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Financial Support for Tertiary Students

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

On this page

  • Section 1: Shared cost of tertiary education
  • Section 2: Earning potential
  • Section 3: Participation and borrowing
  • Section 4: Loan uptake
  • Section 5: Loan repayment times
  • Section 6: Repayment performance
  • Section 7: Student Loan funding
  • Section 8: Student allowances

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.

Table T1: Funding of tertiary education
Table T1: Funding of tertiary education

Source: Ministry of Education, Tertiary Education Commission and Ministry of Social Development.

Refer to Table 1, Part 1, Page 10 of the Student Loan Scheme Annual Report 2020/21

Notes:

  1. Tuition subsidies are represented by the Student Achievement Component.
  2. Fees Free represents the amount spent on paying tuition fees for Fees Free eligible learners via first year fees free policy and the Targeted Training and Apprenticeship Fund (a new funding commitment for 2020/21). Some funding to workplace-based learners is included in this appropriation.
  3. HAFL represents the Hardship Fund for Learners and TAFL represents the Technology Access Fund for Learners.
  4. The following items of expenditure are not covered: industry training, community education, scholarships, Youth Guarantee, centres of research excellence, administration of tertiary education, Performance-Based Research Fund, and capital expenditure. PBRF figures are not included in this table as in previous Student Loan Scheme Annual Reports as the table has been re-focussed to reflect more direct support for managing the costs of tertiary education for students.
  5. 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 guaranteed funding for providers has been included in the 2020/21 expenditure data. This therefore differs from expenditure recorded in the Estimates of Appropriations for Vote Tertiary Education.
Government expenditure   2018/19 2019/20 2020/21
Expenditure ($ million)  Student loans - fair value write down on new borrowings 563 506 469
Student allowances 583 567 590
Tuition subsidies, Fees Free, HAFL, TAFL 2,265 2,407 2,820
Total 3,411 3,480 3,879
Total as % of GDP 1.10 1.10 1.16
Table F2: Median loan balance on leaving study
Table F2: Median loan balance on leaving study

Source: Stats New Zealand IDI

Refer to Figure 2, Part 1, Page 11 of the Student Loan Scheme Annual Report 2020/21

Notes:

Shown is the median loan balance in dollars following the last year of study, and the same figure deflated to March 2001 dollars.

Year of last study Median loan balance Inflation adjusted
Median loan balance 
2019  $ 22,299  $ 15,017
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
Table F2.1: Median loan balance for leavers by gender - all borrowers and those who studied at bachelor level

This table is produced online only

Table F2.1: Median loan balance for leavers by gender - all borrowers and those who studied at bachelor level

Source: Ministry of Education

This is a supporting table for Figure 2, Part 1, Page 11 of the Student Loan Scheme Annual Report 2020/21

  All levels Bachelor level
Year of last study Male Female Male Female
  $ $ $ $
2019 23,010 21,810 30,910 29,310
2018 22,130 21,460 30,440 29,150
2017 19,670 19,610 28,570 27,560
2016 18,080 18,720 28,290 26,480
2015 17,200 17,370 27,070 25,290
2014 16,030 16,550 26,420 24,010
2013 15,110 15,480 25,360 22,910
2012 13,870 14,280 24,060 20,990
2011 13,420 13,350 22,820 19,590
2010 12,140 12,080 20,940 17,840
2009 11,390 11,570 20,270 17,470
2008 11,370 10,990 19,970 16,630
2007 10,820 10,440 18,500 15,550
2006 10,610 9,840 19,070 15,980
2005 10,720 9,810 19,270 16,160
2004 10,080 8,710 17,490 14,130
2003 9,780 8,780 16,300 13,710
Table F4: Percentage of borrowers who fully repaid each year
Table F4: Percentage of borrowers who fully repaid each year who left study 2003, 2007, 2011 and 2015

Source: Stats New Zealand IDI

Refer Figure 4, Part 1, Page 12 of the Student Loan Scheme Annual Report 2020/21

Notes:

  1. 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.
  2. Full repayment is deemed to occur when the student loan balance has fallen below $20.
Exit Year 2003 2007 2011 2015
2020 79.5% 72.8% 62.9% 38.3%
2019 77.4% 69.1% 57.1% 29.4%
2018 75.4% 66.2% 52.0% 22.0%
2017 74.5% 65.0% 48.4% 15.8%
2016 72.5% 61.5% 41.7% 7.4%
2015 70.2% 57.6% 34.8%  
2014 67.6% 53.0% 27.2%  
2013 64.5% 47.8% 19.4%  
2012 60.9% 41.4% 10.3%  
2011 57.3% 34.4%    
2010 53.5% 27.3%    
2009 48.7% 19.4%    
2008 43.3% 9.6%    
2007 37.3%      
2006 30.0%      
2005 22.5%      
2004 11.8%      
2003 0.0%      

Earning potential

Five years after graduation the median earnings of those with a Master’s degree was 8.0 percent higher than those with a Bachelor’s degree and 27 percent higher than those with a level 5-7 certificate.

Table F3: Median annual earnings of young domestic graduates
Table F3: Median annual earnings of young domestic graduates

Source: Stats NZ IDI, Tertiary Education Commission

Refer to Figure 3, Part 1, Page 11 of the Student Loan Scheme Annual Report 2020/21

Notes:

  1. Graduate earnings are attributed only to the highest qualification completed by a person.
  2. 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.
  3. 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 in the 2020 tax year from employed sources exceeded $18,400 (one-half of the minimum wage over 52 weeks, with 40 working hours in a week).
  4. All earnings are measured in the 2020 tax year (between 1 April 2019 and 31 March 2020). Any negative earnings (income losses) were zeroed for the purposes of this table.
  5. 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.
  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
Doctorates 136 145 143 148 151 149 153 162 159 166
Masters 108 120 125 129 127 136 140 140 141 137
Honours & postgraduate certificates/diplomas 122 125 129 127 135 138 140 141 144 148
Graduate certificates/diplomas 98 102 108 113 119 122 123 126 131 134
Bachelor degrees 112 118 117 120 120 123 125 124 123 125
Level 5-7 certificates/diplomas 100 100 98 98 100 100 100 100 102 104
Level 4 certificates 111 111 104 104 102 104 108 105 107 107
Level 1-3 certificates 114 110 107 102 96 98 96 94 95 95

Participation and borrowing

Participation

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

Table F5: Enrolment by domestic students in tertiary education
Table F5: Enrolment by domestic students in tertiary education

Source: Ministry of Education

Refer to Figure 5, Part 1, Page 13 of the Student Loan Scheme Annual Report 2020/21

Notes:

  1. Data before 1999 excludes private training establishments and ‘other tertiary education provider’ students.
  2. Data relates to domestic students enrolled at any time during the year.
  3. Participation excludes industry training, non-government-funded private training establishments, formal courses of a week or less, and all non-formal learning.
  4. The difference between student numbers and EFTS numbers relates to the proportion of part-time students enrolled and the study load they enrol for.
  5. Data in this table has been revised, and may differ from previously published figures.
  6. Data in this table has been rounded to the nearest 5 to protect the privacy of individuals.
Years Students EFTS
2020 329,335 213,020
2019 328,180 215,705
2018 335,655 220,250
2017 343,590 223,280
2016 353,500 230,765
2015 358,050 233,450
2014 363,075 239,695
2013 368,685 244,770
2012 372,765 245,685
2011 381,460 245,580
2010 418,175 254,520
2009 422,990 250,635
2008 418,655 235,115
2007 441,710 237,445
2006 445,480 235,440
2005 452,410 242,820
2004 432,745 243,115
2003 407,420 239,450
2002 379,825 224,235
2001 342,440 203,795
2000 314,615 190,665
1999 294,425 181,100
1998 259,280 160,275
1997 258,935 154,840
1996 260,545 148,465
1995 259,215 145,410
1994 245,935 139,975
Table T2: Participation and completion by domestic students
Table T2: Participation and completion by domestic students in tertiary education

