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These charts show how your degree is probably worth less today but so is your student loan

Publicado por Valentina Tolosa en 24 marzo, 2022
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These charts show how your degree is probably worth less today but so is your student loan

These days, a university degree tends to carry less prestige and market value than it did in the past. But as Emma Vitz writes, it’s generally faster to pay back your student loan today.

The moment you pay off your student loan, you’ve given yourself one of the biggest pay rises of your career. 12% is a good chunk of your income, enough to make a difference to your ability to save for retirement or a deposit. I wanted to know how long does it take to get to this tantalising moment?

A student who graduated in 2020 after three years of studying and borrowing the average amount each year would have a loan of $41,457 according to MSD data. This number was $25,097 for someone who graduated in 2002 and has been steadily increasing since then.

These charts show how your degree is probably worth less today but so is your student loan

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In New Zealand, student loan repayments currently kick in when you earn more than $380 a week, or $19,760 per year. The IRD clips the ticket on anything you earn above this threshold at a rate of 12% before tax. Luckily for students and anyone calculating a payback period, we don’t apply inflation to student loans in New Zealand and only charge interest if the borrower is living overseas.

Today I’d like to take a dive into differences in the student loan payback period by industry, while putting differences by gender and ethnicity aside for another article.

In order to calculate how long it would take to pay back the average student loan, we need to know how much money someone earns. When using aggregated income data, we need to take into account the (hopefully) higher income that someone with a degree earns. So how much more do you get paid if you have a degree, compared to those with a lower qualification? Continue Reading

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