41 Eden Parks and counting

THE AUCKLAND UNI ERSITY STUDENTS' ASSOCIATION (INC.) TE ROOPU TAUIRA O TE WHARE WAANANGA O TAMAKI MAKAURAU 4 Alfred S , Auckland www.ausa.auckland.ac.nz

Media Release - 28 February 2008 - For Immediate Use

41 Eden Parks and counting…

Students start classes next week at the University of Auckland with rugby far from their minds. The country's major source of official statistics confirms that student debt is continuing to skyrocket.

Statistics New Zealand figures released today show the average student loan leaving debt reached a high of $15,590 in 2005, up 6 percent from $14,730 in 2004. This continues the upward trend in average student loan leaving debt since 1992.

“Tuition fees continue to rise, and most students still can’t access a student allowance. Because of this, student debt is going to hit $10 billion this year. That’s enough to pay for at least 41 redeveloped Eden Parks*,” says David Do, AUSA President.

“The figures also show that the number of students who get student loans only has gone up. This suggests to us that they’re not eligible for an allowance and hence must borrow to live.”

Recent Westpac bank research confirms that financial worries are students’ primary concerns heading into study this year. 42 percent of students said their primary concerns heading into their studies this year were financial - the ability to earn and save enough for living and studying, accumulating student debt through loans, tuition fee increases, and dissatisfaction with student loans.

“If students didn’t have to borrow to live, they wouldn’t be graduating with so much debt for life. Students should not be forced to borrow to live just because they’re under 25 or because their parents are supposedly too rich,” says David Do.

“We call on both major parties to commit to a universal allowance for all students.’ *A $240 million redevelopment of Eden Park for the Rugby World Cup was recently approved.

ENDS

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