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  1. #1
    Senior Member Mercury's Avatar
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    Default Student Loan interest rate?

    If someone is ineligible for an interest write off through living overseas does anyone know, off the top of their heads, what the interest rate is?

  2. #2
    Senior Member Mercury's Avatar
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    Default Re: Student Loan interest rate?

    Update. Can find everything BUT on the IRD site. I've emailed them. But if anyone does know (off the top of their heads) the answer may be faster.

  3. #3
    Wanderer
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    Default Re: Student Loan interest rate?

    My statements:
    Late 2007 - 6.80%.
    Mid 2007 - 6.80%
    Late 2006 - 6.90%.

    Interesting, I thought that, interest rate would increase since RBNZ has increased the OCR. Its cheaper than a mortgage - I remember when I took the loan out the student loan was higher than the mortgage from the bank, and people were thinking (incl lecturers) that the rate is higher to offset the high risk to students who are not working or fully and there is no obligation to not pay more than the min amount - I mean IRD cannot bankrupt you cos you just paid the min amount or sell your house or take your car or stuff ....

  4. #4
    Madre Dios!!! beeswax34's Avatar
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    Default Re: Student Loan interest rate?

    Right now it is 6.8% per annum (on my student loan statement)
    All the technology and software in the universe is useless when the end user has the IQ of a sack of hammers.

  5. #5
    Senior Member Mercury's Avatar
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    Default Re: Student Loan interest rate?

    Cool, thanks for that. Now I just have to figure out how much she owes and do the maths.

    And Press F1 was faster to answer than the IRD (haven't heard back from them)

    And for anyone interested, exchanging to a university in the northern hemisphere is a minefield with Study Link and the IRD. They are set up for our semesters not overseas ones (Britain has 3 terms not 4).

    A couple of times I've rung Study Link and been given completely incorrect answers in an authoritive tone of voice.

    The sooner she gets back and deals with it herself the happier I will be.

  6. #6
    Frank and Earnest. Cicero's Avatar
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    Default Re: Student Loan interest rate?

    Quote Originally Posted by Mercury View Post
    Cool, thanks for that. Now I just have to figure out how much she owes and do the maths.

    And Press F1 was faster to answer than the IRD (haven't heard back from them)

    And for anyone interested, exchanging to a university in the northern hemisphere is a minefield with Study Link and the IRD. They are set up for our semesters not overseas ones (Britain has 3 terms not 4).

    A couple of times I've rung Study Link and been given completely incorrect answers in an authoritive tone of voice.

    The sooner she gets back and deals with it herself the happier I will be.
    So will we all.
    "The life of the dead is placed in the memory of the living." Cicero

  7. #7
    Senior Member Mercury's Avatar
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    Default Re: Student Loan interest rate?

    Quote Originally Posted by Cicero View Post
    So will we all.
    Thanks....Mate!

  8. #8
    sageca pimamu :D caffy's Avatar
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    Default Re: Student Loan interest rate?

    I thought the loans were interest-free? Didn't Labour say something about it being made interest-free at the last election??
    What's going on? I don't know. Do you?

  9. #9
    Senior Member Mercury's Avatar
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    Default Re: Student Loan interest rate?

    They are interest free so long as you stay in the country. If you leave the country for more than 183 days at a stretch you pay interest. Once you come back you can apply for the interest to cease again. But if you take off again, even for a short break in Oz during the next 6 months you're paying it again.

    If you are studying overseas you can apply for an exemption - but it costs $175.

    Thus the maths to see if applying for an exemption is worth the cost and headache on the paper work.

    My head hurts already.

  10. #10
    Awaiting Enlightenment R2x1's Avatar
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    Default Re: Student Loan interest rate?

    Claim sickness benefits, stress leave and emergency veterinary maternity leave. (The last because the thought of the paperwork is giving you kittens.)

    Insanity is hereditary; you get it from your kids.
    Entropy is not what
    it used to be.



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