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Home / Finished studying / What happens to your loan

Finished study

  • Help when you finished study
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What happens to your loan

What happens to your loan when you finish studying.

Important information

Inland Revenue manages your loan balance and repayments.

Your Student Loan was transferred to Inland Revenue as soon as it was approved and payments were made to you and your education provider.

You can check your loan balance in Inland Revenue's online service, myIR

You need to start making repayments once you earn over $21,268 a year before tax ($409 a week before tax). You can also choose to make extra repayments, which means you’ll pay off your loan faster.

Making extra repayments on your Student Loan

How you make repayments depends on what kind of income you get.

Salary or wages

If you earn salary or wages you'll need to make sure you're using the right tax code so that repayments can be deducted automatically from your pay. If you think the deductions are too high and you have more than one source of income, you may be able to apply for a special deduction rate from Inland Revenue.

Repaying your Student Loan when you earn salary or wages

Self-employed or earn other income

If you're self-employed or earn other income you'll need to fill out the required form so that Inland Revenue can work out how much you need to repay.

Repaying your Student Loan when you’re self employed or earn other income

Work and Income benefit

If you’re making loan repayments from your Work and Income benefit and you're going to keep getting your benefit, you don't need to do anything. The repayments will keep coming out of your benefit.

Stay in New Zealand

The Student Loan is interest free if you stay in New Zealand.

If you don’t make your payments on time, you may be charged late payment interest.

Visit Inland Revenue's website to find out more.

Late payment interest

Go overseas

If you go overseas, you may be charged interest. It depends how long you go for.

Visit Inland Revenue's website to find out more.

What happens to your Student Loan when you go overseas

You need to contact Inland Revenue before you leave New Zealand.

You may need to keep making Student Loan repayments to Inland Revenue, unless you can get a temporary repayment suspension.

If you go overseas, you may be charged interest. It depends how long you go for.

Visit Inland Revenue's website to find out more.

Going overseas when you have a Student Loan

If you return to study in the future, there are a number of things you need to check before you complete an application for a new Student Loan.

Returning to study after a break

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