Changes to the Student Loan Scheme to introduce a 10% student loan voluntary repayment bonus are before Parliament. The proposed policy will apply to student loan borrowers who make voluntary repayments of $500 or more than their student loan repayment obligation in a tax year.
The legislation has not yet been passed but when enacted it will be retrospective and apply to voluntary repayments made from 1 April 2009. Any voluntary repayment bonus for this tax year (1 April 2009 to 31 March 2010) will then be calculated after the end of the tax year from April 2010.
Date published: 28 Apr 2009
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