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Student loans Ngā pūtea tarewa ākonga

Making extra repayments to your student loan

You can make extra repayments to your loan at any time, even if you earn under the repayment threshold. You can make these payments to us yourself or you can ask your employer to make extra deductions from your income.

Making extra repayments yourself

You can make extra repayments to us in a number of different ways. The easiest and quickest way is to make a payment online with:

  • internet banking
  • debit or credit card, or
  • money transfers from overseas.

You can also make payments:

Whenever you make a payment to us make sure you let us know:

  • it's for your student loan, and
  • your name, address and IRD number.

If you're in Australia

You can set up PayWay direct debit to make regular repayments from your Australian bank account. These payments will be in Australian dollars and we'll cover the currency conversion cost. Call us free from Australia on 1800 559 653 to set up your PayWay direct debit.

Debit and credit card payments

If you're an overseas-based borrower you won't be charged a fee. However, New Zealand-based borrowers will be charged a 1.42% fee.

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Making extra repayments through your employer

If you want to make extra repayments through your employer, let them know how much extra you want to pay. They'll send us the extra amount along with your standard deductions each month.

If you decide to stop making extra repayments, or want to change the amount, just let them know.

You can track these repayments through your myIR Secure Online Services account.

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If you repay more than you need to on your student loan

If you've repaid your loan in full, and paid more than you needed to, you can:

  • Pay another tax bill
    Ask us to transfer your overpayment to pay another tax amount - we'll refund any leftover amount to you.
  • Receive a refund
    We'll refund your overpayment as long as you don't have an overdue tax bill. Your refund will be direct credited to your nominated bank account.

If your loan isn't repaid in full and you have no overdue repayments, you can:

  • leave the amount on your loan so your balance is reduced
  • put it towards a repayment you have coming up
  • pay another tax bill
  • request a refund depending on your situation.

Send us a secure mail through your myIR Secure Online Services account and let us know what you want to do.

Requesting a refund depending on your situation

If you're requesting a refund and don't have an overdue amount, check out these situations to see which one applies to you:

  • If you have a New Zealand-based end-of-year repayment obligation
    You can request a refund of the overpayment within six months of being notified.
  • If you earn income from salary or wages and you've made extra repayments
    You can request a refund of the extra repayments within six months of the end of the tax year.
  • If you have a significant over-deduction
    You can request a refund of the over-deduction within six months of being notified.
  • If you're overseas-based and you've overpaid
    You can request a refund within six months of the last due date for your repayment obligation for the tax year you've overpaid in.