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New Zealand intensifies efforts to collect $2.3 billion in overseas student loan debt.
A New Zealand woman living in Melbourne struggles with a $100,000 student loan, as interest accrues at 4.9% annually.
Despite earning $44,000 a year and paying $5,000 towards the loan, her debt continues to grow.
The Inland Revenue Department (IRD) is intensifying efforts to collect from overseas borrowers, resulting in a 43% increase in repayments.
The IRD is now using advertising, emails, letters, and text messages to target these borrowers, along with overseas collection agencies.
The total overseas student loan debt stands at $2.3 billion, with 69% of borrowers defaulting.
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Nueva Zelanda intensifica los esfuerzos para cobrar $ 2.3 mil millones en deuda de préstamos estudiantiles en el extranjero.