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Student loans Ngā pūtea tarewa ākonga

Repaying your student loan in full

You can repay your student loan in full at any time. Find out what you need to do and what happens once you've made your final repayment.

Before you repay your student loan in full you'll need to:

  • make sure your contact and bank account details are up to date, and
  • have your current loan balance. 

You can check your balance and update your details in your myIR Secure Online Services account. The balance shown in your myIR account may not be the final balance.

If you earn income from salary or wages

Your employer has until the 20th of the following month to send these to us, so the balance shown may not include your most recent repayments. We need to process the payments before allocating them to your student loan. If you know how much is deducted from your income you can use this to work out the amount you need to pay.

If you're overseas

Interest will be added to your loan once you've been overseas for 184 days or more (about six months). This begins from the day after you leave New Zealand. Let us know if you've been overseas for six months or more so we can make sure the correct amount of interest has been added.

Outstanding payments or tax returns

If you have any outstanding payments or tax returns you should contact us.

If you pay within 30 days of getting your final loan balance

We'll cancel any interest charged:

  • between the date you received the balance, and
  • when the payment is due.

What happens once you've repaid your loan

Before we can close your loan there are some final things you need to do.

Get your records up to date

File any outstanding income tax returns. Make sure we have your current contact and bank account details so we can refund any overpayments.

If you've overpaid your loan

We can transfer your overpayment to another account and refund any leftover amount to you. You can request a transfer using the secure mail service in myIR.

Stop making payments

If you've set up automatic payments with your bank make sure to stop them.

If you earn income from salary or wages you'll need to give a new Tax code declaration (IR330) form to your employer to change your tax code. If you're making extra repayments, ask your employer to stop these.

If we've organised compulsory extra deductions we'll let your employer know to stop these.

You won't need to contact us

Once you have everything up to date and we've received your final payment, we'll:

  • check your loan to make sure the right amount of interest has been applied
  • refund any overpayment (or transfer to another account if you've requested this), and
  • let you know when your student loan is closed.

This could take up to 30 working days.

If your final payment is from salary or wages

We won't be able to close your loan until we've received the payments from your employer and allocated this to your loan account.

Your employer has until the 20th of the following month to send these payments to us.

What happens if I have a bill that I can't pay?

You can send us a proposal to pay any outstanding amounts you owe by instalment if you cannot afford to pay in full before the due date by going to our Pay using instalments page.