Student Loan Overrides

The system displays these fields only when you enter SL in the Student Loan field.

Percent

Enter the total percent of earnings that the system uses to calculate the student loan repayment amount. Enter the percentage as a whole number. For example, if Inland Revenue has allowed the employee to pay a lower rate of 5% for the tax year, enter 5 in this field. If the employee wants to pay 3% more than the standard percentage, add 3% to the standard percentage and enter the total in this field. Therefore, if the standard percentage was 10%, you would enter 13 in this field.

Fixed Amount

Enter a flat dollar amount that the employee pays towards their student loan each pay period, in addition to the standard calculation. For example, if the employee wants to pay 50 NZD each pay period in addition to the standard repayment amount, enter 50 in this field.

Annual Rate

Enter the total flat dollar amount that the employee will pay towards their student loan for the year. The system prorates this amount over the number of pay periods in the year, which is determined by the employee's pay frequency. The amount you enter in this field is the total amount that the employee will repay for the year. The system does not calculate the standard repayment amount in addition to this amount.

Effective From Date

Specify the date from which the student loan override is effective.

Effective Thru Date

Specify the date through which the student loan override is effective. The record becomes inactive after this date, and the system calculates the student loan repayment amount at the standard rate unless a new override record is entered.