Loan Composition
The student loan comprises three parts:
- Compulsory fees - covers tuition fees, various levies, and compulsory student association fees. These are paid to the institution directly.
- Course-related costs - covers stationery, textbooks, equipment, etc. and voluntary student association fees. The borrower is allowed up to $1000 per year in course-related fees, which the can claim over the year. These are paid into the borrower's bank account.
- Living costs - covers rent, food, services, etc. The maximum payment for living costs, for the year to 31 March 2011, is $163.38 per week minus any student allowance received. This figure is adjusted every year in April to account for inflation.
Read more about this topic: Student Loans In New Zealand
Famous quotes containing the words loan and/or composition:
“... the ... thing I am proudest of in my whole business life is that I do not take, that I never took in all my life, and never, never! will take, one single penny more than 6% on any loan or any contract.”
—Hetty Green (1834–1916)
“Since body and soul are radically different from one another and belong to different worlds, the destruction of the body cannot mean the destruction of the soul, any more than a musical composition can be destroyed when the instrument is destroyed.”
—Oscar Cullman. Immortality of the Soul or Resurrection of the Dead? The Witness of the New Testament, ch. 1, Epworth Press (1958)