Source: Ministry of Education

Refer to Table 2, Part 1, Page 13 of the Student Loan Scheme Annual Report 2020/21

Notes:

  1. Data relates to domestic students enrolled at any time during the year.
  2. Participation excludes industry training, non-government-funded private training establishments, formal courses of a week or less, and all non-formal learning.
  3. A small number of students complete qualifications at different levels in the same year, so the sum of the three levels may be higher than the number of students completing their qualifications in a given year.
  4. Students are counted in each ethnic group they identify with, so the sum of the various ethnic groups may not add to the total.
  5. Data in this table, including totals, have been rounded so the sum of individual counts may not add to the total.
Participation and completion 2018 2019 2020
Domestic students participating in tertiary education Total (000) 336 328 329
20 years old and under  89 86 84
21-26 years old  96 94 95
27-50 years old  121 119 122
Over 50 years old  31 30 28
Female  199 198 201
Male  137 130 128
Māori  76 74 70
Pacific people 32 33 33
European 209 204 207
Asian  50 51 53
Domestic students completing qualifications Non-degree  75 72 62
Bachelors  28 27 27
Postgraduate  16 14 14
Total  117 112 103

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.

Table T2.1: Trends in level of study among borrowers in 2019

This table is produced online only

Table T2.1: Trends in level of study among borrowers in 2020
Qualification level Number of students
Level 1-3 Certificates  8,802
Level 4 Certificates  10,806
Level 5-7 Diplomas  14,832
Level 7 Bachelors  91,131
Level 8 Honours/Postgrad cert/dip  13,671
Level 9 Masters  8,256
Level 10 Doctorates  1,365
Non Formal         6
Missing       42
Total                    148,905

Source: Ministry of Social Development and Ministry of Education

This is a supporting table for Table 2, Part 1, Page 13 of the Student Loan Scheme Annual Report 2020/21

Notes:

  1. Students studying for more than one qualification are listed under the highest.
  2. The counts of borrowers have been randomly rounded to base 3.
Qualification 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Bachelors 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% 72.6% 75.1% 76.8% 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% 14.5% 13.1% 13.2%
Table T2.2: Trends in the age profile of borrowers

This table is produced online only

Table 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 2020
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 1,146 574 429 411
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 40,269
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 47,154
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 18,378
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 10,674
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 7,758
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 5,829
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 4,635
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 3,588
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 2,877
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 2,304
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 1,953
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 1,410
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 1,003 972 870
57 - 59  371 568 641 679 759 910 1,123 1,128 1,164 1,236 1,409 1,296 1,008 787 632 560 468 440 425 428 435
60 - 64  387 646 835 833 752 987 1,368 1,487 1,333 1,323 1,427 1,143 843 592 449 355 330 294 283 320 279
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 87
Total 128,107 148,142 150,526 156,250 157,032 154,411 167,420 173,791 178,533 198,738 212,485 207,330 201,187 192,257 186,477 182,537 176,938 170,037 154,608 149,229 148,905

Source: Ministry of Social Development.

This is a supporting table for Table 2, Part 1, Page 13 of the Student Loan Scheme Annual Report 2020/21

Notes:

The counts of borrowers in 2020 have been randomly rounded to base 3.

  2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Borrowers aged 26 or younger 109,115 115,618 121,163 134,826 143,181 141,857 141,226 137,869 135,122 133,283 130,426 125,858 112,420 107,475 106,212
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% 71.3%

Borrowing

Since 1992, 1.40 million students have borrowed a total of $30.2 billion through the Student Loan Scheme (net of refunds to Studylink, and inclusive of administration charges, to 30 June 2020). Borrowers have repaid $18,426 million. More than 771,000 borrowers have repaid their loans since the scheme began.

Table T3: Demographic characteristics of all active student loan borrowers
Table T3: Demographic characteristics of all active student loan borrowers

Source: Ministry of Social Development

Refer to Table 3, Part 1, Page 14 of the Student Loan Scheme Annual Report 2020/21

Notes:

  1. All percentages are of all active borrowers.
  2. Active student loan borrowers are those who borrowed from the loan scheme in the calendar year.
  3. Borrowers can select more than one ethnic group so the sum of all ethnic groups may not add to 100 percent.
  4. Other includes borrowers who identified themselves with three or more ethnic groups.
  5. The total number of borrowers includes those who identified themselves as gender diverse.
  6. Numbers are not a true reflection of gender diversity, as the option only became available when applying for a student loan from 2 December 2019.
  7. The counts of borrowers in 2020 have been randomly rounded to base 3.
All active borrowers  2019 2020 2019 - 2020 change
n  %
Total number  149,229 148,905 -324 -0.2
Gender Female 92,243 92,868 625 0.7
Male 56,969 55,689 -1,280 -2.2
Gender Diverse 17 354 337 1,982.4
Age  Average age  26 26    
Median age 22 22    
20 years and under  42,485 40,677 -1,808 -4.3
21-26 years 64,990 65,532 542 0.8
27-50 years  38,507 39,615 1,108 2.9
Over 50 years  3,247 3,081 -166 -5.1
20 years and under (%) 28.5 27.3    
21-26 years (%) 43.6 44.0    
27-50 years (%) 25.8 26.6    
Over 50 years (%) 2.2 2.1    
Ethnic group European (%) 61.0 59.9    
Māori (%) 17.6 17.6    
Pacific (%) 9.3 9.3    
Asian (%) 15.4 15.3    
Other (%) 4.4 4.4    
Table T3.1: Demographic characteristics of new active student loan borrowers

This table is produced online only

Table T3.1: Demographic characteristics of new active student loan borrowers

Source: Ministry of Social Development

This is a supporting table for Table 3, Part 1, Page 14 of the Student Loan Scheme Annual Report 2020/21

Notes:

  1. New active borrowers are those entering the loan scheme for the first time ever.
  2. Borrowers can select more than one ethnic group so the sum of all ethnic groups may not add to 100 percent.
  3. Other includes borrowers who identified themselves with three or more ethnic groups.
  4. All percentages are of total new active borrowers.
  5. The counts of borrowers in 2020 have been randomly rounded to base 3.
New active borrowers  2019 2020 2019 - 2020 change
n  %
Total number  34,212 35,232 1,020 3.0
Gender Female 20,100 21,048 948 4.7
Male 14,112 14,055 -57 -0.4
Gender Diverse 0 129 129  
Age  Average age  23 23    
Median age 20 20    
20 years and under  23,143 23,184 41 0.2
21-26 years 5,516 6,294 778 14.1
27-50 years  4,905 5,145 240 4.9
Over 50 years  648 624 -24 -3.7
20 years and under (%) 67.6 65.8    
21-26 years (%) 16.1 17.9    
27-50 years (%) 14.3 14.6    
Over 50 years (%) 1.9 1.8    
Ethnic group European (%) 53.8 53.4    
Māori (%) 15.3 15.1    
Pacific people (%) 8.8 9.0    
Asian (%) 16.4 16.2    
Other (%) 4.2 4.2    
Table F8: Borrowing trends since 1992
Table F8: Borrowing trends since 1992

Source: Ministry of Social Development and Ministry of Education

Refer to Figure 8, Part 1, Page 16 of the Student Loan Scheme Annual Report 2020/21

Notes:

