 years	310.7	31.6%	356.4	32.2%	385.4	32.0%	411.3	30.5%	405.4	28.0%
>5 years	345.7	35.2%	427.8	38.6%	508.0	42.1%	624.5	46.3%	769.8	53.2%
Total	982.6	100.0%	1,107.3	100.0%	1,205.2	100.0%	1,349.1	100.0%	1,446.2	100.0%

Number of loans fully repaid

Table C3_F12: Number of loans fully repaid at 30 June 2019
Year	Loans repaid
Source: Inland Revenue Refer to Figure 12, Chapter 3, Page 26 of the Student Loan Scheme Annual Report 2019/20 Note: Historical data can be changed because loans can be booked to previous tax years when they are repaid.
2019	45,205
2018	48,235
2017	42,465
2016	43,100
2015	41,134
2014	39,544
2013	42,290
2012	34,141
2011	32,133
2010	30,598
2009	28,625
2008	25,092
2007	21,704

Write off due to death, bankruptcy or fraud

Table C3_T13: Write off due to death, bankruptcy or fraud
Write-offs	2017/18	2018/19	2019/20
	$millions
Source: Inland Revenue Refer to Table 13, Chapter 3, Page 26 of the Student Loan Scheme Annual Report 2019/20
Bankruptcy	32.2	23.6	13.6
Death	31.1	25.7	30.8
Fraud			0.26
	Borrowers
Bankruptcy	827	835	1,054
Death	2,605	1,803	1,898
Fraud			<5

Funding

Summary of student loans at 30 June

Table C4_F13: Movement in the fair value due to impairment and discount rate changes over the last five years
At 30 June	2016	2017	2018	2019	2020
	$ millions
Source: Ministry of Education Refer to Figure 13, Chapter 4, Page 28 of the Student Loan Scheme Annual Report 2019/20
Impairment	-89	45	103	211	-476
Discount rate	408	-140	190	734	343

Lending and initial write down on this lending

Table C4_F14: Lending and initial write down on this lending
	2005/06	2006/07	2007/08	2008/09	2009/10	2010/11	2011/12	2012/13	2013/14	2014/15	2015/16	2016/17	2017/18	2018/19	2019/20
	$millions
Source: Ministry of Education Refer to Figure 14, Chapter 4, Page 29 of the Student Loan Scheme Annual Report 2019/20
New lending (including establishment fee)	989	1,116	1,131	1,269	1,434	1,465	1,489	1,481	1,522	1,529	1,522	1,485	1,337	1,360	1,413
Initial fair value write-down	328	488	487	532	728	713	702	536	629	602	659	662	594	563	506
Average cost of lending in cents per dollar	33.16	43.73	43.06	41.92	50.77	48.67	47.15	36.19	41.33	39.37	43.3	44.58	44.43	41.4	35.82

Average cost of lending in cents per dollar lent

This table is produced online only

Table C4_T14.1 - Average cost of lending in cents per dollar lent
2008		2009		2010		2011		2012		2013		2014		2015		2016		2017		2018		2019		2020
Jan-Jun	July-Dec	Jan-Jun	July-Dec	Jan-Jun	July-Dec	Jan-Jun	July-Dec	Jan-Jun	July-Dec	Jan-Jun	July-Dec	Jan-Jun	July-Dec	Jan-Jun	July-Dec	Jan-Jun	July-Dec	Jan-Jun	July-Dec	Jan-Jun	July-Dec	Jan-Jun	July-Dec	Jan-Jun	July-Dec
Source: Valuation of the Student Loan Scheme This is a supporting table to Table 17, Chapter 4, Page 32 of the Student Loan Scheme Annual Report 2019/20
40.25	39.15	39.15	47.39	47.39	45.25	45.25	44.62	44.62	39.09	35.19	40.02	41.83	44.99	37.39	43.29	43.32	46.90	43.76	44.53	44.40	44.53	40.18	38.59	34.76	**

