Student Loan Info - 2009
Student Loan Info Issue April 2009
- New Notify Me email subscription service
- Keep in touch with your student loan online
- Keep your repayments up-to-date with the right tax code
- Going overseas - the ins and outs
- Paying by credit or debit card
New Notify Me email subscription service
Would you like to receive emails that will provide you with useful student loan information?
Register for our new email subscription service called Notify Me. All you need is your email address.
We’ll email you three to six times a year with general student loan information to help you manage your loan.
Keep in touch with your student loan online
Using our online services is a great way to keep track of your student loan. To make this easier, we’ve streamlined activating your new online services registration so you can get online to check your loan information faster. You can now call us within 48 hours of registering to get your new password, rather than waiting for us to send it to you by mail.
To register go to "Get it done online" and then "Student loans". You can check your account balance, transaction details, earning information and due payments.
Keep your repayments up-to-date with the right tax code
The new student loan repayment threshold for the 2010 tax year (1 April 2009 to 31 March 2010) is $19,084. You’re required to pay 10 cents in every dollar you earn over the repayment threshold towards your student loan.
If you earn salary or wages and you’re earning over $19,084, you must use a student loan tax code. If this year you’re going to earn more than $19,084 (before tax) from your main source of income use the M SL tax code.
If you have other sources of income from salary or wages use a secondary SL tax code for those sources.
Find out what tax code you should be using.
If you’re not sure what tax code you’re currently on, talk to your employer. If it’s incorrect, tell your employer and complete a new Tax code declaration (IR330). Each time you start a new job you’ll need to complete an IR330 and choose the correct tax code.
If you don’t use the right code you could end up with a bill to pay after the end of the year.
Going overseas - the ins and outs
If you’re going overseas for 184 or more days, you need to let us know so we can keep you up-to-date with your loan.
If you’re away from New Zealand for more than 184 days, interest is charged on your loan from the day after you leave. When you come back, your loan becomes interest-free from the day you return, as long as you remain in New Zealand for 183 or more days.
If you’re not eligible for an interest-free student loan, the interest rate this year is 6.8%.
When you go overseas you’ll automatically receive a three-year repayment holiday. While you’re on a repayment holiday you don’t have to make any repayments towards your loan. But, it’s a good idea to make voluntary repayments because interest continues to be charged while you’re on a repayment holiday.
If you’re not on a repayment holiday, you need to make two repayments a year - due on 30 September and 31 March. The amount you need to pay is based on the size of your loan balance.
Find out more information about being overseas with a student loan.
Paying by credit or debit card
If you’re overseas, an easy way to make payments is by using your credit or debit card, especially as we now cover the 2.49% bank fee.
To make a payment towards your loan using your credit or debit card go to "Get it done online" and then "Student loans".
Find out more information about your student loan and interest-free student loans.
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Date published: 12 May 2009
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