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New Zealand law explained for everyone

Student Loan Scheme Act 2011

Excess repayments - Excess repayment bonus

123: Borrower's entitlement to 10% bonus for excess repayment of $500 or more

You could also call this:

“Old bonus rule for extra student loan payments no longer exists”

This part of the law used to say something about getting a bonus when you paid back more of your student loan than you needed to. However, this rule doesn’t exist anymore. It was removed from the law on 1 April 2013, so it no longer applies to anyone.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM3180279.

Topics:
Education and learning > Higher education Money and consumer rights > Banking and loans
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122: Exception to general rule if repayment obligations for prior tax years reassessed, or

"Special rule for fixing past student loan payment mistakes"

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124: Borrower's entitlement to bonus if loan balance is less than $550, or

"Old rule about getting extra money for small student loans no longer exists"

Part 3 Excess repayments
Excess repayment bonus

123Borrower's entitlement to 10% bonus for excess repayment of $500 or more (Repealed)

    Notes
    • Section 123: repealed, on (applying for 2013–14 and later tax years), by section 7(1) of the Student Loan Scheme (Budget Measures) Amendment Act 2012 (2012 No 39).