Cut student debt by 10%

Labour says it will cut students’ debt by 10% if elected, but they’ll have to delay their post-graduate OE by three years to qualify.

Labour leader Chris Hipkins said tertiary study could leave people burdened with debt for decades and the 10% discount policy was designed to help address the issue.

“If you’ve finished your study, didn’t benefit from Fees Free and are still paying off your loan, you’ll get the cut on 1 April 2027. Current and future students will get it after staying in New Zealand for three years once they finish their study. And if you owe $2,000 or less, we’ll wipe it off completely,” he said.

Hipkins did not say how the policy would be funded.