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Student Loan Scheme Act 2011

Interest, relief, penalties and offences, rights of objection, and rights to challenge - Interest - Late payment interest

140: Notification of late payment interest

You could also call this:

“You'll be told if you have to pay extra for being late with your student loan”

If you’re late paying back your student loan, the government might charge you extra money called late payment interest. When this happens, the Commissioner (the person in charge) has to tell you about it as soon as they can. They will send you a letter that says how much extra money you have to pay because you were late. This is to make sure you know about the extra charge and understand why you have to pay more.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM3885566.

Topics:
Education and learning > Higher education Money and consumer rights > Banking and loans
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139: Late payment interest charged on unpaid amount, or

"Extra charges for not paying your student loan on time"

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141: Late payment interest reduced if instalment arrangement complied with, or

"You can pay less extra money on late student loan payments if you follow a payment plan"

Part 4 Interest, relief, penalties and offences, rights of objection, and rights to challenge
Interest: Late payment interest

140Notification of late payment interest

  1. The Commissioner must, as soon as practicable after charging late payment interest, give the borrower charged with that interest written notice of the amount of that interest.

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