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More organisations for interest-free student loans

Media statement
For immediate release
Monday, 25 February 2008

List of charitable organisations for interest-free student loans extended

The government has named a further four charitable organisations whose volunteers may qualify for interest-free student loans while working for those organisations overseas, Revenue Minister Peter Dunne announced today.

The latest additions to the list are the Campus Crusade for Christ New Zealand, Hare Krishna Food for Life Inc, SIM New Zealand, and the Church of Jesus Christ of Latter Day Saints NZ Trust Board.

“Although borrowers are generally required to be present in New Zealand for six months to qualify for an interest-free loan, Inland Revenue may grant an exemption for certain borrowers who are overseas,” Mr Dunne said.

“Borrowers who may be exempted include people who are working in aid activities for free or for a token payment for a named charitable organisation.

“The provision recognises the special circumstances of these organisations, their employees and the contribution they make through activities that are not based on profit or remuneration.

“Borrowers working overseas for named charitable organisations will still have to apply to Inland Revenue to determine if they qualify for the interest write-off,” he said.

The changes were approved by Order in Council today and will apply from 1 April 2008.


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