Student Loan Scheme Act 2011

Excess repayments - Excess repayment bonus

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

You could also call this:

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

This part of the law used to talk about how you might get a 10% bonus if not enough money was taken out of your pay for your student loan because of how the PAYE system worked. However, this rule no longer applies. It was removed from the law on 12 April 2012, but the change was meant to start from 1 April 2012.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM3180281.


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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"


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126: Time at which 10% bonus is credited, or

"When you used to get extra money added to your student loan"

Part 3 Excess repayments
Excess repayment bonus

125Borrower may be entitled to 10% bonus if under-deduction is due to PAYE system (Repealed)

    Notes
    • Section 125: repealed (with effect on 1 April 2012), on , by section 39 of the Student Loan Scheme Amendment Act 2012 (2012 No 32).