student loan repayment tagged posts
March 16, 2015 New Zealand Taxation
Student loan borrowers living overseas have weeks to make one of their two bi-annual payments.
Late last week the Inland Revenue Department issued a statement reminding overseas-based student loan borrowers that their bi-annual payment obligations are due at the end of the months.
In the statement the IRD noted that with the recent changes to the legislation regarding repayment thresholds it is now very important for borrowers to know the amount that they are required to pay each year.
It was also noted that if the payment requirements could be undue burden, the IRD is willing to arrange for special payment plans, and, in addition, offers several fee-free payment options through cooperating remittance firms.
It is estimated that there are approximately 720 000 borrowers, and 15 percent ...Read More
December 17, 2009 New Zealand Taxation
On December 16th, Peter Dunner, New Zealand Minister of Revenue, announced that the student loan repayment threshold for 2010-11 will remain unchanged.
The threshold at which student loan holders are required to begin making repayments will remain at $19,084 for the 2010-11 year. The threshold is subject to an annual review, and typically is adjusted according in correspondence to the September consumer price index. The threshold is expected to be reviewed again for the 2011-2012 year.
Commenting on the decision, Peter Dunne said “While the impact on individual borrowers is likely to be minimal, the effect of maintaining the current repayment threshold is expected to lower the overall costs of the scheme to the Crown and is the right decision for the times”.
According to the the Student...Read More
Numerous changes to the Student Loan system have been introduced in front of Parliament in a new Bill.
The Student Loan Scheme (Exemptions and Miscellaneous Provisions) Amendment Bill was tabled in Parliament on the 4th of August. Revenue Minister Peter Dunne emphasized the need for an efficient and consistent student loan system, as the current student loan amount has reached $9.6 billion, and currently has over half a million borrowers.
Changes introduced into the system include the allowance of residence of Niue, the Cook Islands, Tokelau or the Ross Dependency to utilize the interest free aspect of the student loans. This provision extends to those who are eligible to reside within those territories for 183 consecutive days...Read More
The Government is seeking feedback from student loan holders in regards to changes to the Student Loans system.
In an effort to increase the ease with which student loan borrowers can access information in regards to their loans, and subsequently improve payment, the Government has proposed a number of changes to the Student Loan system.
The proposed changes are outlined in a discussion document published by the government. The comments are to be submitted via an online forum, and unlike typical submissions are expected to be informal comments by current borrowers.
Proposed changes include the removal of the traditional end of year annual assessment and migrating to a pay-period system, whereby student loans are paid depending on the earners pay period (be it weekly, fortnightly or month...Read More