Repay your loan in full
Find out how to repay your student loan in full.
Before you pay
If you want to repay your loan in full, you'll need to get your current loan balance. You can get this through your online services account.
If you're making repayments through your salary or wages, your current loan balance may not include your most recent repayment deductions. This is because your employer has until the 20th of the following month to send these to us. If you know how much has been deducted, you can take this into account to work out the amount you need to pay.
Note
If you have any outstanding obligations (including unpaid amounts and outstanding returns) you should contact us because your loan balance may not be final.
Voluntary repayment bonus
If you qualify for a voluntary repayment bonus, we'll refund any overpayment once this has been applied.
Examples
Manu wants to pay his loan in full. He checks his loan balance online which shows as $400 which he pays. He does not qualify for the voluntary repayment bonus.
Sue wants to pay her loan in full. She checks her loan balance online which shows as $1,100 which she pays. Her bonus is calculated as $100. Sue will get a refund of $100.
Important - Disclaimer
As when making any financial decisions, you're advised to seek appropriate financial advice before taking advantage of the voluntary repayment bonus.
Find out how to make a payment
After you've paid your loan
You'll get a letter from us letting you know that we've received your repayment .
If you're making repayments through your salary or wages, you'll need to give your employer a new tax code and cancel any extra deductions your employer is making for you. You'll need to make sure you've cancelled any automatic payments you have set up with your bank.
Once you have changed your tax code and met all your repayment requirements we will let you know your account has been closed.
Date published: 29 Feb 2012
Back to top