  1. Borrowing includes establishment fees but does not take into account refunds to Ministry of Social Development.
  2. The counts of borrowers in 2020 has been randomly rounded to base 3.  
  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 2020
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 1,560
Borrowers      44,202     68,411    79,338     89,817     95,411    105,038    114,387     115,142    128,107 148,142 150,526 156,250 157,032 154,411 167,420 173,791 178,533 198,738 212,485 207,330 201,187 192,257 186,477 182,537 176,938 170,037 154,608 149,229 148,905
Table F8.1: Number of total active borrowers and new active borrowers in each academic year

This table is produced online only

Table F8.1: Number of total active borrowers and new active borrowers in each academic year

Source: Ministry of Social Development and Stats NZ IDI

Support to Figure 8, Part 1, Page 16 of the Student Loan Scheme Annual Report 2020/21

Notes:

  1. 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.
  2. The counts of borrowers in 2020 have been randomly rounded to base 3.
Year Total active borrowers  New active borrowers 
2020 148,905      35,232
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

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 rose from 69 percent (127,921 students) in 2019 to 70 percent (127,583 students) in 2020,
  • part-time students reduced from 33 percent (21,308 students) in 2019 to 30 percent (21,318 students) in 2020.

The Average and Median amounts borrowed by loan component over the last 10 years show that between 2010 and 2020;

  • average amounts borrowed for course fees increased by 38 percent
  • average amounts borrowed for living costs increased by 52 percent

The average and median amounts borrowed by loan component shows in 2020, the:

  • average amount borrowed for course fees was $7,013 an increase of $160 or 2.3 percent
  • average amount borrowed for living costs increased by $46 (0.8 percent) to $5,842
Table F6.1: Overall loan uptake

This table is produced online only

Table F6.1: Overall loan uptake

Source: Ministry of Social Development and Ministry of Education

This is a supporting table for Figure 6, Part 1, Page 15 of the Student Loan Scheme Annual Report 2020/21

Notes:

  1. Overall uptake rate reflects the mix of full-time and part-time students.
  2. The borrowing uptake figure for 2020 has been randomly rounded to base 3.
Year Students eligible to borrow Borrowing uptake Uptake rate 
2020 251,832 148,905 59.1%
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%
Table F6: Full-time and Part-time uptake
Table F6: Full-time and Part-time uptake

Source: Ministry of Social Development and Ministry of Education

Refer to Figure 6, Part 1, Page 15 of the Student Loan Scheme Annual Report 2020/21

Notes:

  1. The full-time borrowing uptake figure for 2020 has been randomly rounded to base 3.
  2. The part-time borrowing uptake figure for 2020 has been randomly rounded to base 3.
Year Full-time students eligible to borrow Full-time student borrowing uptake Full-time uptake rate  Part-time students eligible to borrow Part-time student borrowing uptake Part-time uptake rate 
2020 181,580 127,583 70% 70,252 21,318 30.3%
2019 185,467 127,921 69% 64,184 21,308 33.2%
2018 186,119 133,863 72% 62,707 20,745 33.1%
2017 182,438 146,550 80% 64,211 23,487 36.6%
2016 188,566 152,561 81% 65,171 24,377 37.4%
2015 191,102 158,417 83% 64,706 24,120 37.3%
2014 194,704 162,850 84% 62,969 23,627 37.5%
2013 198,543 167,666 84% 61,919 24,591 39.7%
2012 211,135 174,187 83% 66,053 27,000 40.9%
2011 209,665 173,398 83% 69,189 33,932 49.0%
2010 216,482 176,314 81% 74,689 36,171 48.4%
2009 209,867 163,368 78% 75,315 35,370 47.0%
2008 193,328 145,491 75% 70,944 33,042 46.6%
2007 192,456 142,031 74% 72,162 31,760 44.0%
2006 187,706 136,483 73% 70,798 30,937 43.7%
2005 185,379 127,055 69% 72,382 27,356 37.8%
2004 178,601 131,407 74% 74,805 25,625 34.3%
2003 171,994 133,791 78% 61,422 22,459 36.6%
2002 183,735 133,559 73% 57,128 16,967 29.7%
2001 160,387 129,391 81% 56,962 18,751 32.9%
2000 145,308 115,839 80% 48,043 12,268 25.5%
Table F7: Total amounts drawn by loan component
Table F7: Total amounts drawn by loan component

Source: Ministry of Social Development

Refer to Figure 7, Part 1, Page 15 of the Student Loan Scheme Annual Report 2020/21

Year Course Fees Living Costs Course-related Costs
2020 $870,618,548 $502,229,689 $178,776,774
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
Table F7.1: Average and median amounts borrowed by component

This table is produced online only

Table F7.1: Average and median amounts borrowed by component

Source: Ministry of Social Development

This is a supporting table for Figure 7, Part 1, Page 15 of the Student Loan Scheme Annual Report 2019/20

  2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Course fees ($)  
Average  5,076 5,441 5,571 5,850 6,074 6,323 6,453 6,558 6,662 6,853 7,013
Median 5,084 5,422 5,666 5,925 6,189 6,426 6,610 6,758 6,790 6,977 7,186
Living costs ($)  
Average  3,832 3,710 3,774 3,944 4,036 4,179 4,259 4,351 5,513 5,796 5,842
Median 3,851 3,537 3,599 3,800 3,958 4,250 4,460 4,643 5,983 6,460 6,421
         Course-related costs ($)  
Average  992 990 988 988 987 988 985 982 981 981 1,816
Median 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 2,000
Table T4: Component of lending by sub-sector
Table T4: Component of lending by sub-sector

Source: Ministry of Social Development.

Refer to Table 4, Part 1, Page 15 of the Student Loan Scheme Annual Report 2020/21

Notes:

  1. PTE stands for Private Training Establishment.
  2. Borrowing amount does not include establishment fees.
  3. Total is a count of unique individuals
2020 Sub-sector  Number of
borrowers 
Borrowing amount
million ($)
Average borrowing ($)
Course fees  University  81,372 620 7,623
Polytechnic 29,732 152 5,124
Wānanga 1,428 6 4,077
PTE  11,611 92 7,932
Total (StudyLink) 124,143 871 7,012
Course-related costs University  58,700 105 1,788
Polytechnic 25,687 47 1,847
Wānanga 2,468 5 1,927
PTE  11,605 22 1,863
Total (StudyLink) 98,460 179 1,816
Living costs University  59,146 377 6,369
Polytechnic 17,069 83 4,877
Wānanga 1,131 6 5,699
PTE  8,617 39 4,543
Total (StudyLink) 85,962 506 5,881
Totals University  94,310 1,102 11,684
Polytechnic 35,944 283 7,874
Wānanga 2,780 17 6,123
PTE  15,866 153 9,635
Total (StudyLink) 148,905 1,555 10,442
Table T4.1: Average course fees borrowed by sub-sector

This table is produced online only

Table T4.1: Average course fees borrowed by sub-sector

Source: Ministry of Social Development

This is a supporting table for Table 4, Part 1, Page 15 of the Student Loan Scheme Annual Report 2020/21

Notes:

  1. Colleges of education are included with universities.
  2. Borrowers are counted in each sub-sector they studied in during the year.
  2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
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      7,623
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      5,124
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      4,077
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      7,932
Table T4.2: Student loan borrowers by level of qualification and average amount borrowed

This table is produced online only

Table T4.2: Student loan borrowers by level of qualification and average amount borrowed

Source: Ministry of Social Development

This is a supporting table for Table 4, Part 1, Page 15 of the Student Loan Scheme Annual Report 2020/21

Notes:

