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Time running out for student loan amnesty

10 January 2008

Time running out for student loan amnesty

Inland Revenue is urging borrowers who are eligible for the student loan amnesty to apply by the deadline of 31 March 2008.

The amnesty is available to student loan borrowers who have been living overseas and have fallen behind in their repayments.

Eligible borrowers will either have late payment penalties reversed or not applied to their account – but they must apply for the amnesty by 31 March 2008 to avoid a further one-off penalty being added to their loan balance.

“Thousands of eligible borrowers have already applied, but we know there are many who haven’t. Time is running out for them to make a fresh start,” said Valerie Walton, Student Loan Programme Manager.

To be eligible, borrowers need to have been overseas on 31 March 2006 and to have fallen behind in their repayments. They could have returned to New Zealand by now or still be overseas.

“We hope that friends and family will remind eligible student loan borrowers about the amnesty when they get in touch with them or see them over the summer period.

“As part of their application, borrowers must agree to keep up with their student loan repayment obligations for two years, at which time if they are still overseas they can apply for the student loan repayment holiday,” Ms Walton says.

Visit www.ird.govt.nz/studentloans for more information on eligibility criteria, how to apply and amnesty conditions.

ENDS

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