- Laws of Fiji

Last Updated: 1 August 2023

[TSL 16B] Cancellation of debt under loan agreement16B

16B

(1) Notwithstanding section 16, loan repayments under a loan agreement by a student or a former student prior to 1 August 2023, except for loan repayments under a loan agreement by a student or a former student who was under a loan scheme prior to 1 August 2023 while working in the private or public sector and is yet to fulfil his or her loan repayment, are deemed to have been cancelled.

(2) Subject to subsection (1), all loan agreements entered into by a student or former student prior to 1 August 2023 are deemed to have been converted into bond agreements.

(3) The terms and conditions of the bond agreements under subsection (2) will be determined by the Fiji Revenue and Customs Service.

(4) A student or a former student who was under a loan scheme prior to 1 August 2023 must fulfil the bond conditions as set out in the bond agreement under subsection (3).

(5) A student or a former student who was under a loan scheme prior to 1 August 2023 and has made partial repayments, must have the option of continuing the loan repayment or fulfilling the bond conditions set out in the bond agreement under subsection (3).

(6) A student or a former student who was under a loan scheme prior to 1 August 2023 and is residing abroad, must continue to make loan repayments under his or her obligations under the loan agreement.

(7) A guarantor for a student or former student who was under a loan scheme prior to 1 August 2023 is obliged to make loan repayments if the student or former student, as the case may be, has left the country prior to 1 August 2023 and defaults on loan repayment or fails to fulfil the bond agreement.

(8) A student or a former student who was under a loan scheme prior to 1 August 2023 and intends to travel abroad for medical, vacation or temporary work purposes is required to provide nominated guarantors for travel clearance.

(9) For the purposes of this section, the Service and the Fiji Revenue and Customs Service must act in good faith in accordance with the Act to resolve issues arising out of the enforcement of the schemes, loan repayments or bond conditions.

(10) A student or former student who has paid his or her loan repayment or fulfilled his or her bond conditions must be issued a clearance letter from the Fiji Revenue and Customs Service.

(11) A student or a former student who was under a loan scheme prior to 1 August 2023 and has fully or partially paid his or her loan repayment prior to 1 August 2023 will not be reimbursed.

[s 16B insrt Act 14 of 2023 s 2, effective 1 August 2023]