  1. Borrowers are counted in the highest qualification level they studied in the year.
  2. Amount borrowed includes establishment fees.
  3. The counts of borrowers in 2020 have been randomly rounded to base 3.
Qualification level
n= number of borrowers
$ avg = average amount borrowed


2018 2019 2020
  n $ avg n $ avg n $ avg
Doctorates 1,445 10,120 1,451 9,625 1,365 10,993
Masters, honours, postgraduates certificates and postgraduate diplomas 21,187 10,979 21,450 11,361 21,927 11,951
Bachelors degrees, graduate certificates and graduate diplomas 93,444 10,271 91,656 10,781 91,131 11,415
Level 5–7 certificates/diplomas 16,092 8,058 15,101 8,173 14,832 8,761
Level 1–4 certificates 22,409 5,138 19,539 5,274 19,608 5,758
Other  31 4,011 32 3,797 48 4,007
Total borrower numbers 154,608   149,229   148,905  
Average borrowed for all qualifications   9,391   9,867   10,479
Table T4.3: Number of students borrowing for living cost and receiving student allowances

This table is produced online only

Table T4.3: Number of students borrowing for living cost and receiving student allowances

Source: Ministry of Social Development and Ministry of Education

This is a supporting table for Table 4, Part 1, Page 15 of the Student Loan Scheme Annual Report 2020/21

Note:

The counts in 2020 have been randomly rounded to base 3.

  2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
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 38,748
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 22,974
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 62,988

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 2020/21 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 2020:

  • 22,974 students received student allowances and also used the loan scheme for living costs. This was a small increase of 0.8 percent from 2019.
  • 38,748 students used a student allowance only. A reduction of 2.4 percent from 2019.
Table T4.4: Student allowances compared with student loan living cost borrowing

This table is produced online only

Table T4.4: Student allowances compared with student loan living cost borrowing

Source: Ministry of Social Development

This is a supporting table for Table 4, Part 1, Page 15 of the Student Loan Scheme Annual Report 2020/21

Notes:

The counts have been randomly rounded to base 3.

2020 Number of students  Average allowances ($) Average
living costs loan ($)
Average allowances and living costs loan ($)
Student allowances only  38,748 10,292   10,292
Student allowances and living costs loan 22,974 8,238 2,725 10,963
Living costs loan only 62,988   6,980 6,980

Loan 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
Table T5: Leaving Debt and forecast repayment times
Table T5: Leaving Debt and forecast repayment times

Source: Statistics New Zealand IDI and Ministry of Education Student Loans Integrated Model

Refer to Table 5, Part 1, Page 17 of the Student Loan Scheme Annual Report 2020/21

Notes:

  1. Shown are percentiles of leaving debt. Also shown are percentiles of post-study repayment time; a mixture of real experience and modelling. Note that these percentiles have been independently determined.
  2. The population is those who studied in 2019, did not study in 2020, and who completed a qualification at the level shown in 2019. Some people who qualify continue to study. These people are excluded from this table.
  3. 'n' indicates that full repayment is not seen to occur in the modelling.
    N Leaving debt ($) Post study repayment time (years)
5th percentile 10th percentile 25th percentile 50th percentile (median) 75th percentile 90th percentile 95th percentile 5th percentile 10th percentile 25th percentile 50th percentile (median) 75th percentile 90th percentile 95th percentile
All Level 1-4 certificates 9,933      850   1,140   4,170   9,810 20,930 36,420 47,150 0.4 0.8 2.7 7.4 17.3 n n
Level 5-7 certificates/diplomas 5,052   1,930   3,870   8,540 18,210 35,810 57,010 71,310 0.6 1.3 3.5 7.5 13.4 25.7 n
Bachelors and graduate certificates / diplomas     14,661   8,560 14,900 23,390 35,510 49,680 65,310 80,330 1.8 3.2 5.5 8.6 12.7 18.6 26.0
Postgraduate 5,367   5,040   9,470 22,240 39,530 59,670 74,390 83,260 0.6 1.3 3.8 7.1 11.2 16.1 21.3
Male Level 1-4 certificates 3,444      800   1,060   3,600   8,610 18,010 32,870 44,430 0.4 0.8 2.2 6.1 13.4 n n
Level 5-7 diplomas 1,782   2,050   4,160   9,200 20,090 41,180 65,370 77,050 0.6 1.2 3.4 7.3 12.6 22.7 n
Bachelors and graduate certificates / diplomas 5,520   9,180 16,030 24,300 37,380 51,560 67,800 84,980 1.7 3.1 5.3 8.1 12.2 17.4 23.4
Postgraduate 2,058   6,300 12,180 29,520 46,400 63,370 77,030 83,440 0.7 1.8 4.5 7.5 11.1 15.6 20.2
Female Level 1-4 certificates 6,489      880   1,290   4,470 10,740 22,470 37,910 48,100 0.4 0.9 3.1 8.3 19.4 n n
Level 5-7 diplomas 3,270   1,840   3,660   8,200 17,270 33,550 52,550 66,370 0.7 1.4 3.6 7.6 13.8 27.4 n
Bachelors and graduate certificates / diplomas 9,129   8,090 14,190 22,820 34,580 48,700 63,970 77,230 1.8 3.3 5.6 8.8 13.1 19.2 27.8
Postgraduate 3,303   4,480   8,280 18,580 35,750 55,960 72,830 82,830 0.6 1.1 3.4 6.8 11.2 16.4 22.4
Table T5.1: Median leaving debt and repayment time by ethnicity and level of study for leavers in 2019
Table T5.1: Median leaving debt and repayment time by ethnicity and level of study for leavers in 2019

Source: Statistics New Zealand IDI and Ministry of Education Student Loans Integrated Model

This is a supporting table for Table 5, Part 1, Page 17 of the Student Loan Scheme Annual Report 2020/21

Notes:

  1. Counts have been randomly rounded and may not appear to add.
  2. Shown is median leaving debt. Also shown is median post-study repayment time; a mixture of real experience and modelling. Note that these have been independently determined.
  3. The population is those who studied in 2019 and did not study in 2020. This is irrespective of qualification completion status.
  4. The ethnicity is reported using 'multiple response', meaning that people are counted in each broad ethnic group they identify with.
  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 ($)
By Ethnicity                              
European    9,204 6.5    9,590    5,895 7 17,380 17,142 7.9 31,300    6,126 7.1 40,070 38,370 7.4 24,320
Māori    8,982 10.2 10,360    2,472 8.4 15,640    4,206 8.9 27,070    1,146 7.1 35,300 16,806 9.2 15,910
Pasifika    2,763 8.5 10,310    1,110 8.6 17,410    2,868 9.2 28,360       657 7.9 36,680    7,401 8.8 19,810
Asian    1,050 6.5    9,840       867 7.3 18,200    4,101 7.5 28,870    1,740 6.7 36,010    7,761 7.2 27,040
Table T6: Leaving Debt and Forecast repayment times for borrowers who left study in 2019
Table T6: Leaving Debt and Forecast repayment times for borrowers who left study in 2019

Source: Statistics New Zealand IDI and Ministry of Education Student Loans Integrated Model

Refer to Table 6, Part 1, Page 18 of the Student Loan Scheme Annual Report 2020/21

Notes:

  1. Counts have been randomly rounded and may not appear to add.
  2. Ethnicity is reported using 'multiple response', meaning that people are counted in each broard ethnic group they identify with.
  3. Shown are quartiles of post-study repayment time. This is a mixture of real experience and modelling. Also shown are percentiles of leaving debt.
  4. 'Not always NZ-based' indicates a borrower who at some stage has met, or is modelled as meeting, the overseas-based borrower criteria.
      Repayment times (years) Leaving debt ($)
  N % of leavers 25th percentile median 75th percentile 25th percentile median 75th percentile
All       63,129 100% 3.9 7.7 13.4 8,950 22,300 40,620
                 
