Act now to take advantage of student loan repayment bonus
The voluntary repayment bonus that has been available to student loan borrowers since 2009 is being removed from 1 April 2013.
The bonus scheme was intended to encourage faster repayment of
student loans by borrowers by offering a 10% bonus for any
repayments of $500 or more, over and above the borrower's repayment
obligations.
From 1 April 2013, any extra repayments made over and above the
borrower's standard repayment obligations will no longer qualify
for the repayment bonus.
If any student loan borrowers wish to take advantage of the
10% voluntary repayment bonus they will need to
make their voluntary repayments before 1 April
2013.
If you have any questions regarding the voluntary repayment
bonus, please contact your Hayes Knight adviser or the Hayes Knight
Tax Team:
Phil Barlow
Tax Director
T + 64 9 414 5444
E phil.barlow@hayesknight.co.nz
Shelley-ann Brinkley
Senior Manager - Tax Consulting
T +64 9 414 5444
E shelley-ann.brinkley@hayesknight.co.nz