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New Zealand law explained for everyone

Student Loan Scheme Act 2011

Excess repayments - Excess repayment bonus

126: Time at which 10% bonus is credited

You could also call this:

“When you used to get extra money added to your student loan”

This part of the law used to talk about when a 10% bonus would be added to your student loan account. However, it was removed from the law on 1 April 2013. This means that since then, this rule no longer applies to student loans in New Zealand.

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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=DLM3180282.

Topics:
Education and learning > Higher education Money and consumer rights > Banking and loans
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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"

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127: Restriction on amount of 10% bonus, or

"The old rule about the extra 10% for paying back more of your student loan is now gone"

Part 3 Excess repayments
Excess repayment bonus

126Time at which 10% bonus is credited (Repealed)

    Notes
    • Section 126: repealed, on (applying for 2013–14 and later tax years), by section 7(1) of the Student Loan Scheme (Budget Measures) Amendment Act 2012 (2012 No 39).