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Student Loan Scheme Act 2011

Repayment obligations of borrowers - New Zealand-based borrowers' repayment obligations for salary or wages - Exemption from standard deductions for borrowers who are full-time students

56: Notice from Commissioner

You could also call this:

"What happens when you tell the government about your student loan payments"

When you send a declaration that follows the rules in section 55, the Commissioner will do two things for you. First, they will give you permission not to have standard deductions taken from your pay. Second, they will send you a notice. This notice will tell you that you don't have to have standard deductions taken from your pay, say how long this will last, and explain what section 57 means for you.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM3180141.

Topics:
Education and learning > Higher educationMoney and consumer rights > Banking and loans
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55: Declaration by eligible borrowers for exemption from standard deductions, or

"Telling the government you don't want money taken out of your pay for your student loan"

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57: Consequences of exemption from standard deductions, or

"What happens when you don't need student loan money taken from your pay"

Part 2Repayment obligations of borrowers
New Zealand-based borrowers' repayment obligations for salary or wages: Exemption from standard deductions for borrowers who are full-time students

56Notice from Commissioner

  1. Upon receiving a declaration that complies with section 55 from a borrower, the Commissioner must—

  2. grant the borrower an exemption from standard deductions; and
    1. issue a notice to the borrower that—
      1. states that an exemption from standard deductions has been granted to the borrower; and
        1. specifies the exemption period to which the exemption applies; and
          1. summarises the effect of section 57.