Student Loan Scheme Act 1992

60A Cancellation of interest if IRD loan balance repaid early

• (1) Subsection (2) applies if—

  • (a) the Commissioner notifies a borrower of the borrower's outstanding IRD loan balance; and

  • (b) the borrower pays that loan balance in full (including interest charged to the date of notification) within 30 days of the date of notification.

  (2) The Commissioner must cancel the interest that accrues between the date of a notification and the date on which the payment is received.

  (3) This section applies to notifications provided on or after 1 June 1998.

  Section 60A: inserted, on 27 March 1998, by section 3 of the Student Loan Scheme Amendment Act 1998 (1998 No 8).

  Section 60A(1)(b): amended, on 7 March 2010, by section 24 of the Student Loan Scheme (Exemptions and Miscellaneous Provisions) Amendment Act 2010 (2010 No 3).