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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

59: Notice of change of circumstances

You could also call this:

"Tell IRD and your boss if something changes with your student loan"

If you are a borrower with a student loan and something changes that affects your exemption from standard deductions, you need to tell the Inland Revenue Department (IRD) and your employer right away. This includes if any of the reasons for your exemption stop being true, or if you know they will stop being true soon.

The IRD might also find out about these changes on their own. If they do, they can send you and your employer a letter to let you know.

When you tell the IRD and your employer about the changes, or when the IRD tells you about them, the message must say exactly when the changes happened or when they will happen.

It's important to keep the IRD and your employer updated about any changes in your situation that might affect your student loan repayments.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM3180144.

Topics:
Money and consumer rights > Banking and loansEducation and learning > Higher education
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58: Withdrawal of declaration, or

"You can change your mind about not paying your student loan from your pay"

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60: When exemption from standard deductions ceases to apply, or

"When you can't be exempt from student loan deductions anymore"

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

59Notice of change of circumstances

  1. A borrower must notify the Commissioner and the borrower's employer, and provide details, as soon as practicable, if—

  2. any of the matters in section 54(1) cease to apply to that borrower; or
    1. the borrower becomes aware that any of those matters will cease to apply to him or her.

      1. If the Commissioner becomes aware that any of the matters in section 54(1) have ceased, or will cease, to apply to a borrower, the Commissioner may—

      2. notify the borrower in writing; and
        1. notify the borrower's employer in writing.

          1. A notification under subsection (1) or (2) must specify the date on which the matters ceased, or will cease, to apply to the borrower.