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Student Loan Scheme Act 2011

Interest, relief, penalties and offences, rights of objection, and rights to challenge - Interest - Matters of general application to interest

143: Commissioner's power to correct interest when charged in error

You could also call this:

“Fixing mistakes when you're wrongly charged interest on your student loan”

If you’re charged interest on your student loan, it’s considered correct unless you can prove otherwise. You can challenge the interest charge through a special process called Part 8A of the Tax Administration Act 1994.

The Commissioner, who is in charge of student loans, can fix mistakes in the interest charged if they find an error. If they do fix a mistake, they must let you know in writing as soon as they can after making the change.

Remember, it’s up to you to show that the interest charged was wrong if you think there’s been a mistake. The Commissioner won’t automatically check for errors, but they can fix them if they find any.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM3180312.

Topics:
Education and learning > Higher education Money and consumer rights > Banking and loans
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142: No interest on consolidated loan balance in credit, or

"You don't pay extra when you've paid more than you owe on your student loan"

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144: Power of Commissioner in relation to small amounts, or

"The government can ignore very small amounts of student loan money"

Part 4 Interest, relief, penalties and offences, rights of objection, and rights to challenge
Interest: Matters of general application to interest

143Commissioner's power to correct interest when charged in error

  1. All amounts of interest charged must be taken to be correct unless a borrower establishes by proceedings under Part 8A of the Tax Administration Act 1994 that he or she should not have been charged with the amount of interest that was charged.

  2. However, the Commissioner may amend an amount of interest charged if this is necessary to correct an error.

  3. If an amount of interest charged is corrected, the Commissioner must notify the relevant borrower in writing as soon as practicable after the amendment.

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