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Student Loan Scheme Act 2011

Preliminary matters, loan advances, and New Zealand-based and overseas-based borrowers - Establishment of student loan

19: Commissioner must inform borrowers about consolidated loan balance

You could also call this:

“Inland Revenue tells you how much you owe on your student loan”

The Commissioner must tell you about your student loan balance and keep this information up to date. They will give you details about:

  • All the money you’ve borrowed
  • Any interest added to your loan
  • Any penalties you’ve been charged
  • Any fees you’ve been charged
  • All the repayments you’ve made
  • The current base interest rate
  • Any other information they think is important

The Commissioner will provide information about when these things happened and how much money was involved. They will also fix any mistakes in this information if they find out something is wrong or has changed.

This information helps you understand how much you owe on your student loan and how it has changed over time.

This text is automatically generated. It might be out of date or be missing some parts. Find out more about how we do this.

This page was last updated on

View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM3180079.

Topics:
Money and consumer rights > Banking and loans Education and learning > Higher education
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18: Commissioner must notify borrowers of loan advances, or

"The government lets you know when they start looking after your student loan"

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20: Borrower must be notified of certain changes to obligations, or

"The government must tell you if your student loan rules change"

Part 1 Preliminary matters, loan advances, and New Zealand-based and overseas-based borrowers
Establishment of student loan

19Commissioner must inform borrowers about consolidated loan balance

  1. The Commissioner—

  2. must inform borrowers about their consolidated loan balances; and
    1. must keep that information up to date.

      1. For the purposes of subsection (1), the Commissioner must provide the following information for each borrower:

      2. details of all loan advances that have been made or charged to the borrower (and that the Commissioner has been notified of in accordance with section 17(1)); and
        1. details of the date and amount of any interest added to the borrower's loan balance in accordance with a loan contract or this Act; and
          1. details of the date and amount of any penalties charged to the borrower in accordance with a loan contract or this Act; and
            1. details of the date and amount of all fees charged to the borrower in accordance with a loan contract or this Act; and
              1. details of all repayments that have been made; and
                1. the current base interest rate; and
                  1. any other information that the Commissioner considers appropriate.

                    1. The Commissioner must correct that information if the Commissioner becomes aware that any of the information is incorrect or has changed.

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