Lending and repayments

Table C4_F15: Lending and Repayments
	2005/06	2006/07	2007/08	2008/09	2009/10	2010/11	2011/12	2012/13	2013/14	2014/15	2015/16	2016/17	2017/18	2018/19	2019/20
$millions
Source: Ministry of Education Refer to Figure 15, Chapter 4, Page 30 of the Student Loan Scheme Annual Report 2019/20
New lending	981	1,107	1,122	1,259	1,423	1,453	1,477	1,470	1,511	1,518	1,512	1,475	1,328	1,351	1,404
Repayment	-486	-486	-550	-619	-652	-691	-767	-1,054	-1,032	-1,114	-1,209	-1,273	-1,348	-1,371	-1,477
Net cash out	495	621	572	640	771	762	710	416	479	404	303	202	-20	-20	-73

Government’s cost of ownership of the Student Loan Scheme

Table C4_T14: Government’s cost of ownership of the Student Loan Scheme
Source: Ministry of Education Refer to Table 14, Chapter 4, Page 30 of the Student Loan Scheme Annual Report 2019/20
Fair value of the asset	$ 10,395 million
Discount rate for the asset	4.03%
Cost of capital associated with the Student Loan Scheme 2020/2021	$419 million

Agency Costs

Table C4_T15: Agency Costs
	2013/14	2014/15	2015/16	2016/17	2017/18	2018/19	2019/20
	$ million
Source: Ministry of Social Development, Inland Revenue, Ministry of Education and Stats NZ. Refer to Table 15, Chapter 4, Page 31 of the Student Loan Scheme Annual Report 2019/20 Note: All amounts exclude GST.
Ministry of Social Development	16.2	13.4	15.0	15.1	16.5	16.8	18.0
Inland Revenue	33.5	33.9	36.1	37.8	38.7	40.0	39.8
Ministry of Education	0.7	0.7	0.8	0.8	0.9	0.8	1.0
Statistics New Zealand	0.7	0.7	0.7	0.7	0.8	0.9	0.9
Gross agency cost	51.1	48.7	52.6	54.4	56.9	58.5	59.7

Estimated Cost Ratios

Table C4_T16: Estimated Cost Ratios
	2015/16	2016/17	2017/18	2018/19	2019/20
	Cents per dollar
Source: Ministry of Social Development, Inland Revenue, Ministry of Education and Stats NZ. Refer to Table 16, Chapter 4, Page 31 of the Student Loan Scheme Annual Report 2019/20 Note: All amounts exclude GST.
Ministry of Social Development cost of each dollar advanced	0.99	1.02	1.24	1.24	1.28
Inland Revenue cost of each dollar collected	2.99	2.97	2.87	2.92	2.69
	Percentage
Total cost as a percentage of turnover	1.93%	1.98%	2.13%	2.15%	2.07%

