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:
“Neither a borrower nor a lender be,
For loan oft loses both itself and friend,
And borrowing dulls the edge of husbandry.
This above all: to thine own self be true,
And it must follow, as the night the day,
Thou canst not then be false to any man.”
—William Shakespeare (1564–1616)
“Boswell, when he speaks of his Life of Johnson, calls it my magnum opus, but it may more properly be called his opera, for it is truly a composition founded on a true story, in which there is a hero with a number of subordinate characters, and an alternate succession of recitative and airs of various tone and effect, all however in delightful animation.”
—James Boswell (1740–1795)