Students Frustrated by Nine Billion Dollar Debt

Canterbury Students Frustrated by Nine Billion Dollars in Debt

For immediate release 27th March 2007.

As total student debt hits nine billion dollars, University of Canterbury students continue to be disappointed and frustrated by the steadily increasing costs of tertiary education, said University of Canterbury Students’ Association (UCSA) President Belinda Bundy.

“Total student debt is accelerating at an exponential rate”, said Ms. Bundy. “In 2002, total student debt reached five billion, and five years later that figure has almost doubled. The burden being put on students, and therefore on society, is unsustainable. If the Government wants to build a knowledgeable and vibrant economy, they must pledge greater levels of student support to university students”.

Despite Government initiatives such as fee maxima and interest-free loans, it clear that the cost of tertiary education continues to rise for University of Canterbury students, as well as their peers. At the University of Canterbury alone, fees for 2007 have followed the trend of the last few years by rising by five percent. In addition to this, the improvement in access to student allowances under the Labour government has been negligible. This results in the majority of Canterbury students being dependent upon loans to fund their living costs while at university, driving up their own loan balance and total debt levels.

“Nine billion dollars is nothing less than a horrifying figure”, said Ms. Bundy. “It is indicative of Government policy that penalises many of the best and brightest in our society, simply for attempting to educate themselves, and in doing so improving one’s prospects and those of their society. The Government must adequately realise the valuable contribution university students and graduates make to our society by increasing levels of student support, which will also act to halt rapidly accumulating debt figures in the very near future”.

ENDS

www.ucsa.org.nz

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