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
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