National Party: Student Loan Policy
1. Keep Interest-Free Student Loans
National will keep interest-free student loans for tertiary students.
2. Establish an Early Repayment Bonus
National will introduce a 10% repayment bonus on a loan balance for voluntary lump-sum payments of $500 or more. This incentive would apply in the 10 years following the start of repayments by the borrower.
If, for example, a borrower pays $800 off their student loan in a lump sum above and beyond the compulsory requirement, the Government would take $880 off their loan balance.
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It is only the wealthier
It is only the wealthier students (and ones with parental backing where the parents have resouces???) who will be able to activate the early payback of loans. Those that can least aford it will contine to be trapped in the interest trap and the ball and chain loan situation of student debt.
@above: Did you read the
@above: Did you read the policy? They are maintaining the current interest-free loans, and just introducing a bonus for early repayment. In other words, your loan will either be exactly the same or cheaper to pay off.
does anyone know when this
does anyone know when this 10% bonus will be available?
This is actually very
This is actually very misleading.
I rang up Student loans and tried to payback my loan, I owe about 6k.
So I thought if I pay aoround 5500 then I get the govt's 10% and hey presto my loan is gone.
BUT NO.
They calculate how much you would have paid back during the year and then retrospectively deduct this from any voluntary amount you pay at any point in time. So even though I want to pay off my loan now - they treat the situation as if I would have kept paying until the end of the financial year.
A crock really!!
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