Student Loan Payment Reform Talk

June 4, 2009 New Zealand FinanceNew Zealand Taxation  No comments

Finance Minister Bill English made statements in a recent speech indicating that there should be reforms made to the method of payment for student loans.

In a question session after a post budget speech, on the 4th of June, Bill English used student loan repayments as an example of the “fundamental changes” that the new government plans to enact in the delivery of public services.

Bill English said that with the current system it can be very difficult for students to gain information in regards to their student loan, and making repayments can be equally difficult. He commented on the extended difficulty posed to those who are now currently residing overseas, claiming that even the number of the IRD can be difficult to find.

Bill English said that the solution to this lay in providing student loan services similar to internet banking, with loan amounts and payment options being made online and easily accessible.