Student loan repayment rates can vary widely depending on the terms of the loan, the lender and the state in which you live.
However, according to research by the Centre for Financial Reporting, graduates are typically more likely to have an average debt of about €40,000 (£32,500) per annum in Ireland.
In contrast, borrowers in New Zealand have a repayment rate of just €7,000, while borrowers in South Africa have a rate of about $20,000.
It’s the difference between what borrowers are able to repay, and how much they’re likely to be able to borrow.
For example, a student in South African terms will have to repay about €5,000 to make interest repayments.
The average student loan balance in Ireland is currently €1,000 more than that of New Zealand.
The National Institute of Finance (NIFF) says the average student debt in Ireland has increased by nearly €10,000 in the last five years.
The main reasons for the increase are the cost of living, increased loan payments and rising levels of household debt.
However it says a significant part of the increase is attributable to rising interest rates.
It also says the increase in the average amount borrowed per year is mainly due to the cost-of-living increases in recent years.
Students with more than €100,000 of outstanding student loan repayments, however, have experienced an increase in interest rates, leading to higher repayments and potentially higher interest rates than the average borrower.
In comparison, the average debt for borrowers in the UK is about €60,000 and the average loan balance is about £3,000 higher than in Ireland, according the Centre.
Student loan interest rate rises and loan repayment options The National University of Ireland (NUI) has released figures that show the average interest rate on student loans has increased slightly over the last four years, from 4.3% in 2011 to 4.7% in 2016.
This means that a typical student with an outstanding student debt is likely to pay an average of about 7.5% interest on their loan each year.
In New Zealand, the interest rate is about 2.5%, while the average is about 3.2%.
The NUI says there is an increase of more than 3.5 percentage points in the rate of interest for graduates from the UK, Ireland and Australia.
Interest rates are also likely to rise for students from the United States, which has seen a dramatic rise in its borrowing costs in recent months.
The Nui says that for those from countries with higher rates, it would be prudent to make the most of these increases to make payments.
Interest rate changes for new students in 2018-19 The National Student Loans Company (NSLC), the largest student loan company in Ireland with over 80,000 student loans in its portfolio, says that in 2018, it will increase the maximum interest rate for new borrowers from 4% to 5%.
In 2019, NSLC is planning to increase the rate from 3.8% to 4%.
This will bring it into line with the national average of 4.5%.
The new rates will be applied to new borrowers in 2018.
The company says that it has a “principal and interest payment policy” and will apply the maximum rate at the time of commencement of the new loan.
However this does not apply to loans issued after January 1, 2019.
New student loan interest rates in 2019 for UK students The National Association of Student Loans (NASL) has published figures showing that the average rate for UK graduates with student loans is currently 5.5 per cent.
This is up from the 3.3 per cent average of last year.
NASL says that this is largely because of the rise in the cost to borrow in the past year, which it attributes to “a gradual increase in borrowing costs”.
However, the NSL says that the increase for graduates in England is also lower than for graduates elsewhere in the world.
NASLA has recently issued figures that suggest that the annual rate for graduates with loans from the Northern Ireland Assembly, currently 6.5 to 7 per cent, is about half of that in other parts of the UK.
NAS LA is currently reviewing its student loan repayment policy.
In 2016, the NASLA said that it was considering whether to offer more lenient terms to borrowers from Northern Ireland and other parts, and whether to reduce the interest charge for borrowers with a loan from Northern Irish institutions.
NASRA has said it will look at the impact of the cost and the interest charges that students incur in these countries on their repayment.
For more information on student loan payments, please see the NUI Student Loan Calculator.