The Student Loan Scheme (Repayment Bonus) Amendment Bill was introduced into Parliament on 27 April 2009. The Bill had its first reading on 5 May 2009 and was considered by the Education and Science Committee, which reported the Bill back to the House on 3 August 2009. The Bill completed all remaining parliamentary stages on 17 September 2009 and received Royal assent on 22 September 2009.
The Act amends the Student Loan Scheme Act 1992 to provide a 10% bonus for borrowers who pay $500 or more in excess of their annual compulsory repayment obligation.
The bonus will not be of financial benefit to all borrowers. The Commissioner of Inland Revenue is unable to provide financial advice. Borrowers may therefore wish to seek independent advice before making excess repayments.
2009 amendment to the Student Loan Scheme provides a 10% bonus for borrowers who pay $500 or more in excess of their annual compulsory repayment obligation.