Labour has used its 2026 election campaign launch to unveil a plan to wipe 10 percent from the student loan balances of eligible New Zealand graduates.
The policy would apply to current and future graduates who are New Zealand-based for tax purposes, still have a student loan to repay and did not benefit from the Fees Free scheme.
Labour says the policy is designed to give younger New Zealanders a faster path out of debt and encourage graduates to build their careers and lives in Aotearoa rather than heading overseas.
The announcement comes as Labour and National formally launch their campaigns ahead of the November 7 election, with both major parties putting student loans and the financial pressures facing younger workers on the election agenda.
National has already announced a different approach, proposing to reduce the compulsory student loan repayment rate from 12 percent to 10 percent if re-elected, while increasing penalties for some overseas-based borrowers.
Labour’s wider campaign is being fought under its Better Starts Now banner, with jobs, healthcare and household costs among its major election themes.
With the campaign now officially under way, the competing student loan policies are shaping up as one of the clearest points of difference in the battle for younger voters.
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