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Since 1998, Rice has had a loan cap to guarantee that all students will graduate with less than $10,000 in debt.
"A payday loan cap is not the final piece of the puzzle; consumers need more choice and access to advice," said Citizens Advice chief executive Gillian Guy.
In other places where housing prices are high, there is a similar anticipatory buzz about a change in the conforming loan cap.
That index excludes deals above the loan cap of $417,000, where price gains have been greatest, as well as transactions financed by subprime mortgages, where activity was most frenetic.
Education Minister Chris Hipkins announced today that the student loan cap for those at medical school or other long undergraduate courses will be boosted to 10 years.
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It would also raise the loan caps on several popular Small Business Administration programs.
The consultancy Policis reported on the experience of payday loan caps in the US.
But the interplay between interest rates and loan caps is going to be hard for policy-makers to gauge.
Public providers and Tafes would be granted automatic eligibility but would face new conditions on scope of enrolment, enrolment numbers, loan caps and student participation.
"We will close off new loans under VET Fee-Help at the end of 2016, with the new program including course restrictions for providers, loan caps and student engagement requirements commencing from mid-2017," he said.
The new system, approved by the cabinet on Tuesday, will impose tougher barriers to entry on private training colleges, loan caps will be applied to courses, course eligibility criteria will be strengthened in alignment with what the government terms "industry requirements", and there will be mandatory student engagement measures.
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CEO of Professional Science Editing for Scientists @ prosciediting.com