Student loan repayment threshold to rise
Thursday, 22 December 2005, 10:33 am
Press Release: New Zealand Government
22 December 2005
Media Statement
Student loan repayment
threshold to rise
The income threshold at which students
must begin repaying their loans will rise at 1 April next
year from $16,588 to $17,160, Tertiary Education Minister
Michael Cullen and Revenue Minister Peter Dunne announced
today.
“And, thanks to the interest free student loan
policy legislated for last week, repayments from borrowers
living in New Zealand will go entirely toward paying off the
principal – not to paying interest.
“That will save them
thousands of dollars in many cases, and knock years off
their repayment times,” the Ministers said.
The new
threshold is based on annual movement in the September
Consumer Price Index of 3.36 per cent.
The change was
approved by Order in Council
today.
ENDS
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