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The total amount of student loan debt in New Zealand has increased from 934 million [52] in 2002 to 16 billion [53] in 2021. In 2003, the average student loan debt was 12,280. [54] According to recent data that was published November 2022, the average student debt in New Zealand is now around $24,000. [53]
EFTS is an acronym for Equivalent Full Time Student. [1] It is a definition used to measure student numbers at New Zealand educational institutions . One EFTS will be made up of more than one part-time students (e.g. two half time students).
New Zealand provides student loans and allowances to tertiary students who satisfy the funding criteria. Full-time students can claim loans for both fees and living costs while part-time students can only claim training institution fees. While the borrower is a resident of New Zealand, no interest is charged on the loan.
Starting loan balance. Monthly payment. Paid toward principal. Paid toward interest. New loan balance. Month 1. $20,000. $387. $287. $100. $19,713. Month 2. $19,713. $387
Use a student loan calculator to figure out what your monthly payments will be after graduation and whether you’re comfortable with the amount. Also, check how long it will take to pay off the ...
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