Repay your student loan in full
What you need
If you decide to repay your entire student loan you'll need to have an up-to-date loan balance.
15-day grace period
If you're not eligible for an interest free student loan, and you repay the full amount within 15 days of being notified of your loan balance, you won't be charged any further interest.
What you need to do
Follow these steps to repay your loan in full with one final repayment:
- Get your up-to-date loan balance by doing one of the following:
- looking up your account online. Note: You'll need to register for an Online Services account, if you haven't done this already, and select the Look at Account Information service.
- requesting a student loan statement
- using our automated INFOexpress service on 0800 257 777, or
- calling 0800 377 778 - please have your IRD number handy.
- Make the final repayment. See "Find out more" below, for details about how to make a repayment.
Note
If you've taken out a loan with StudyLink this year, any loan balance we hold won't include this loan and you'll need to contact them separately to find out your total balance. For details about when loans transfer from StudyLink to us, see "Find out more" below.
What happens next
Once you've repaid your loan:
- We'll send you a final statement letting you know that the repayment has been received and that your loan account has been closed.
- You'll need to ensure you've cancelled any automatic payments you may have set up.
- If you're making repayments through your salary or wage, you'll need to change your tax code so that your employer stops making repayments (see "Find out more" below, for details).
Note
We'll still check to see if you're entitled to an interest free student loan or any other write-off after the end of the tax year (31 March).
Find out more
Next steps
- View your balance online
- Request a statement
- Using the correct tax code
- Loans transferred from StudyLink to Inland Revenue
Date published: 20 Apr 2007
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