By Gender                
Male       24,012 38.0% 3.6 7.2 12.2 8,700 23,010 42,720
Female       39,072 61.9% 4.1 8.1 14.3 9,120 21,810 39,270
                 
By level of study                
Level 1-4 certificates       19,125   3.0 7.9 18.6 4,200 9,950 21,170
Level 5-7 certificates/diplomas         9,342   3.4 7.4 13.9 7,850 17,100 32,900
Bachelors and graduate certficates/diplomas       25,605   4.7 8.0 12.4 17,560 29,890 46,080
Postgraduate         9,066   3.6 7.0 11.2 19,720 37,840 58,330
                 
By Ethnicity                
European       38,370   3.8 7.4 12.2 9,890 24,320 43,630
Māori       16,806   4.1 9.2 19.2 6,480 15,910 31,370
Pasifika         7,401   4.3 8.8 16.3 8,160 19,810 36,820
Asian         7,761   4.0 7.2 11.8 13,300 27,040 42,890
                 
By leaving debt band ($000)                
<5         9,234 14.6% 0.7 1.8 4.4      
5-10         8,217 13.0% 2.0 4.2 8.2      
10-15         6,000 9.5% 3.1 5.6 10.6      
15-20         5,583 8.8% 3.9 6.7 11.9      
20-25         5,481 8.7% 4.8 7.3 12.2      
25-30         4,746 7.5% 5.6 8.3 13.7      
30-35         4,119 6.5% 6.2 9.1 14.1      
35-40         3,537 5.6% 6.8 9.7 14.7      
40-45         3,273 5.2% 7.5 10.6 15.6      
45-50         2,937 4.7% 8.1 11.0 15.8      
50-55         2,106 3.3% 8.6 11.6 16.6      
55-60         1,713 2.7% 9.3 12.4 17.5      
60-65         1,551 2.5% 9.3 12.5 17.5      
65-70         1,116 1.8% 9.8 13.2 18.9      
>70         3,516 5.6% 11.6 16.0 23.5      
                 
By location                
Always NZ based       54,519 86.4% 3.4 7.0 12.1 8,120 20,490 38,280
Not always NZ based         8,613 13.6% 8.6 13.2 22.3 19,260 34,330 51,600
Table T6.1: Quartiles of actual and forecast repayment times by level of study

This table is produced online only

Table T6.1: Quartiles of actual and forecast repayment times by level of study

Source: Statistics New Zealand IDI and Ministry of Education Student Loans Integrated Model

This is a supporting table for Table 6, Part 1, Page 18 of the Student Loan Scheme Annual Report 2020/21

Note:

Shown are quartiles of student loan repayment time in years. The data is a mixture of actual repayment performance and projection.

  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
2019 3.0 7.9 18.6 3.4 7.4 13.9 4.7 8.0 12.4 3.6 7.0 11.2
2018 2.8 8.1 19.1 3.3 7.7 14.5 4.5 7.8 12.1 3.1 6.7 10.8
2017 2.9 8.2 19.5 3.6 8.2 15.4 4.4 8.0 12.2 2.9 7.1 11.3
2016 3.1 8.1 20.3 3.5 7.8 14.8 3.9 7.7 12.3 3.1 6.9 11.2
2015 3.1 7.9 20.8 3.5 7.4 15.1 3.9 7.4 12.3 2.6 6.1 11.4
2014 2.9 7.4 21.1 3.2 7.1 14.9 3.7 6.8 12.1 2.4 5.5 10.9
2013 2.8 6.8 20.1 3.2 6.9 16.0 3.5 6.6 12.1 2.4 5.5 10.4
2012 2.8 7.0 20.7 3.0 7.0 15.6 3.4 6.6 12.0 2.4 5.4 10.1
2011 3.0 7.7 24.5 2.9 6.8 15.4 2.8 6.0 11.5 1.6 4.7 9.0
2010 3.1 7.4 23.4 2.9 6.6 15.8 2.6 5.9 11.5 1.7 4.7 9.5
2009 3.2 7.6 24.5 2.9 6.6 15.8 2.7 6.1 11.5 1.8 4.5 9.5
2008 3.1 7.6 27.1 2.7 6.3 14.0 2.7 5.8 11.6 1.9 4.6 8.9
2007 3.0 7.5 24.4 2.6 6.6 15.0 2.7 5.9 11.9 1.9 4.7 9.3
2006 2.9 7.4 21.5 2.6 6.6 14.7 2.9 6.2 12.4 2.1 5.0 9.4
2005 2.9 7.3 19.7 2.7 6.7 14.9 3.0 6.6 12.6 2.5 5.7 10.6
2004 2.9 7.5 20.0 2.5 6.5 15.1 2.3 6.1 12.1 1.5 4.8 10.2

Repayment performance

Borrowers and balances

As at 30 June 2021, there were 679,947 student loan borrowers, compared with 692,486 at the same time last year, a reduction of 1.8 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.

Table T7: Overview of student loan at 30 June 2021 and the preceding three years
Table T7: Overview of student loan at 30 June 2021 and the preceding three years

Source: Inland Revenue

Refer to Tables 7, 8 and 9, Part 1, Page 19 of the Student Loan Scheme Annual Report 2020/21

  2018 2019 2020 2021
New Zealand-based borrowers
Number of borrowers  610,832  599,678 584,212 575,486
Nominal balance ($m)    12,550    12,607 12,611 12,835
Median loan ($)    15,064    15,101 15,585 15,838
Average loan ($)    20,546    21,024 21,697 22,316
Overseas-based borrowers 
Number of borrowers  108,355  108,840 108,274 104,461
Nominal balance ($m)      3,318      3,426 3,524 3,425
Median loan ($)    21,924    22,448 23,366 22,223
Average loan ($)    30,624    31,481 32,528 32,715
All borrowers summary
Number of borrowers  719,187  708,518 692,486 679,947
Nominal balance ($m)    15,869    16,034 16,135 16,261
Median loan ($)    15,938    16,125 16,422 17,154
Average loan ($)    22,065    22,630 23,307 23,915
Table F9: Number of Borrowers and Nominal Balance
Table F9: Number of Borrowers and Nominal Balance

Source: Inland Revenue

Refer to Figure 9, Part 1, Page 20 of the Student Loan Scheme Annual Report 2020/21

  Number of Borrowers Nominal Balance ($ million)
Year All borrowers NZB OBB  Overall # change Overall % change All borrowers NZB OBB Overall $m increase Overall % change
2021 679,947 575,486 104,461 -12,539 -1.8% 16,261 12,835 3,425 126 0.8%
2020 692,486 584,212 108,274 -16,032 -2.3% 16,135 12,611 3,524 101 0.6%
2019 708,518 599,678 108,840 -10,669 -1.5% 16,034 12,607 3,426 165 1.0%
2018 719,187 610,832 108,355 -13,786 -1.9% 15,869 12,550 3,318 134 0.9%
2017 732,973 622,479 110,494 1,219 0.2% 15,735 12,431 3,304 395 2.6%
2016 731,754 621,015 110,739 3,406 0.5% 15,340 12,094 3,246 503 3.4%
2015 728,348 617,754 110,594 6,911 1.0% 14,837 11,680 3,157 602 4.2%
2014 721,437 611,960 109,477 10,469 1.5% 14,235 11,199 3,036 673 5.0%
2013 710,968 603,965 107,003 9,736 1.4% 13,562 10,678 2,884 593 4.6%
2012 701,232 600,137 101,095 80,074 12.9% 12,969 10,299 2,670 899 7.4%
2011 621,158 529,434 91,724 33,659 5.7% 12,070 8,402 2,329 925 8.3%
2010 587,499 502,362 85,137     11,145 7,743 2,087    
Table F9.1: Age range of borrower groups

