Thegovernment has named the 48 charitable organisations whosevolunteers may be exempted from interest on their studentloans while working for those organisations overseas.

Borrowers living overseas for more than six months willgenerally not qualify for the new interest free student loanpolicy which comes into effect on 1 April," TertiaryEducation Minister Michael Cullen said today.

"However,the law gives Inland Revenue the discretion to grant anexemption for certain borrowers who are overseas, includingpost-graduate students, government employees and people whowork for free or for a token payment for a charitableorganisation operating overseas.

"The regulation signedtoday specifies the 48 charitable organisations that arecovered by the exemption. It will still be up to InlandRevenue to decide if individuals working for thoseorganisations qualify for the full interest write-off underthe policy," Dr Cullen said.

The write-off will applyfor a maximum of two years.

Charitable organisations noton the list can still apply to Inland Revenue for exemptionstatus.

Under the new policy students who borrow from 1April will only have to repay what they borrow. Students andgraduates with existing loans will not be charged anyfurther interest. The policy only applies to those remainingin New Zealand.

ENDS

Charitable organisations forpurposes of section 38AE(1)(b) of Student Loan Scheme Act1992

- Adventist Development and Relief AgencyInternational (ADRA) - Alay Buhay Foundation Trust -Amnesty International - ANCOP Foundation InternationalInc - Anglican Social Services (Hutt Valley) TrustBoard - Caritas Internationalis - ChildFundInternational - Christian Blind Mission International(CBMI) - Christian World Service (CWS) - CORSOIncorporated - Doctors Without Borders/Médecins SansFrontières - ECPAT International - Habitat forHumanity International - Hibiscus Coast East Timor AppealTrust (HETA Trust) - IHC New Zealand Incorporated -International Federation of Red Cross and Red CrescentSocieties - IN Network - International Save theChildren Alliance - Mahitahi Catholic Overseas VolunteerTrust - Mobility Equipment for the Needs of DisabledTrust (MEND) - New Zealand Family Planning AssociationIncorporated - New Zealand Vietnam Health Trust -Oxfam International - Pax Christi International - RedRInternational - Richmond Fellowship International(RFI) - Rotary International - SoroptimistInternational - SurfAid International - Te Ora HouAotearoa Incorporated - TEAR Fund - The CambodiaTrust - The Foundation for Peace Studies Aotearoa/NewZealand - Incorporated (The Peace Foundation) - TheFred Hollows Foundation - The Leprosy MissionInternational (TLM) - The Salvation ArmyInternational - The UMMA Trust - The VolunteerOphthalmic Services Overseas Charitable Trust (VOSO) -Trade Aid New Zealand Inc - United Nations Children sFund (UNICEF) - United Nations Development Fund for Women(UNIFEM) - Vietnam Cambodia and Laos Support Network(VICALSN) - Vision Pacific Charitable Trust -Volunteer Service Abroad Inc - World VisionInternational - WWF - World Young Women s ChristianAssociation (WorldYWCA)

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