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Student Loan Scheme Act 2011

Repayment obligations of borrowers - Overseas-based borrowers' repayment obligations - Calculation and payment of overseas-based repayment obligation

112: Repayment to be made by instalments

You could also call this:

“You pay back your overseas student loan in two parts during the year”

If you have a student loan and live overseas, you need to pay back your loan in two parts during the tax year. You pay half by 30 September and the other half by 31 March. If the total amount you owe can’t be split evenly, the extra bit goes into the last payment.

Sometimes, the Commissioner (the person in charge) might decide you need to pay your loan back differently. They might set different dates for when you need to pay and how much you need to pay each time. If this happens, they will tell you about it in writing as soon as they can. They’ll let you know the new dates and amounts you need to pay.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM3180257.

Topics:
Education and learning > Higher education Money and consumer rights > Banking and loans
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111: Exceptions to repayment obligations of overseas-based borrowers, or

"When overseas borrowers don't have to pay back their full student loan"

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113: Consequence of failure to meet repayment obligations, or

"What happens if you don't pay back your student loan on time"

Part 2 Repayment obligations of borrowers
Overseas-based borrowers' repayment obligations: Calculation and payment of overseas-based repayment obligation

112Repayment to be made by instalments

  1. A borrower's overseas-based repayment obligation for a tax year must be paid by the borrower as follows:

  2. half of the total amount must be paid in the tax year on or before 30 September:
    1. the other half of the total amount must be paid in the tax year on or before 31 March.

      1. If the total amount payable is not divisible into equal amounts, then the final payment carries the difference.

      2. However, the Commissioner may determine the dates on or before which a borrower must pay instalments of his or her overseas-based repayment obligations, and the amount of those instalments, if the Commissioner considers it necessary or appropriate in the circumstances.

      3. If the Commissioner makes a determination under subsection (3), the Commissioner must, as soon as practicable, notify the borrower in writing—

      4. of that fact; and
        1. of the dates and the amounts determined by the Commissioner.

          Compare
          Notes
          • Section 112(3): replaced (with effect on 1 April 2012 and applying for 2012–13 and later tax years), on , by section 17 of the Student Loan Scheme Amendment Act 2013 (2013 No 10).
          • Section 112(4): inserted (with effect on 1 April 2012 and applying for 2012–13 and later tax years), on , by section 17 of the Student Loan Scheme Amendment Act 2013 (2013 No 10).