Find out how to make extra repayments and what difference they'll make.

The more you repay towards your loan, the faster you'll pay it off. Check out our student loan repayment calculator to compare the difference between repaying your loan at the minimum rate or paying a little extra on top.

You can make extra repayments anytime - you don't need to wait to the end of the year. And, if they total $500 or more during a tax year, you'll get 10% voluntary repayment bonus.

You can make extra repayments whether you earn under, or over the repayment threshold.

Find out how to make repayments.

Making extra payments through your salary or wages

If you earn salary or wages you can apply for a student loan special repayment rate so you can make additional repayments. This will increase the amount your employer deducts from your pay each pay period.

It's also a good idea to apply for a special repayment rate if you earn:

• other sources of income, for example self-employed income, where you don’t have deductions made and you want to avoid a bill at the end of the year
• less than the repayment threshold from each source of income but your total income for the year is above the repayment threshold
• less than the threshold but want to make repayments to your loan.

You can apply for a special repayment rate at any time. You don't need to wait until the start of a new tax year, you can apply straightaway.

Applying for a special repayment rate

You'll need to complete the Special tax code/Student loan special repayment rate application (IR23BS) form - go to "Forms and guides" or call our 0800 self-service line on 0800257 773.

You'll get a letter from us with your special repayment rate in about 10 working days. Please sign it and give it to your employer. This tells them how much to deduct from your pay. You'll then get a renewal form in January for the next tax year, so you don't have to worry about applying again.

Tell us if your circumstances change

If your circumstances change, after you start using your special repayment rate, just give us a call. Go to "Contact us". We may have to adjust your repayment rate so it's right for your current situation.