Plain language law

New Zealand law explained for everyone

Student Loan Scheme Act 2011

Excess repayments - Excess repayment bonus

127: Restriction on amount of 10% bonus

You could also call this:

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

Illustration for Student Loan Scheme Act 2011

This law used to limit how much of a 10% bonus you could get for paying back more of your student loan than you had to. However, this rule no longer exists. It was removed on 1 April 2013, so it doesn't apply to tax years from 2013-2014 onwards.

This text is automatically generated. It might be out of date or be missing some parts. Find out more about how we do this.

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=DLM3180283.

Topics:
Education and learning > Higher educationMoney and consumer rights > Banking and loans
Previous

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

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

Next

128: Application of sections 118 to 122 and this subpart to part years, or

"Rules about parts of a year no longer apply"

Part 3Excess repayments
Excess repayment bonus

127Restriction on amount of 10% bonus (Repealed)

    Notes
    • Section 127: repealed, on (applying for 2013–14 and later tax years), by section 7(1) of the Student Loan Scheme (Budget Measures) Amendment Act 2012 (2012 No 39).