How Philip Hammond could turn £1 of spending into £22 of savings

Like the UK, New Zealand faces severe challenges in recouping student debt, particularly when it is owed by overseas borrowers. Around 3.25 billion New Zealand dollars are owed by those overseas. Two-thirds of those in default are in Australia, as Australians have access to loans from the New Zealand Government when studying there – just like EU citizens do for tuition fee loans when studying in England, Wales and Northern Ireland. At the end of June, outstanding student loans in default topped $1 billion in New Zealand for the first time and, while borrowers living overseas make up just 15% of the borrowing population, they account for 90% of the amount in default. More...