Student loan quarterly report
December 2010
Student loan quarterly report 2010-2011: Second quarter - October - December 2010
The purpose of the report is to:
- present a snapshot of the student loan information held by Inland Revenue, and
- track quarterly changes in the student loan population.
Number of borrowers
| Number of borrowers | NZ-based borrowers | Overseas-based borrowers | Total |
|---|---|---|---|
| As at 30 Sep 2010 | 493,341 | 87,048 | 580,389 |
| As at 31 Dec 2010 | 482,511 | 88,842 | 571,353 |
Nominal balance
Nominal balance is the loan balance held by Inland Revenue as at end of the quarter. The balance includes:
- all outstanding loans
- any penalties or interest
- any credits that have yet to be processed.
The balance excludes any funds loaned by StudyLink in the 2010 academic year. These loans will be transferred to Inland Revenue in February 2011. Therefore the nominal loan balance will increase in the January to March quarter.
| Nominal loan balance | NZ-based borrowers | Overseas-based borrowers | Total |
|---|---|---|---|
| As at 30 Sep 2010 | $7,568 million | $2,139 million | $9,707 million |
| As at 31 Dec 2010 | $7,375 million | $2,203 million | $9,578 million |
| Median loan balance | |||
| As at 30 Sep 2010 | $10,649 | $17,983 | |
| As at 31 Dec 2010 | $10,622 | $18,156 |
Range of loan balances
The range of loan balances is the amount currently owed by borrowers to Inland Revenue. It includes all outstanding loans and any penalties or interest. It excludes any funds still held by StudyLink or any refunds still to be processed.
| Range of loan balance | NZ-based borrowers | Overseas-based borrowers |
|---|---|---|
| $0 - $5,000 | 118,119 | 11,254 |
| $5,000 - $10,000 | 112,059 | 14,206 |
| $10,000 - $15,000 | 75,708 | 12,646 |
| $15,000 - $20,000 | 48,249 | 9,470 |
| $20,000 - $25,000 | 36,764 | 8,028 |
| $25,000 - $30,000 | 25,105 | 6,744 |
| $30,000 - $35,000 | 19,321 | 5,225 |
| $35,000 - $40,000 | 13,738 | 4,393 |
| $40,000 - $45,000 | 9,648 | 3,476 |
| $45,000 - $50,000 | 6,937 | 2,760 |
| $50,000 - $55,000 | 4,692 | 2,232 |
| $55,000 - $60,000 | 3,357 | 1,675 |
| $60,000 - $65,000 | 2,243 | 1,371 |
| $65,000 - $70,000 | 1,623 | 1,071 |
| $70,000 - $75,000 | 1,251 | 862 |
| $75,000 - $80,000 | 816 | 647 |
| $80,000 - $85,000 | 680 | 541 |
| $85,000 - $90,000 | 536 | 442 |
| $90,000 - $95,000 | 367 | 320 |
| $95,000 - $100,000 | 289 | 287 |
| >$100,000 | 1,009 | 1,192 |
Repayments
The amount repaid includes all money received:
- directly from borrowers (voluntary payments, payments from self-employed borrowers, and overseas based borrowers)
- from employers through deductions from salary or wage earners.
| Oct-Dec 09 | Oct-Dec 10 | Percentage change | |
|---|---|---|---|
| Repayments via employers | $116,804,370 | $123,450,123 | 5.7% |
| Repayments from borrowers | $30,019,235 | $38,081,841 | 26.9% |
| Total | $146,823,605 | $161,531,964 | 10.0% |
Repayment thresholds
Any student loan borrower who earns more per year than the repayment threshold is required to repay 10 cents of every dollar earned over the income threshold towards their student loan.
| Year | 2004-05 | 2005-06 | 2006-07 | 2007-08 | 2008-09 | 2009-10 | 2010-11 |
|---|---|---|---|---|---|---|---|
| Threshold | $16,172 | $16,588 | $17,160 | $17,784 | $18,148 | $19,084 | $19,084 |
Overdue repayments
If a borrower does not meet some or all of their repayment obligations by the due date, the amount due but not paid becomes an overdue repayment. Penalties are charged on the overdue amount.
| Borrowers with overdue repayments | NZ-based borrowers | Overseas-based borrowers | Total |
|---|---|---|---|
| As at 30 Sep 2010 | 46,747 | 33,992 | 80,669 |
| As at 31 Dec 2010 | 41,306 | 33,332 | 74,638 |
| Amount overdue | |||
| As at 30 Sep 2010 | $127,331,747 | $188,918,293 | $316,250,040 |
| As at 31 Dec 2010 | $120,485,237 | $195,706,027 | $316,191,265 |
Date published: 25 Mar 2011
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