Penalties reduced for student loan borrowers overseas
The Government will reduce penalties for student loan borrowers living overseas, Revenue Minister Peter Dunne says.
The Government will reduce penalties for student loan borrowers living overseas, Revenue Minister Peter Dunne says.
The Government will reduce penalties for student loan borrowers living overseas, Revenue Minister Peter Dunne says.
It was a rite of passage for New Zealand graduates to go on an overseas experience (OE) but often there were enormous penalties for those with student loans which stopped them returning, Mr Dunne said.
A measure would be introduced soon to reduce those penalties, he said.
"Of course we want many of our young people to go overseas and have those great life experiences, but we also want to attract them home."
Further work was also been done about improving student loan rules as they apply to those overseas.
"We can no longer ignore the fact that many student loan holders are overseas with outstanding loan balances and the incentives for them to return are not that strong."