School of WooHoo - Chapter 5: Student Loan - Activity 1

Welcome to Chapter 5 - Student Loan - Activity 1

After completing this chapter, you will be able to explain Student Loan obligations and requirements to a customer and demonstrate a good knowledge to assess and process Student Loan applications in Alpha.

If you get an answer incorrect, it will tell you the correct answer and on occasion, a further explanation. Please do not attempt the question again, just move on to the next question.

Use your resources such as Woogle wisely and ensure you fully read the question before answering.

Good luck!

Chapter 5: Student Loan

1. What do you understand about repayment obligations for people with a student loan? Complete the statements below by filling in the missing words.

1. A person needs to start paying back their student loan when their goes over the student loan  

2. A person’s repayment is the they need to repay for the  

3. To make sure a person pays back the correct amount of their they need to select the  tax  

2. Before we can contact IRD to cease a Student Loan we need to ask the customer  a few questions. Select each question that we need to ask

  • Has the customer drawn down any further Student Loans?
  • Has the customer completed a tax return for the year?
  • Have they stopped using the SL tax code with their employer?
  • When was the SL last deduction made?
  • Has the customer travelled overseas at any point since taking out the student loan?
  • Has the customer submitted a copy of their Student Loan balance?

3. 1. When does a person have to start paying back their student loan?

  • Once they have finished studying
  • When their income is under the student loan repayment threshold
  • When their income goes over the student loan repayment threshold

3. 2. A person’s repayment obligation is:

  • The amount they need to repay for the tax year.
  • A voluntary repayment made by a person towards their student loan.
  • The name given to a student loan.

3. 3. If a person has a student loan, what do they need to do to make sure they are paying the correct amount of tax?

  • Get a loan to pay it off
  • Use the correct tax code
  • Pay no tax until the end of the year

4.  You notice that Mary has a $200 Student Loan Credit and that her loan is NOT finalised. Which image below is your clue that you need to ask the Student Loan questions?

Click on the correct image and then click submit

5. Student Loan Scenario. What would you do?