Student loan voluntary repayment bonus

If you make voluntary repayments of $500 or more on your student loan, in addition to your compulsory repayments, you’ll get an extra 10% credited to your loan balance to help you repay your loan faster.

You can make small voluntary repayments throughout the tax year or a lump sum, as long as it totals $500 or more.  For example, just $10 a week extra could mean you are eligible for the bonus.

Who's eligible?

You're eligible to receive a 10% bonus on your voluntary repayments if:

• you're up-to-date with all your repayments and filing your tax returns (if you're required to)
• your loan balance with Inland Revenue is $550 or more at the beginning of the tax year
• your voluntary repayments for the tax year come to $500 or more.

Any voluntary repayments made to StudyLink won't qualify for the voluntary repayment bonus.