This table is produced online only

Table F9.1: Age range of borrower groups

Source: Inland Revenue

This is a supporting table to Figure 9, Part 1, Page 20 of the Student Loan Scheme Annual Report 2020/21

Age group All Borrowers Age group NZ-based borrowers only Age group Overseas-based borrower only
Under 18 232 Under 18 232 Under 18 0
18 3,893 18 3,892 18 1
19 14,349 19 14,331 19 18
20 22,061 20 21,990 20 71
21 26,416 21 26,253 21 163
22 28,405 22 28,023 22 382
23 30,366 23 29,668 23 698
24 31,355 24 30,119 24 1,236
25 30,753 25 28,949 25 1,804
26 30,240 26 27,969 26 2,271
27 29,113 27 26,304 27 2,809
28 28,219 28 24,875 28 3,344
29 26,816 29 23,019 29 3,797
30 25,954 30 21,816 30 4,138
31 24,110 31 19,840 31 4,270
32 21,816 32 17,679 32 4,137
33 20,215 33 16,240 33 3,975
34 18,330 34 14,653 34 3,677
35 16,821 35 13,216 35 3,605
36 15,588 36 12,142 36 3,446
37 15,148 37 11,629 37 3,519
38 14,575 38 10,886 38 3,689
39 14,057 39 10,387 39 3,670
40 13,417 40 9,826 40 3,591
41 12,499 41 8,993 41 3,506
42 12,371 42 8,903 42 3,468
43 11,763 43 8,320 43 3,443
44 11,141 44 7,831 44 3,310
45 10,427 45 7,253 45 3,174
46 9,924 46 6,929 46 2,995
47 9,312 47 6,519 47 2,793
48 8,456 48 6,043 48 2,413
49 7,893 49 5,820 49 2,073
50 7,088 50 5,300 50 1,788
51 6,331 51 4,760 51 1,571
52 5,843 52 4,427 52 1,416
53 5,446 53 4,120 53 1,326
54 5,050 54 3,857 54 1,193
55 4,514 55 3,509 55 1,005
56 4,442 56 3,387 56 1,055
57 4,015 57 3,095 57 920
58 4,054 58 3,128 58 926
59 3,763 59 2,938 59 825
60 3,292 60 2,551 60 741
61 2,993 61 2,352 61 641
62 2,589 62 2,112 62 477
63 2,359 63 1,877 63 482
64 2,191 64 1,764 64 427
65+ 19,942 65+ 15,760 65+ 4,182
Grand Total 679,947 Total 575,486 Total 104,461
Table F9.2: Average and Median Loan Balances as at 30 June

This table is produced online only

Table F9.2: Average and Median Loan Balances as at 30 June

Source: Inland Revenue

This is a supporting table to Figure 9, Part 1, Page 20 of the Student Loan Scheme Annual Report 2020/21

Year Average ($) Median ($)
2021 23,915 17,154
2020 23,307 16,422
2019 22,630 16,125
2018 22,065 15,938
2017 21,467 15,271
2016 20,963 14,904
2015 20,371 14,421
2014 19,731 13,882
2013 19,076 13,307
2012 18,494 12,849
2011 17,276 11,880
2010 16,731 11,399
2009 16,213 11,090
2008 16,129 10,883

The borrower base – 679,974 borrowers, owe a total nominal balance of $16,216m. 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 2021;

  • 54 percent of overseas-based borrows have loan balances over $20,000 compared with 42 percent of New Zealand-based borrowers
  • 20 percent of overseas-based borrowers have loans over $50,000 compared to 10 percent of New Zealand-based borrowers.
Table F10: Range and Distribution of loan balances at 30 June
Table F10: Range and Distribution of loan balances at 30 June

Source: Inland Revenue

Refer to Figure 10, Part 1, Page 20 of the Student Loan Scheme Annual Report 2019/20

Balance range NZB OBB All borrowers NZB OBB
$1 - 1,999 43,256 3,956 47,212 7.5% 3.8%
$2,000 - 3,999 42,088 4,526 46,614 7.3% 4.3%
$4,000 - 5,999 43,881 5,079 48,960 7.6% 4.9%
$6,000 - 7,999 38,736 5,295 44,031 6.7% 5.1%
$8,000 - 9,999 36,220 5,418 41,638 6.3% 5.2%
$10,000 - 14,999 71,562 12,983 84,545 12.4% 12.4%
$15,000 - 19,999 58,063 10,638 68,701 10.1% 10.2%
$20,000 - 24,999 49,635 9,065 58,700 8.6% 8.7%
$25,000 - 29,999 38,459 7,670 46,129 6.7% 7.3%
$30,000 - 34,999 31,254 6,208 37,462 5.4% 5.9%
$35,000 - 39,999 26,233 5,119 31,352 4.6% 4.9%
$40,000 - 44,999 21,325 4,255 25,580 3.7% 4.1%
$45,000 - 49,999 16,184 3,389 19,573 2.8% 3.2%
$50,000 - 54,999 12,641 2,868 15,509 2.2% 2.7%
$55,000 - 59,999 10,352 2,627 12,979 1.8% 2.5%
$60,000 - 79,999 22,514 6,657 29,171 3.9% 6.4%
$80,000 - 99,999 8,053 3,490 11,543 1.4% 3.3%
$100,000 - 119,999 2,850 2,068 4,918 0.5% 2.0%
$120,000 - 139,999 1,312 1,252 2,564 0.2% 1.2%
> $139,999 868 1,898 2,766 0.2% 1.8%
Total 575,486 104,461 679,947 100% 100%

Borrower segments

The comparison of both New Zealand-based and overseas-based borrowers by activity 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
Table F9.3: Borrower numbers by activity

This table is produced online only

Table F9.3: Borrower numbers by activity

Source: Inland Revenue

This is a supporting table to Part 1 of the Student Loan Scheme Annual Report 2020/21

Notes:

  1. Repayments/Lending - loans closed are not included and therefore neither are the transactions
  2. These are point-in-time volumes and therefore due to data being extracted on different dates may differ from the numbers in other tables.
  3. IR upgraded the system used to manage student loans in 2020. Activity on accounts as part of this change, has impacted for some borrowers the categories their loans are reflected in.
    2019/20 2020/21
New Zealand-based borrowers Borrowing  64,795 55,014
Borrowing and repaying 91,075 113,606
Repaying 272,785 268,029
Inactive 155,412 135,780
Overseas-based borrowers Borrowing  345 237
Borrowing and repaying 821 628
Repaying 48,633 40,829
Inactive 58,384 62,689
Total   692,250 676,812

Loan repayments

Overall loan repayments have continued to increase. However, repayments through the PAYE system show a decrease of 2.3% ($25m).

Table 10.1 Loan repayments direct from borrowers shows a breakdown of payments directly from New Zealand-based and overseas-based borrowers.

