TWFG says NO to interest on loans

Monday, 23 April 2012, 5:27 pm
Press Release: NZ Union of Students' Associations

Press Release
For Immediate Release – 23 April 2012

TWFG says NO to interest on loans

The Tertiary Women’s focus group (TWFG) believes that interest on student loans will make Tertiary Education elitist. Their comment comes after ACT Party MP John Banks’ announced on Saturday he would like to reintroduce interest on loans.

“Putting interest back on loans is dangerous. Many students have crippling debt that impacts on the decisions they make later on in life – and that is currently without interest” says National Women’s Rights Officer Ta’ase Vaoga.

“Mr Banks clearly has no idea about the real impact a student loan can have on an individual’s life. Those who, unlike Mr Banks, did not have the option of free tertiary education, are often prevented from starting families, buying first homes and saving money due to their student debt.” adds Vaoga.

“Women will be unfairly disadvantaged by this move as they already take longer pay off their loans, being more likely to stay home for periods of time to take care of children and earn less on average compared with their male counterparts” Vaoga continues.

Currently the Government views student loans as a liability. However, TWFG is of the opinion that student loans should be viewed as an investment.

“Lending to students is an investment in the economic future of the country. We are investing in the future of the workforce. The availability of loans and thus access to higher education results in a happier more productive workforce contributing economically to society” Vaoga concludes.

The TWFG is the autonomous women's organising group within the New Zealand Union of Students' Associations, the national representative body for tertiary students.

ENDS

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