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March 26, 2007 | by  | in News |
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Student loan scheme changes (again)

“We’re starving, but thank God student loans are interest free” – students

A student loan scheme bill passed last week will reduce the burden of debt for some borrowers and “simplifies the administration” of the scheme, claim Tertiary Education Minister Michael Cullen and Revenue Minister Peter Dunne.

In a release, the ministers said: “The changes bring the student loan scheme rules into line with the aims of interest-free loans, one of which is to reduce barriers to the return of skilled New Zealanders.”

The changes include:

  • A ‘repayment holiday’ for up to three years for borrowers overseas. Borrowers will not have to make repayments but their loans will still attract interest.
  • Extension of interest-free loans to full-time undergraduates studying overseas
  • Interest-free loans for borrowers overseas working in certain areas of volunteer or charitable work
  • A reduction of the late-payment penalty from 2% to 1.5% per month

Data-matching between Inland Revenue and the New Zealand Customs Service to determine whether a borrower is eligible for an interest-free loan, is based in New Zealand or overseas, and is resident or non-resident

Theses changes will take place on April 1.

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About the Author ()

With her take-no-prisoners, kick-ass attitude, former News Editor Laura McQuillan adequately makes up for her lack of stature. Roaming the corridors (and underground tunnels) of the University by day, and hunting vampires and Nazi war criminals by night, McQuillan will stop at nothing to bring you the freshest news.

Comments (3)

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  1. musikbox says:

    why don’t you have a profile like everyone else? too tuff.

  2. Brunswick says:

    Laura’s profile would make your computer explode.

  3. musikbox says:

    I’d pay to see that.

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