$20 million recovered in student loans overseas
National’s programme to collect overdue student loan repayments from overseas-based borrowers has now brought in $20 million, with a further $2.9 million under payment arrangements.
The programme has so far returned $12.20 for every $1 invested, which is outstanding, as overseas-based borrowers take considerably longer to pay off their loans.
The median repayment time for overseas-based borrowers is 13.9 years, compared with 4.6 years for borrowers in New Zealand.
One of our priorities this term is to responsibly manage Government finances. These results show the worth of chasing student loan debtors who are overseas and not meeting their obligations.
We are continuing to ramp up debt collection efforts to ensure those overseas pay off their loans and help contribute to further investment in the tertiary education system that trained them.
More information: http://www.national.org.nz/Article.aspx?ArticleID=38711
