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Student loans
Nga putea taurewa akonga

Student loan statements prior to 24 March 2010

Find out how to read your student loan statement if your statement date is prior to 24 March 2010.

You'll receive statements in April and October to keep you up-to-date with the status of your loan.

Most of the time, if you're keeping up with your repayment obligations you won't need to do anything. However, if there's an entry in the "Repayments due" section you'll need to make a payment for the amount shown.

If you disagree with your statement check out the explanations below. If you still disagree, give us a call - see "Contact us". We'll work with you to resolve the matter as soon as possible.

Under "Forms and guides" you can see an example of a statement for a borrower in New Zealand with some explanations.

Find out more if your statement is dated after 24 March 2010.

The information on your statement

The statement is split into the 5 sections listed below. If some of the sections or entries are missing from your statement, this means they don't apply to your current situation.

Summary of your account activity

This section summarises all repayments, loan transfers, penalty charges, interest charges and write-offs on your account. Entries that require more explanation are described below.

Entry Description
Statement number The number of statements that have been issued to you.
Opening balance This is the closing balance from your last statement. If this is your first statement from us, the amount displays as nil.
Loan transferred to Inland Revenue If you took out a loan in the previous academic year, this tells you the total amount transferred from StudyLink to us. The principal and interest components are detailed on the next page under the "Statement of your account activity" section.
Interest write-off If you're entitled to interest write-offs, including any issued under interest-free student loans, the total amount is credited to your account. The tax year the write-off relates to is shown in the "Statement of your account activity" section. Interest write-offs reduce your loan balance and aren't available as a refund.
Current loan balance This is the total amount you owe at the date the statement was issued.

Summary of your repayments due

This section summarises any repayments you need to make. If an item in this section has "PLEASE PAY IMMEDIATELY", this means you've missed or underpaid a repayment obligation. Until you make your repayment, you'll be charged monthly penalties of 1.5%. If there are no repayments due, this section won't appear on your statement.

Statement of your account activity

This section gives further detail for the entries that appear in the summary on the first page.

Entry Description
Debit These are amounts charged to your account that increase your student loan balance, like interest or late payment penalties.
Credit These are amounts credited to your account that reduce your loan balance, like repayments or interest write-offs.
Repayment deductions If you earn salary or wages and use a student loan tax code, this will show the student loan repayments made from your pay. These are sent to us monthly by your employer and are credited to your student loan on the 15th of every month.
Interest Interest is calculated for the tax year (1 April to 31 March). When you receive your May statement, this will show:
  • all interest charged for the previous tax year, and
  • a summary of interest charged from the beginning of the new tax year until the date your statement was issued.
Interest-free write-off If you're eligible for an interest-free student loan, this is the amount of interest written off for the tax year stated on your statement.
Interest adjustment and interest write-off adjustment If your circumstances have changed, eg you were overseas and we found out later, the interest charged on your loan may need to be adjusted. This results in adjustments to the interest added or interest written off your loan for the tax year shown on your statement.
Equalising adjustment Where the interest adjustments or interest write-off adjustments have resulted in an overall debit to your account, we've made an adjustment to ensure that your account remains at the same balance as it was previously.
1.5% penalty charge If you have an overdue repayment, a 1.5% penalty is charged monthly on the outstanding amount for any period after 1 April 2007. For any outstanding amounts before 1 April 2007, late payment penalties were charged at 2%.

Repayments due

This section gives a breakdown of the repayments you need to make. If you don't have any repayments due, this section won't appear on your statement.

Entry Description
End-of-year repayment

If you receive an end-of-year repayment calculation (EYRC) notice with an amount to pay, this means you've underpaid your repayment obligation for the year. You'll need to repay the amount shown by the due date.

If not, we'll charge you a 1.5% penalty charged each month on the outstanding amount until it is paid in full.

Summary of interest charged

The interest summary shows you how interest has been applied, and is shown according to the tax year (1 April to 31 March). The interest for the year is broken down into the dates when either we've sent you a statement or you've asked us for one.


Date published: 22 Apr 2010

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