The order in which deductions and payments are offset against the consolidated loan balance
2012 corrections to the Student Loan Scheme Act 2011 deal with the order in which payments are to be offset against a consolidated loan balance.
Section 117(3) and schedule 7, clause 2
Two corrections to the Student Loan Scheme Act 2011 deal with the order in which payments are to be offset against a borrower's consolidated loan balance.
The first correction relates to a legislative oversight whereby the section that deals with overseas-based borrower deductions satisfying their repayment obligations (section 117) incorrectly overrides the general ordering rules (section 194) from 1 April 2012.
The second correction relates to an error whereby from 1 April 2013 section 117 incorrectly overrides sections 194 to 194D instead of only overriding section 194A(1) and (2).
The first amendment applies from 1 April 2012 and the second amendment applies from 1 April 2013.