New Zealand Acts

STUDENT LOAN SCHEME ACT 2011 - SECT 138

138 Loan interest written off for quick repayment of consolidated loan balance

1 This section applies to a person who—

a) was an overseas-based borrower; and

b) would subsequently have been treated as being New Zealand-based except that he or she ceased to be a borrower because of paragraph (c) ; and

c) fully repaid his or her consolidated loan balance before the end of the period of 183 consecutive days under which the borrower would have been treated as being New Zealand-based.

2 Loan interest that is charged on the person's loan balance is reduced to zero for the period—

a) starting on the first day of the 183-day period; and

b) ending on the day on which the person's consolidated loan balance was fully repaid.

Note: 1992 No 141 s 38AM