Plain language law

New Zealand law explained for everyone

Student Loan Scheme Act 2011

Excess repayments - Excess repayment bonus

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

You could also call this:

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

This part of the law used to talk about when you could get a bonus on your student loan if you owed less than $550. However, this rule doesn’t exist anymore. It was removed on 1 April 2013, which means it hasn’t been in use since the 2013-2014 tax year and onwards.

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This page was last updated on

View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM3180280.

Topics:
Education and learning > Higher education Money and consumer rights > Banking and loans
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123: Borrower's entitlement to 10% bonus for excess repayment of $500 or more, or

"Old bonus rule for extra student loan payments no longer exists"

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125: Borrower may be entitled to 10% bonus if under-deduction is due to PAYE system, or

"You could have gotten extra money if your student loan payments were too low, but this rule doesn't work anymore"

Part 3 Excess repayments
Excess repayment bonus

124Borrower's entitlement to bonus if loan balance is less than $550 (Repealed)

    Notes
    • Section 124: repealed, on (applying for 2013–14 and later tax years), by section 7(1) of the Student Loan Scheme (Budget Measures) Amendment Act 2012 (2012 No 39).