Additional student loan repayments
Repay your loan faster
The more you repay towards your loan, the faster you can pay it off. Use the Student loan repayment calculator for New Zealand-based borrowers to compare the difference between repaying your loan at the minimum rate or the minimum plus a little extra.
All you need to do is enter your loan balance and income details, and the calculator will work out the amount needed to meet your current repayment obligation. From there, you can decide how much extra you can afford to repay and how often you want to make repayments.
Don't want a bill?
Making additional repayments means that you're less likely to have a bill to pay at the end of the tax year.
How to make additional repayments
To find out how to make a repayment, see "Find out more" below.
When to make additional repayments
Anytime is fine, you don't need to wait to the end of the year to make an additional repayment. You can make additional repayments whether you earn under, or over the repayment threshold.
Example
Jeremy successfully applied for a permanent full-time position at the agricultural research company he's working for. His new wage is $29,000 a year. His loan balance is $15,000 (at 1 April 2007), and he wants to increase his repayments to get his loan repaid sooner. He uses the Student loan repayment calculator for New Zealand-based borrowers to see the difference that additional repayments make to his loan.
Currently his employer deducts $43 a fortnight from his wage, and Jeremy's thinking about paying an extra $20 a fortnight.
| Minimum repayments | Additional repayments | ||
|---|---|---|---|
| Loan balance |
$ 15,000 |
Loan balance |
$ 15,000 |
| Yearly income |
$ 29,000 |
Yearly income |
$ 29,000 |
| Minimum fortnightly repayments |
$ 43 |
Minimum fortnightly repayments |
$ 43 |
| Additional fortnightly repayments |
$ 0 |
Additional fortnightly repayments |
$ 20 |
| Interest charged |
$ 0 |
Interest charged |
$ 0 |
| Loan repaid |
August 2020 |
Loan repaid |
May 2016 |
By repaying an extra $20 a fortnight, Jeremy can repay his loan more than four years earlier!
Find out more
Next steps
Date published: 17 Apr 2007
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