Student loan scheme changes (again)

We’re starving, but thank God student loans are interest free” – students
A student loan scheme bill passed last week will reduce the burden of debt for some borrowers and “simplifies the administration” of the scheme, claim Tertiary Education Minister Michael Cullen and Revenue Minister Peter Dunne.

In a release, the ministers said: “The changes bring the student loan scheme rules into line with the aims of interest-free loans, one of which is to reduce barriers to the return of skilled New Zealanders.”

The changes include:

•A ‘repayment holiday’ for up to three years for borrowers overseas. Borrowers will not have to make repayments but their loans will still attract interest.
•Extension of interest-free loans to full-time undergraduates studying overseas
•Interest-free loans for borrowers overseas working in certain areas of volunteer or charitable work
•A reduction of the late-payment penalty from 2% to 1.5% per month
Data-matching between Inland Revenue and the New Zealand Customs Service to determine whether a borrower is eligible for an interest-free loan, is based in New Zealand or overseas, and is resident or non-residen

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http://books.google.com.pk/books?id=V54KTRJBRvMC&pg=PA26&lpg=PA26&dq=student+loan+scheme&source=bl&ots=VZAjEMFSmB&sig=Ib0gXcpFyJAt-N4CQN37h3Dwuog&hl=en&ei=WnclSuD6K5GNkAWg-LTXBg&sa=X&oi=book_result&ct=result&resnum=1#PPP1,M1

Welcome...to the Student Loans Company

The Student Loans Company (SLC) is a UK public sector organisation established to provide financial services, in terms of loans and grants, to over one million students annually, in colleges and universities across the four education systems of England, Northern Ireland, Scotland and Wales.

Our other key responsibility is the administration of the collection of repayments, from over two million customers no longer in higher education.

This website provides easy access to key information about the Company and its operation.


Change to Interest Rates for Income Contingent Loans
Interest on ICR loans has been reduced to 1.5% effective from the 6th March 2009 until further notice. Further information can be found on the Student Loan Repayment Website
Change to interest rate for Academic Year 2009 /2010
Further information can be found on the Student Loan Repayment Website

with the thanks
http://www.slc.co.uk/