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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

206: Student loan contracts are not credit contracts

You could also call this:

“Student loans are different from regular loans and have special rules”

When you borrow money for your studies, it’s called a student loan. This law says that student loans are different from other types of loans. They are not the same as credit contracts or consumer credit contracts. This means that the rules for credit contracts don’t apply to student loans.

If you have a student loan, you can’t take legal action against it using the laws for credit contracts. This is true for all student loans, no matter when you got them. Even if other rules say something different, this law still applies to 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=DLM3180416.

Topics:
Education and learning > Higher education Money and consumer rights > Banking and loans
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205: Loan contract enforceable against minor, or

"Student loans are real even if you're under 18"

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207: Disclosure of information between authorised persons, or

"Sharing student loan info between certain people to check if borrowers are truthful"

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

206Student loan contracts are not credit contracts

  1. A loan contract is not—

  2. a credit contract for the purposes of the Credit Contracts Act 1981:
    1. a credit contract or a consumer credit contract for the purposes of the Credit Contracts and Consumer Finance Act 2003.

      1. No cause of action exists under the Credit Contracts Act 1981 or the Credit Contracts and Consumer Finance Act 2003 in relation to a loan contract.

      2. This section applies—

      3. to all loan contracts regardless of when they were entered into; and
        1. despite anything to the contrary.