Repayment obligations of borrowers - New Zealand-based borrowers' repayment obligations for salary or wages - Unused repayment threshold may be allocated to secondary employment earnings
41: Definitions relating to repayment thresholds
You could also call this:
"Words that explain when you need to start paying back your student loan"
In this part of the law, you'll learn about some important terms used in sections 42 to 48 of the Student Loan Scheme Act 2011. These terms help explain how repayment thresholds work for student loans in New Zealand.
When the law talks about 'estimated salary or wages' for a quarter, it means the amount of money you're expected to earn in a three-month period. The exact way this is figured out is explained in section 43 of the Act.
A 'quarter' is a specific three-month period. It can be January to March, April to June, July to September, or October to December. These quarters always end on the last day of March, June, September, or December.
The 'unused repayment threshold for a pay period' is another important term. This is an amount of money that's calculated for each time you get paid. You can find out how this amount is worked out by looking at section 44 of the Act.
These definitions help make sure everyone understands what these terms mean when they're used in the law about student loan repayments.
42: Application for unused repayment threshold to be allocated to secondary employment earnings, or
"Asking to use leftover repayment limit for your second job's earnings"
Part 2Repayment obligations of borrowers New Zealand-based borrowers' repayment obligations for salary or wages: Unused repayment threshold may be allocated to secondary employment earnings
