student loan tagged posts
May 30, 2012 New Zealand Taxation
On May 28th President of the New Zealand Union of Students’ Associations Pete Hodkinson issued a statement, claiming that the current National-led government is reducing its support of students in New Zealand ” … so it can pay for its tax cuts for the rich”.
According to Pete Hodkinson the government has shifted its focus away from students and towards high earning individuals, and the move is short sighted and will prove to be harmful to New Zealand.
The government has abducted that over the next year, the parental income threshold for student allowances would be frozen, and the student loan repayment threshold will be held at NZD 19 084 until 2015.
Pete Hodkinson claims that leaving the threshold at its current level will mean that an extra 1 500 New Zealand students will no longer be el...Read More
March 22, 2012 New Zealand Taxation
The IRD is set to increase its efforts to boost the repayment of student loans held by borrowers now living overseas, and to encourage more people to make voluntary repayments.
Recent research released by the Inland Revenue Department shows that as at the start of the year, the cumulative balance of all student loans held by borrowers who are now overseas is at NZD 2.5 billion, with nearly NZD 312 million of further payments currently in arrears.
According to the the Department, efforts will be carried out throughout this year to increase the compliance rates amongst student loan holders who are based overseas. As part of its push, the IRD will contact borrowers directly or through their nominated contact person to remind them of their repayment obligations...Read More
March 16, 2012 New Zealand Finance
The Student Loan scheme is set to change, with stricter rules being implemented on borrowers, especially those who travel overseas for extend periods of time.
On March 13th Parliament received a report from the New Zealand Finance and Expenditure Committee on the upcoming Student Loan Scheme Amendment Bill. The newly published report contains a summary of the major changes that will be implemented in the bill, along with responses to public submissions that were made regarding the national student loan scheme and potential changes to the system.
According to the report, one of the biggest changes brought in by the new bill will be the exclusion of loses from the calculation of incomes for student loan repayments, which will increase personal responsibility for debt repayment and maximize ...Read More
September 8, 2011 New Zealand Taxation
New legislation has been tabled in front of Parliament, containing measures aimed at improving the rate of repayment on student loans in New Zealand.
On September 7th the Revenue Minister Peter Dunne introduced the Student Loan Scheme Amendment Bill, which aims to tighten the rules applicable for student loan holders. If approved, the legislation will cut down the repayment holidays available to borrowers who are traveling overseas, and will also require borrowers to nominate a contact person when leaving the country.
Commenting on the intentions of the bill, Peter Dunne said, “…essentially, we are cleaning up the whole area around defaulting on student loans and addressing the overall size of student loan debt.”
The Bill will require that loan borrowers who leave the country for an ...Read More