Interest write-offs validated
Borrowers who had an interest write-off to which they were not entitled but had repaid their loans by 13 Nov 2006 will not have the write-off reversed.
Section 88 of the Student Loan Scheme Act 1992
Borrowers who had an interest write-off to which they were not entitled, but had repaid their loans by 13 November 2006, will not have the write-off reversed.
A significant number of borrowers have received interest write-offs to which they were not entitled, and the write-offs would otherwise need to be reversed.
Section 88 ensures that borrowers whose loan balance was treated by the Commissioner as being zero on 13 November 2006 and who received one of the interest write-offs described under the background "Removal of interest write-offs for borrowers ineligible for interest-free loans" have had that interest write-off validated. This applies despite anything else in any other enactment or in a loan contract, but does not affect any loan obtained by the borrower under the student loan scheme after 13 November 2006.
The changes came into force on 28 March 2007.
Other sections in this legislation
| Information matching | Access to Customs' arrival and departure | Extending the amnesty | Simplifying the law | New repayment rules | Interest-free loans for borrowers overseas | Removal of interest write-offs | Exemptions for volunteers | Late payment penalties | Small balances | Applications in writing | Hardship relief | Care and management | Interest write-offs validated | Interest rate formula | Other technical amendments |