Revenue Minister Peter Dunne announced last week that Orders in Council have been made by Cabinet to give effect to certain changes contained in the Student Loan Scheme Amendment Act, enacted in April this year. The Orders are as follows:
- the Student Loan Scheme (Repayment Percentage) Regulations 2012 will increase the student loan repayment rate, from 10 cents to 12 cents in every dollar earned over the repayment threshold of $367 a week or $19,084 a year (to come into force from 1 April 2013);
- the Student Loan Scheme (Details of Borrower’s Contact Person) Regulations 2012 will introduce a requirement that a borrower’s contact person’s details must be provided to Inland Revenue (to come into force from 1 January 2013); and
- the Student Loan Scheme (Charitable Organisations) Amendment Regulations 2012 will add two further charities to the list of charities whose volunteers may qualify for interest-free student loans (to come into force from 1 September 2012).
More information about the changes can be found here.