(Clauses 6, 12, 25, 28, 32 and 34)
Summary of proposed amendments
The bill also makes a number of minor technical amendments to the Student Loan Scheme Act 2011. These amendments relate to:
- Ensuring that where relief from late payment interest is provided, any amounts already paid are offset against any unpaid amount before being available for refund.
- The description of the objection process and the timeframe for objections that is required to be included in the contract provided to borrowers.
- Minor technical changes to the provision dealing with the imposition of the administration fee to ensure that borrowers are charged an administration fee if they have a loan balance or student loan debt of $20 or more.
- A minor error in a date whereby instead of excluding refunds of overpayments made before 1 April 2006 as intended, the amendment incorrectly referred to overpayments before 31 March 2006.
- The application date of sections 170A and 173A of the Student Loan Scheme Act 2011, which should apply from 1 March 2012 instead of 1 April 2012.
- Ensuring that a significant over-deduction can be offset against a significant under-deduction before being refunded to the borrower. If a borrower had too much deducted in one period and not enough in another, the over-deduction could be used to satisfy the under deduction.