17 Aug 2011

Student loan legislation passes final reading

10:45 pm on 17 August 2011

Legislation that will increase student loan fees, as well as help people manage their loans online, passed its final reading in Parliament on Wednesday.

The final stages of the Student Loan Scheme Bill was debated under urgency so it could be in place by April next year.

Under the legislation, the student loan establishment fee increases to $60 and a new annual administration fee of $40 is set up.

There are also changes to the penalty system for late or non-payments.

The legislation will also help people with student loans to manage their accounts online, and to communicate more easily with the Inland Revenue Department.