Student Loan amnesty – last chance to apply

Wednesday, 19 March 2008, 5:22 pm
Press Release: Inland Revenue Department

MEDIA RELEASE

19 March 2008

Student Loan borrowers who haven’t yet applied for the Student Loan amnesty need to get in quickly to avoid a one-off penalty on their loan.

The amnesty on late payment penalties for overseas-based borrowers closes on 31 March 2008.

“People need to get their applications in to us quickly, because if a borrower is eligible and they don’t apply by the deadline of 31 March 2008, a one-off penalty will be added to their loan balance. ‘’ said Inland Revenue’s Student Loans Programme Sponsor, Vaughan Crouch.

“The one-off penalty will be either five per cent of the borrower’s total loan balance or the sum of their original late payment penalties – whichever is less,” he said.

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.

For more information on eligibility criteria, how to apply and amnesty obligations, visit www.ird.govt.nz/studentloans

ENDS

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