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  1. #1
    Member bk T's Avatar
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    Default Student Loan Issue

    A friend of mine who is almost 60 yrs of age and somehow, has not paid up his student loan (he took up a course when he was in his fifties). Just for discussion sake, after he reaches the age of 65 and still has not paid up all his student loan, will the loan be written off, or the IRD will keep going after him even after he dies? lol

  2. #2
    Not a Key man Deane F's Avatar
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    Default Re: Student Loan Issue

    I'm not sure about the first question - but I'm pretty sure student loans get written off when you die.
    Te audire no possum. Musa sapientum fixa est in aure.

  3. #3
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    Default Re: Student Loan Issue

    A former IRD worker I knew said they will pursue you and your estate (if you are deceased) until the ends of the earth. Even then, they may play tricks on your family to make out as if they had to pay.

  4. #4
    Correct my English!
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    Default Re: Student Loan Issue

    Quote Originally Posted by Deane F View Post
    but I'm pretty sure student loans get written off when you die.
    Yes, that's right according to the student loan contract. You don't have to pay back if you die or the balance is less than $10.

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  5. #5
    Member bk T's Avatar
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    Default Re: Student Loan Issue

    How is he going to pay back if he cannot work (too old) anymore? How is IRD going to make an old man of say 70+ years old to pay for the loan?

    Heard someone was saying that when one reaches 65 (qualifies for pension?) his loan will be written off automatically. BTW, what is the official retiring age in NZ? Meaning, one entitles to receive pension from the Govt.

  6. #6
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    Default Re: Student Loan Issue

    65 I think is the age u can apply for Super.

    Thru WINZ.

    It'd be about 400 and something a fortnight for a single person. Might be more for a married couple.

    It'll be on the WINZ site somewhere.

  7. #7
    Golden Oldie
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    Default Re: Student Loan Issue

    This issue of elderly student loan debtors is a relatively minor issue, the level of debt for young graduates is going to be a debt time-bomb that will scupper many young New Zealander's hopes of buying a home.
    When I retired from the University some seven years ago there was the first anecdotal evidence coming through of the debt problems of young graduates, who had their home buying dreams shattered by Banks rejecting them as applicants for Mortgages due to the level of student loan debt, particularly when both partners were student loan debtors.
    The Mortgage lenders comments went a bit like this -
    "The two of you owe the Government $150,000 and now you want the Bank to lend you how much on your combined salaries?"
    Last edited by KenESmith; 03-12-2007 at 06:05 PM.

  8. #8
    1337 Member motorbyclist's Avatar
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    Default Re: Student Loan Issue

    dunno bout aussie, but here in NZ the govt. pays approx 80% of the fees, and the loans are interest free if you stay in NZ

    so my engineering degree will cost me a bit more than $20000, whereas for an international student the same course would cost over $100000. basically this means that if i really work for it i'll have paid off the loan within two or three years

    but then of course many students also take out $150 a week to pay for rent rather than working, so they end up owing alot more
    When it comes to computers there is a difference to what you need and what you want, the former being less than half the price of the latter.

  9. #9
    HAMLESS Ninjabear's Avatar
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    Default Re: Student Loan Issue

    Quote Originally Posted by motorbyclist View Post
    dunno bout aussie, but here in NZ the govt. pays approx 80% of the fees, and the loans are interest free if you stay in NZ

    so my engineering degree will cost me a bit more than $20000, whereas for an international student the same course would cost over $100000. basically this means that if i really work for it i'll have paid off the loan within two or three years

    but then of course many students also take out $150 a week to pay for rent rather than working, so they end up owing alot more
    I was lucky enough and was able to receive student allowance each week and use that to pay rent. I help a friend out for work so got a bit of money. I have study for 3 years and only borrowed $9698. That is very good because most students would have reach at least $15,000 by now. Borrow less pay quicker after i graduate
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  10. #10
    Lifetime Member lakewoodlady's Avatar
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    Default Re: Student Loan Issue

    Student loans suck, they suck the money from you, they suck the life out of you and they suck the govt deficit by approx $8 million per year!

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