How the student loan transfer process from Studylink works
| Responsibility | Description | |
|---|---|---|
The first year of your loan | ||
|
StudyLink |
Manages your loan account for the first year. Contact them if you want to make a repayment or find out your balance. At the end of the year (31 December) StudyLink will send you a final statement of your loan balance as at 31 December. If you disagree with your loan balance, you need to talk to StudyLink before the following 28 February. | |
At the end of February | ||
|
StudyLink |
If your course finishes by the end of the study year (31 December), StudyLink transfers your loan account to us on 28 February. If it isn't finished your loan will be transferred the following 28 February. You don't need to do anything for this to happen. Any repayments made to StudyLink are taken off your loan balance before it's transferred to us. ExampleIf you study from March 2006 to November 2006 your loan account will be transferred from StudyLink to Inland Revenue on 28 February 2007. If you study from July 2006 to June 2007 your loan account will be transferred from StudyLink to Inland Revenue on 28 February 2008. Note: If you have a dispute about your loan balance with StudyLink, your loan may not be transferred in February, but at a later date. | |
|
Inland Revenue |
We're responsible for collecting your loan repayments. We'll send you a letter in March to tell you the amount that's been transferred over from StudyLink. | |
During May | ||
|
Borrower |
You'll receive a statement from us which will show your total loan balance. | |
What happens next
Every year you take out a new loan account with StudyLink, this will be transferred to us and added to your total loan balance. If you're eligible for an interest free student loan, or other interest write-offs, we'll write off the interest on your loan after the end of the tax year (31 March).
What you need to do
You need to start making repayments if you earn over the repayment threshold, even if you're still studying. If you don't earn any income or you earn under the threshold, you won't need to do anything.
Find out more
- The repayment threshold
- Travelling & living overseas
- Eligibility for interest free student loans
- Other interest write-offs
- The student loan scheme
Next steps
Date published: 04 Aug 2006
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