Student Loan Borrowers Seeking Bankruptcy As Millions In Debts Wiped Due To Insolvency

Overseas graduates declaring themselves penniless are among the 483 debtors whose $18 million in students loans have been wiped by bankruptcies, Stuff.co.nz reported. Inland Revenue has revealed the latest figures as the amount owed by student loan defaulters tips over the $1 billion mark. The 10 biggest overseas debtors owe more than $300,000 each. Some are dying in debt. Ministry of Education figures show that, in the year to June 2015, $19m of student loan debt was written off because of the death of the borrower. That compared with $16m written off because of bankruptcy. Read more.
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