The National Party is promising to reduce the compulsory student loan repayment rate if re-elected, while cracking down on overseas-based borrowers.

It said it would reduce the repayment rate from 12 percent to 10 percent from April 2027.

The party’s finance spokesperson Nicola Willis said compulsory student loan repayments were paid at 12 cents on every dollar earned above $24,128.

“It is often one of the biggest weekly expenses for a young graduate,” she said.

‘‘Reducing this to 10 cents means an accountant starting out in their career and earning $75,000 per year would keep an extra $39 a fortnight, or around $1000 a year.’’