Table T10: Loan Repayments
Table T10: Loan Repayments

Source: Inland Revenue

Refer to Table 10, Part 1, Page 21 of the Student Loan Scheme Annual Report 2020/21

Note:

  1. Totals may not appear to add because of rounding.
Repayments 2018/19 2019/20 2020/21
  $ million
PAYE 996.2 1,092.8 1,067.8
From borrower 374.5 384.4 427.0
Total 1,370.7 1,477.3 1,494.7
  Annual % change
PAYE 3.7% 9.7% -2.3%
From borrower -3.3% 2.6% 11.1%
Total 1.7% 7.8% 1.2%
Table T10.1: Loan Repayments directly from borrowers

This table is produced online only

Table T10.1: Loan Repayments directly from borrowers

Source: Inland Revenue

This is a supporting table for Table 10, Part 1, Page 21 of the Student Loan Scheme Annual Report 2020/21

  2017/18 2018/19 2019/20 2020/21
New Zealand-based        
$million 166.1 168.2 172.8 229.3
Annual % change 2.2% 1.3% 2.7% 32.7%
         
Overseas-based        
$million 221.3 206.3 211.6 197.7
Annual % change 3.0% -6.8% 2.6% -6.6%
         
Total        
$million 387.4 374.5 384.4 427.0
Annual % change 2.6% -3.3% 2.6% 11.1%

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 2021. The total amount overdue increased by 8.9 percent on the previous year.

Table T11: Overdue repayments as at 30 June
Table T11: Overdue repayments as at 30 June

Source: Inland Revenue

Refer to Table 11, Part 1, Page 22 of the Student Loan Scheme Annual Report 2020/21

Overdue repayments 2018 2019 2020 2021 % Change
2020-21
New Zealand-based          
Overdue amount ($m)        116.2        131.9 133.1 140.9 5.9%
No. of borrowers      26,021      28,221 29,389 26,962 -8.3%
Average amount outstanding ($)     4,466.0     4,673.2 4,527.4 5,227.3 15.5%
Overseas-based          
Overdue amount ($m)     1,205.2     1,349.2 1,446.2 1,579.6 9.2%
No. of borrowers      75,375      75,882 74,215 75,965 2.4%
Average amount outstanding ($)   15,990.0   17,779.6 19,486.1 20,793.9 6.7%
Total/overall          
Overdue amount ($m)     1,321.5     1,481.0 1,579.2 1,720.5 8.9%
No. of borrowers    101,396    104,103 103,604 102,927 -0.7%
Average amount outstanding ($)   13,032.6   14,226.8 15,242.8 16,716.2 9.7%
Table T12: Age and location of overdue repayments at 30 June
Table T12: Age and location of overdue repayments at 30 June

Source: Inland Revenue

Refer to Table 12, Part 1, Page 22 of the Student Loan Scheme Annual Report 2020/21

Notes:

  1. A change in reporting methodology in 2019/20 which means this information is not comparative to 2018/19.
  2. Totals may not appear to add because of rounding.
  2016 2017 2018 2019 2020 2021
Age of overdue
repayments
$ million % $ million % $ million % $ million % $ million % $ million %
New Zealand-based  Borrowers
0-1 month 5.3 5.8% 3.6 3.6% 4.9 4.3% 4.5 3.4% 1.0 0.7%            0.1 0.1%
2-3 months 12.9 14.1% 12.4 12.4% 13.1 11.3% 13.2 10.0% 10.4 7.8%            7.2 5.1%
4-6 months 3.9 4.3% 3.9 3.9% 4.4 3.8% 4.6 3.5% 4.6 3.5%            4.2 3.0%
7-12 months 4.1 4.5% 4.4 4.4% 4.0 3.5% 5.4 4.1% 1.9 1.4%            1.3 0.9%
1-2 years 13.5 14.8% 14.6 14.7% 15.4 13.3% 15.1 11.4% 17.7 13.3%           16.0 11.4%
2-5 years 20.0 22.0% 26.5 26.6% 34.4 29.6% 39.7 30.1% 39.4 29.6%           40.8 28.9%
>5 years 31.4 34.5% 34.0 34.2% 40.0 34.4% 49.4 37.5% 58.1 43.7%           71.4 50.6%
Total 91.2 100.0% 99.3 100.0% 116.2 100.0% 131.9 100.0% 133.1 100.0%         140.9 100.0%
Overseas-based Borrowers
0-1 month 3.9 0.4% 3.1 0.3% 3.5 0.3% 2.7 0.2% 0.4 0.0%            0.1 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%           67.3 4.3%
4-6 months 5.3 0.5% 3.3 0.3% 4.8 0.4% 2.5 0.2% 2.0 0.1%            0.2 0.0%
7-12 months 7.9 0.8% 9.1 0.8% 6.3 0.5% 16.9 1.3% 65.1 4.5%           63.1 4.0%
1-2 years 153.3 15.6% 152.9 13.8% 148.5 12.3% 148.3 11.0% 131.6 9.1%         127.7 8.1%
2-5 years 310.7 31.6% 356.4 32.2% 385.4 32.0% 411.3 30.5% 405.4 28.0%         401.6 25.4%
>5 years 345.7 35.2% 427.8 38.6% 508.0 42.1% 624.5 46.3% 769.8 53.2%         919.7 58.2%
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%      1,579.6 100.0%
Table F11: Number of loans fully repaid at 30 June
Table F11: Number of loans fully repaid at 30 June

Source: Inland Revenue

Refer to Figure 11, Part 1, Page 23 of the Student Loan Scheme Annual Report 2020/21

Notes:

  1. Going forward, student loan repaid data will be updated only for the financial year being reported. For 2021, both 2020 and 2021 financial years were reported.
  2. Historical data can be changed because loans can be booked to previous tax years when they are repaid.
Year Loans repaid
2021 51,712
2020 59,189
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
Table T13: Write-off due to death, bankruptcy or fraud
Table T13: Write-off due to death, bankruptcy or fraud

Source: Inland Revenue

Refer to Table 13, Part 1, Page 23 of the Student Loan Scheme Annual Report 2020/21

Note:

In April 2020, new legislation was introduced to allow for loans taken out prior to 2000 to be written off if identity theft loans taken out prior to 2000 to be written off if identity theft has occurred and the correct borrower cannot be identified

Write-offs 2017/18 2018/19 2019/20 2020/21
  $ million
Bankruptcy 32.2 23.6 13.6 3.9
Death 31.1 25.7 30.8 37.3
Fraud     0.26 0.03
  Number of cases
Bankruptcy 827 835 1,054 103
Death 2,605 1,803 1,898 2,633
Fraud     <5 <5

Student Loan Funding

The annual net cash cost is the difference between the amount lent and the repayments received. Historically the government has lent more than it receives back. However, over the last four years, repayments have exceeded lending. Over the 2020/21 financial year $1,422 million in cash was lent to students and $1,495 million was received in repayments meaning that there was a cash surplus of $73 million.

Table F12: Movement in the fair value due to impairment and discount rate changes over the last six years
Table F12: Movement in the fair value due to impairment and discount rate changes over the last six years

Source: Ministry of Education

Refer to Figure 12, Part 2, Page 26 of the Student Loan Scheme Annual Report 2020/21

Notes:

  1. The impairment shown applies to the fair value and so differs from the impairment of the carrying value reported in earlier annual reports.
  2. Changes in value arising from changes in the collection expense assumptions have been attributed to impairment.
At 30 June 2016 2017 2018 2019 2020 2021
  $ million
Impairment -89 45 103 211 -476 488
Discount rate 408 -140 190 734 343 220
Table F13: Lending and initial write down on this lending
Table F13: Lending and initial write down on this lending

Source: Ministry of Education

Refer to Figure 13, Part 2, Page 27 of the Student Loan Scheme Annual Report 2020/21

  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 2020/21
$ million
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 1,431
Initial write-down on new borrowing 328 488 487 532 728 713 702 536 629 602 659 662 594 563 506 469
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 43.30 44.58 44.43 41.40 35.82 32.75
Table F13.1: Cost of lending in cents per dollar lent in half years

This table is produced online only

Table F13.1: Cost of lending in cents per dollar lent in half years

Source: Ministry of Education

This is a supporting table for Figure 13, Part 2, Page 27 of the Student Loan Scheme Annual Report 2020/21

