One view of your loan account
20 April 2012
Have you seen a complete view of your Student Loan account online already? Changes to Student Loans from 1 April 2012 mean there’s an easier way for you to view and manage your Student Loan through Inland Revenue’s online services.
Your loan account information is now transferred daily from StudyLink to Inland Revenue.
This means you'll see up-to-date details of what you have borrowed from StudyLink, i.e. course fees, course-related costs, living costs and the establishment fee, on your Inland Revenue online account. You will need to register for an Inland Revenue online services account to do this.
You can still use MyStudyLink to update your application, view your future payments and your last 10 transactions.
You won't be able to request a loan statement or view your loan balance through MyStudyLink, but MyStudyLink will link you to Inland Revenue’s website to view your loan balance using their online services.
StudyLink will continue to administer your loan application and payments. This means you will still apply for your Student Loan with StudyLink and we’ll still make all your fees, living cost and course-related costs payments. Once the payments are made we will transfer the information to Inland Revenue. You will also receive Student Loan statements twice a year from Inland Revenue, and these will include your StudyLink transactions.
Other changes affecting Student Loan borrowers that took effect from 1 April 2012 include the following:
- Student Loan borrowers must generally add ‘SL’ to their tax code and have Student Loan deductions when they earn above the pay-period threshold, eg $367 a week.
- Repayments made per pay period will be considered your repayment obligation unless there’s a significant over- or under-deduction. For most borrowers on salary or wages, this means no longer having an end of year assessment to determine whether you have an unpaid amount or refund.
- Exemptions from repayment deductions for full-time students.
- Reduced Student Loan deduction rates for secondary earnings.
- Annual administration fee.
For more information on these changes visit Inland Revenue’s website www.ird.govt.nz/studentloans/guide/changes/