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Student Loan Scheme Act 2011

Matters of general application and miscellaneous matters - Miscellaneous matters - Interaction with loan contracts and other enactments

203: This Act overrides loan contracts

You could also call this:

“The law's rules come first, even if your student loan contract says something different”

This law is about student loans. It says that this law is more important than any student loan contract you might have signed. If there’s something in your loan contract that doesn’t match what this law says, the law wins.

When people read loan contracts, they need to understand them in a way that fits with this law. If there’s a part of a loan contract that can’t be understood in a way that matches this law, then the law is the one that matters, not what the contract says.

This means that no matter what your loan contract says, this law is the boss. It’s like a rule that comes before all the other rules about student loans.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM3180414.

Topics:
Education and learning > Higher education Money and consumer rights > Banking and loans
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202: Provisions of Tax Administration Act 1994 and Income Tax Act 2007 to apply to this Act, or

"Other tax laws help manage student loans"

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204: Commissioner may exercise rights in loan contracts to recall loans, or

"The government can ask you to pay back your student loan"

Part 5 Matters of general application and miscellaneous matters
Miscellaneous matters: Interaction with loan contracts and other enactments

203This Act overrides loan contracts

  1. This Act applies despite anything to the contrary in any loan contract.

  2. All loan contracts must be interpreted in a manner that is consistent with this Act.

  3. If a loan contract cannot be interpreted in a manner that is consistent with this Act, then this Act prevails over the terms of the loan contract.

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