Loan contract
You need to sign a Student Loan contract with the Government for every Student Loan you take out. You need to read and understand the contract's terms and conditions before you sign it.
On this page:
What you need to do with your Student Loan contract
You can now view and accept your Student Loan contract online at MyStudyLink. Contracts online will be available to returning students who are 18 years and over and have previously had a Student Loan.
We will process your application and send you a loan contract to sign. If you have signed up to receive your loan contract through MyStudyLink, you will receive either a text or email when your loan contract is online. The Student Loan contract is a formal agreement between you and the Government so it's important that you read and understand the terms and conditions. If you're unsure about anything, it's a good idea to get independent legal advice before you sign it.
You'll have to sign a contract for every Student Loan you take out, and you need to take out a new loan (and open a new loan account) for every year of your studies.
If you receive a paper contract you'll get two copies of the contract (one of these is for you to keep) and an information booklet. If you have signed up to receive your loan contract online then your contract will be displayed onscreen for you to read and accept.
Check that the contract details are correct. If any of the information is wrong, please let us know. If you received a paper contract you can mark your changes with a pen and write your initials next to each change.
Read the terms and conditions of the loan. Make sure you understand your obligations.
Sign the contract or accept the contract online.
If you received a paper contract you will need to return your signed contract along with any supporting documents we need to see in the reply-paid envelope and post as soon as possible. Keep the 'student copy' of the contract for your records.
We will check your supporting documents and return any originals to you by courier. If you made changes to your paper contract, we will update your details and you may get an updated contract to sign.
We'll ask your education provider to confirm your study details. If you qualify for a Student Loan, we'll send you a Loan Entitlement Advice (LEA) letter to tell you that your loan has been approved (and your loan account opened). Your LEA letter also tells you what you're entitled to, when your loan is available, and what your rights are if you want to cancel your contract.
You don't have to sign the contract if you decide not to take out a loan, but please let us know by declining the contract online or by contacting us.
View and accept your Student Loan contract online
You can now view and accept your Student Loan contract online at MyStudyLink. Student Loan contracts online will be available to returning students who have a MyStudyLink account, are 18 years and over and have previously had a Student Loan. Students will also need to have signed up to the existing Mail Online service.
You can sign up to receive your electronic Student Loan Contract when you apply online or by signing up at MyStudyLink. You can choose whether you would like to be notified either by text or email when your contract is waiting for you to accept.
When you go to MyStudyLink to accept your electronic Student Loan Contract you will need to confirm that your details are correct on screen before being able to accept the terms and conditions of that Student Loan Contract.
MyStudyLink will also hold a history of all the electronic contracts you have received and whether they were accepted, rejected or discontinued.
Receiving your Student Loan Contract online will reduce the time it takes for you to receive your contract when you apply for a Student Loan.
Who needs to sign your contract if you're under 18
If you are under 18 years old, one of your parents (or guardian) must sign your contract to show they give their consent to you taking out all three parts of the loan.
It doesn't mean they're guaranteeing your loan, you're still fully responsible for paying it back.
Once your parent has signed the contract they can't withdraw their consent.
They won't need to sign your contract if you're legally married, in a civil union, have a dependent child, or have an Student Allowance Independent Circumstances application approved.
How to cancel your Student Loan contract
You can cancel your Student Loan contract if you decide you don't want a loan after you've signed and sent it back to us. You must do this within seven working days from the date of your first Loan Entitlement Advice (LEA) letter or you will have to pay the $60 establishment fee and repay any money we have paid to you or your education provider.
To cancel your contract, you must write to (or email) us within seven working days of the date on your first LEA letter. But please call us straight away if you decide you no longer want a loan.
You can either take your written cancellation into a StudyLink outreach site, or post to:
StudyLink Centre
Freepost 113907
Private Bag 11070
Palmerston North 4442
You can contact us to let us know you plan to cancel your contract, but the written cancellation must still be received by us within those seven working days.
Please note: cancelling your Student Loan contract doesn't mean cancelling your enrolment. You need to contact your education provider if you want to cancel your enrolment.