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Jan-Jun Jul-Dec Jan-Jun Jul-Dec Jan-Jun Jul-Dec Jan-Jun Jul-Dec Jan-Jun Jul-Dec Jan-Jun Jul-Dec Jan-Jun Jul-Dec Jan-Jun Jul-Dec Jan-Jun Jul-Dec Jan-Jun Jul-Dec Jan-Jun Jul-Dec Jan-Jun Jul-Dec Jan-Jun Jul-Dec Jan-Jun Jul-Dec
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 35.41 31.64 **
Table F14: Lending and Repayments
Table F14: Lending and Repayments

Source: Ministry of Education

Refer to Figure 14, Part 2, Page 28 of the Student Loan Scheme Annual Report 2020/21

  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 2020/21
$ million
New lending 981 1107 1122 1259 1423 1453 1477 1470 1511 1518 1512 1475 1328 1351 1404 1422
Repayment -486 -486 -550 -619 -652 -691 -767 -1054 -1032 -1114 -1209 -1273 -1348 -1371 -1477 -1495
Net cash out 495 621 572 640 771 762 710 416 479 404 303 202 -20 -20 -73 -73
Table T14: Government’s cost of ownership of the Student Loan Scheme
Table T14: Government’s cost of ownership of the Student Loan Scheme

Source: Ministry of Education

Refer to Table 14, Part 2, Page 28 of the Student Loan Scheme Annual Report 2020/21

Fair value of the asset $10,841 million
Discount rate for the asset 3.95%
Cost of capital associated with the Student Loan Scheme $428 million for the financial year of 2021/22
Table T15: Student Loan Scheme administration costs
Table T15: Student Loan Scheme administration costs

Source: Ministry of Social Development, Inland Revenue, Ministry of Education and Statistics New Zealand.

Refer to Table 15, Part 2, Page 29 of the Student Loan Scheme Annual Report 2020/21

Notes:

  1. All amounts exclude GST.
  2. Inland Revenue's administrative costs from 2014/15 through 2019/20 have been restated from those published in previous annual reports to exclude business transformation costs.
  2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21
  $ millions
Ministry of Social Development 17.0 16.4 15.8 16.2 13.4 15.0 15.1 16.5 16.8 18.0 22.7
Inland Revenue 39.3 31.5 30.2 33.5 32.1 32.5 31.2 29.2 30.2 31.7 28.8
Ministry of Education 0.8 0.8 0.9 0.7 0.7 0.8 0.8 0.9 0.8 1.0 0.9
Statistics New Zealand 0.7 0.7 0.7 0.7 0.7 0.7 0.7 0.8 0.9 0.9 1.0
Gross agency cost 57.8 49.4 47.6 51.1 46.9 49.0 47.8 47.4 48.7 51.6 53.4
Table T16: Nominal and Carrying Value Movements
Table T16: Nominal and Carrying Value Movements

Source: Ministry of Education and Inland Revenue

Refer to Table 16, Part 2, Page 30 of the Student Loan Scheme Annual Report 2020/21

Notes:

  1. 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.
  2. 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.
  3. The no interest for New Zealand-based borrowers policy came into effect on 1 April 2006.
  4. A $60 fee is charged by the Ministry of Social Development every time a borrower establishes a new loan account. Before 2012, this was known as the administration fee.
  5. The administration fee is an annual fee added to loans on 1 April. This fee is only charged if a Ministry of Social Development establishment fee has not been charged in the same tax year. This was first charged in 2011/12.
  6. Prior to 2008/09, the balancing item includes penalties and loan interest charged. In 2011/12, the balancing item reflects adjustments over the period.
  7. 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.
  8. In all years, new lending is net of repayments made to the Ministry of Social Development (which were mostly refunded course fees) and the repayments are those made to Inland Revenue only.
    In the 2011 and earlier annual reports, refunded course fees were counted both in the lending and the repayment lines.
  9. 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.
  10. The closing carrying value at June 2018 differs from the opening value the next year by $627 million. This uplift occurs because of the switch to fair value accounting on 1 July 2018.
      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 2020/21
    Notes $ million
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 16,134
  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 1,422
  Establishment fee 4 8 9 9 10 11 12 12 11 11 11 10 10 9 9 9 9
  Administration fee 5 20 21 22 22 23 23 23 23 24 22
  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 -1,495
  Interest 2, 7 14 119 142 133 156 151 141 135 120 111 110 87 93
  Penalties 2 42 16 45 50 43 49 58 64 72 74 92 98 116
  Voluntary Repayment Bonus   0 -5 -17 -16 -32 -14 0 0 0 0 0 0 0
  Death Write-off   -4 -2 -10 -9 -11 -9 -10 -13 -9 -19 -15 -13 -31 -26 -31 -37
  Bankruptcy write-off   -11 -9 -16 -11 -15 -10 -12 -9 -15 -16 -18 -20 -32 -24 -14 -4
  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 16,260
                                     
Carrying value  
  Opening balance 10 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 10,395
  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 1,422
  Initial write-down on new borrowing 9 -328 -488 -487 -532 -728 -713 -702 -536 -629 -602 -659 -662 -594 -563 -506 -469
  Initial write-down   -1,415  
  Establishment fee   8 9 9 10 11 12 12 11 11 11 10 10 9 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 -1,495
  Interest unwind   358 451 406 473 463 484 526 590 579 604 603 602 604 394 331 235
  Impairment   -13 -151 231 -779 -280 124 286 -484 -12 -269 -140 62 106 211 -476 488
  Repayment collection allowance   36 36 37
  Discount rate changes                             734 343 220
  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 10,841
                                     
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 32.75
Table T16.1: History of repayment thresholds and interest rates

This table is produced online only

Table T16.1: History of repayment thresholds and interest rates

Source: Ministry of Education

This is a supporting table for Part 2 of the Student Loan Scheme Annual Report 2020/21

Notes:

  1. Since 1 April 2006 there has been no interest on student loans where the borrower is New Zealand based.
  2. For New Zealand based borrowers compulsory repayments are based on earnings.
  3. Compulsory repayments for domestic borrowers are 12 cents in every dollar earned over the threshold.
    This is calculated based on each pay, so, for example, when a borrower is paid weekly the threshold is 1/52 nd of the annual threshold.
  4. Before April 2013 the student loan repayment rate was 10 cents in every dollar earned over the repayment threshold.
For the year ending 31 March Interest Rate Domestic Repayment Threshold ($ per year)
1993 8.2% 12,670
1994 7.2% 13,104
1995 7.0% 13,520
1996 9.0% 13,884
1997 8.4% 14,300
1998 8.2% 14,560
1999 8.0% 14,716
2000 7.0% 14,716
2001 7.0% 14,768
2002 7.0% 15,132
2003 7.0% 15,496
2004 7.0% 15,964
2005 7.0% 16,172
2006 7.0% 16,588
2007 6.9% 17,160
2008 6.8% 17,784
2009 6.7% 18,148
2010 6.8% 19,084
2011 6.6% 19,084
2012 6.4% 19,084
2013 6.4% 19,084
2014 5.9% 19,084
2015 5.5% 19,084
2016 5.3% 19,084
2017 4.8% 19,084
2018 4.4% 19,136
2019 4.3% 19,448
2020 4.0% 19,760
2021 3.5% 20,020
2022 3.0% 20,280
2023   21,268

Student allowancesUpdated: Jun-2021

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

  • Student allowances 2020 [MS Excel 264kB]
Statistics

Downloads

  • SLS 20/21 All Data Tables (XLS, 194.9 KB)

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