Student loans Dates
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JAN 15Interim student loan repayments are due. They count towards your end-of-year repayment obligation.
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FEB 7End-of-year student loan repayments are due. If you have an amount to pay, you'll have received a letter or text message from us.
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APR 1We add an administration fee to student loans to help pay for some of the ongoing costs of administering the loan
When you're based overseas, you'll need to make minimum repayments on your student loan or apply for a temporary repayment suspension. You'll also need to be aware of how to make payments from overseas. You can get someone to act on your behalf here in New Zealand.
We recommend that you set up regular weekly or monthly payments as it's much easier to stay on track.
Getting someone to act on my behalf
Due dates and minimum repayments based on your student loan balance
We send you an assessment notice each year that tells you the minimum payments you need to make. Your payments are generally due by 30 September and 31 March. If 1 or both of these dates have passed by the time we notify you, we may adjust these dates.
Minimum repayments when you first become overseas-based
The amount you initially need to pay by each due date depends on your loan balance when you first become overseas-based, which is the day after you leave New Zealand.
Minimum repayments when you remain overseas-based
Your repayments are based on your total loan balance on 31 March each year you are overseas-based. There are 2 things to keep in mind with overseas-based repayments.
- Your minimum repayments may go up if your loan balance increases and moves into the next repayment bracket. This may be due to a new loan, or interest or penalties as there has been a default on the loan.
- Your minimum repayments will not go down as your loan balance gets smaller.
New Zealand based student loan deductions made while you are overseas-based will not be credited towards your overseas-based assessment. These will be credited towards your overall loan balance.
| Loan balance | Amount to pay by 30 September | Amount to pay by 31 March |
|---|---|---|
| less than $1,000 | Half your total loan balance. | The remaining half of your total loan balance as at 1 April the previous year. |
| $1,000 to $15,000 | $500 | $1,000 |
| $15,000 to $30,000 | $1,000 | $2,000 |
| $30,000 to $45,000 | $1,500 | $3,000 |
| $45,000 to $60,000 | $2,000 | $4,000 |
| over $60,000 | $2,500 | $5,000 |
At the current interest rate, if your loan is over $142,860, your repayments will not be enough to cover your interest. There are some situations where your loan may remain interest free when you're overseas.
Student loan interest and fees
Can I keep my loan interest-free when I live overseas?
Check how long your loan will take to pay off
Use our student loan repayment calculator if you want to see how long it'll take to pay off your loan. You can compare how long it'll take to pay off making the minimum repayments and if you make extra payments towards it.
Student loan repayment calculator
You can make loan payments online
If you live in Australia, the United Kingdom, Europe, Canada or the United States, you can set up direct debit payments in your myIR account.
Other payment options include:
- credit or debit card
- money (telegraphic) transfer.
Money transfer things to be aware of
If a money transfer provider does not process your payment to us in time for the funds to clear by the due date, it will remain outstanding. We may charge penalties or interest. It is your responsibility to make sure you:
- pay and file on time
- make payments to us either on or before the New Zealand due date
- check if the provider you choose charges international fees.
In a number of cases the bank in New Zealand you send your telegraphic transfer to will charge a fee from the amount you transfer. Make sure you allow for this when you send money to us this way.