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May 20, 2013 | by  | in News |
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Good Days Cease: Overseas Degree Fees to be Seized

If you travel overseas for 183 consecutive days, your loan will remain interest-free. Yet, if you are going overseas for six months or more you will become an overseas-based borrower and will have different repayment obligations. Your loan will no longer be interest-free; interest will apply the day after you leave New Zealand.

You can apply for a repayment holiday for the maximum time of one year—which decreases from three years on 1 April 2012—by completing a form. You will need to supply your departure date, how long you intend to be away, and any repayment information to the IRD.

If you are paying tax in New Zealand while overseas, payments will still be deducted from your income.

As of 1 April 2014, two new loan-balance divisions have been introduced. If your loan balance is between $30,000 and $45,000 you must pay $3000 towards your loan each year, between $45,000 and $60,000 the amount due is $4000, and for those earning over $60,000 the amount due per year is $5000.

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