For individuals & families: As a student
Bonded scholarships
TeachNZ (a unit of the Ministry of Education) administer a range of bonded scholarships. For example, Maori Medium Scholarships.
If a scholarship recipient breaks the bonding conditions, the scholarship administrator may transfer some or all of the amount of the scholarship to be repaid (including interest from the date of default) to Inland Revenue for collection under the same terms and conditions as a student loan.
Bonded Merit and Step Up Scholarships
StudyLink (a service of the Ministry of Social Development) previously offered two scholarships, the Bonded Merit Scholarship and the Step Up Scholarship. As part of the Budget announcement made on 28 May 2009, the Government announced that the Step Up Scholarship and Bonded Merit Scholarship schemes will be disestablished. This means that no new awards will be made from this date.
Students who have previously had a loan created due to a breach of the terms and conditions of one of these scholarships are still required to repay the loan.
Find out more information on Studylink's website.
If you live in New Zealand
If your annual income is over the repayment threshold you are required to make repayments to Inland Revenue, until the loan is fully repaid.
The minimum amount required is 10 cents for every $1 you earn over the threshold amount.
If your income drops below the repayment threshold you aren't required to make any payments.
If you live overseas
Your non-resident assessment is calculated and sent to you in April each year. This assessment is based on your loan balance and estimates interest charges for the year ahead. Payment is due in four instalments.
Find out more about paying back student loans
Date published: 09 Mar 2010
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