Media Release

Voluntary student loan repayment bonus

The Government has announced that it is introducing a voluntary repayment bonus to encourage voluntary repayment on student loans and to help borrowers repay their debt sooner.

If student loan borrowers make voluntary repayments totalling $500 or more in a tax year, over and above compulsory repayments, they will receive an additional 10 percent from the Government on the extra repayments.

The bonus scheme will be available from 1 April 2009. It will be credited to the borrower’s student loan account after the end of the tax year.

Visit the IRD Voluntary repayment bonus webpage.

Read the Minister of Education's media release on the Beehive website.

For more information

Jodi Ihaka
Senior media advisor
Phone: 04-463 8017 or 027-283 6122
Email: jodi.ihaka@minedu.govt.nz