Nominal and carrying value movements

Table C4_T17: Nominal and carrying value movements
			2005/06	2006/07	2007/08	2008/09	2009/10	2010/11	2011/12	2012/13	2013/14	2014/15	2015/16	2016/17	2017/18	2018/19	2019/20
		Notes	$million - actual
Source: Ministry of Education and Inland Revenue Refer to Table 17, Chapter 4, Page 32 of the Student Loan Scheme Annual Report 2019/20 Notes: The balance at 30 June 2007 has been restated as per table 15 of the 2008 annual report to exclude accrued interest that would be subsequently written off. All other nominal balance figures are as per the accounts as published in annual reports. Interest and penalty amounts are only available for the 2008/09 and later fiscal years. Prior to this, these amounts are implicit in the balancing item. The no interest for New Zealand-based borrowers policy came into effect on 1 April 2006. The establishment fee is the amount charged by MSD to borrowers each time he or she takes out a loan. Before 2012 this was known as the administration fee. The administration fee is an annual fee added to loans on 31 March. This fee is only charged if a MSD establishment fee has not been charged in the same tax year. This was first charged in 2011/12. Prior to 2008/09, the balancing item includes penalties and loan interest charged. In 2011/12 the balancing item reflects adjustments over the period. The interest in 2008/09 is low because in that year $96 million was reversed due to over-charging interest on borrower accounts in prior years. In all years new lending is net of repayments made to MSD (which were mostly refunded course fees) and the repayments are those made to IRD only. From 1 April 2012 the initial write-down is applied to new borrowing net of refunded course fees. Prior to this gross lending was written-down. In the forecast period interest and penalties are considered together. In the forecast period death write-offs and bankruptcy write-offs are f considered together. The closing carrying value at June 2018 differs from the opening value the next year by $627 million. This uplift occures because of the switch to fair value accounting on 1 July 2018.
Nominal value
	Opening balance	1	7,499	8,370	8,920	9,573	10,259	11,145	12,070	12,969	13,562	14,235	14,837	15,340	15,735	15,869	16,034
	New lending	8	981	1,107	1,122	1,259	1,423	1,453	1,477	1,470	1,511	1,518	1,512	1,475	1,328	1,351	1,404
	Establishment fee	4	8	9	9	10	11	12	12	11	11	11	10	10	9	9	9
	Administration fee	5							20	21	22	22	23	23	23	23	24
	Repayment	8	-486	-486	-550	-619	-652	-691	-767	-1,054	-1,032	-1,114	-1,209	-1,273	-1,348	-1,371	-1,477
	Interest	2, 7, 10				14	119	142	133	156	151	141	135	120	111	110	87
	Penalties	2, 10				42	16	45	50	43	49	58	64	72	74	92	98
	Voluntary Repayment Bonus					0	-5	-17	-16	-32	-14	0	0	0	0	0	0
	Death Write-off	11	-4	-2	-10	-9	-11	-9	-10	-13	-9	-19	-15	-13	-31	-26	-31
	Bankruptcy write-off	11	-11	-9	-16	-11	-15	-10	-12	-9	-15	-16	-18	-20	-32	-24	-14
	Balancing item	6	384	-68	98				12
	Closing balance		8,370	8,920	9,573	10,259	11,145	12,070	12,969	13,562	14,235	14,837	15,340	15,735	15,869	16,034	16,134

Carrying value
	Open balance	12	6,465	5,569	6,011	6,741	6,553	6,790	7,459	8,291	8,288	8,716	8,864	8,982	9,197	9,929	10,731
	New lending	8	981	1,107	1,122	1,259	1,423	1,453	1,477	1,470	1,511	1,518	1,512	1,475	1,328	1,351	1,404
	Initial write-down on new borrowing	9	-328	-488	-487	-532	-728	-713	-702	-536	-629	-602	-659	-662	-594	-563	-506
	Initial write-down		-1,415
	Establishment fee		8	9	9	10	11	12	12	11	11	11	10	10	9	9	9
	Repayment		-486	-486	-550	-619	-652	-691	-767	-1,054	-1,032	-1,114	-1,209	-1,273	-1,348	-1,371	-1,477
	Interest unwind		358	451	406	473	463	484	526	590	579	604	603	602	604	394	331
	Impairment		-13	-151	231	-779	-280	124	286	-484	-12	-269	-140	62	106	211	-476
	Repayment collection allowance															36	36
	Discount rate changes															734	343
	Closing carrying value		5,569	6,011	6,741	6,553	6,790	7,459	8,291	8,288	8,716	8,864	8,982	9,197	9,302	10,731	10,395

Average cost of lending in cents per dollar (headline)
			31.17	41.15	40.25	39.15	47.39	45.25	44.62	36.19	41.35	39.35	43.31	44.56	44.43	41.40	35.82

Student allowancesUpdated: Aug-2020

Statistics relating to the number and types of students receiving Student Allowances, and the amounts received.

Student allowances 2019 [MS Excel 342kB]

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Student allowancesUpdated: Aug-2020