Fees Free and your student loan

If you have a student loan, your Fees Free entitlement will be transferred to your student loan balance. This will happen even if you did not use the student loan to pay the fees for your final year of study, or final 2 years of work-based learning. 

If you live in New Zealand

If you live in New Zealand, the transfer of your Fees Free entitlement will be backdated to the day you completed your qualification or programme. 

If you are based overseas 

If you are based overseas and have a student loan, the amount you initially need to pay by each due date depends on your loan balance when you first become overseas-based. 

Your Fees Free entitlement will be transferred to your student loan balance. The transfer will be backdated to the day you completed your qualification or programme. If this transfer date is: 

• after the date you first became overseas-based, it will not affect your minimum repayment
• before the date you first became overseas-based, it may affect your minimum repayment. 

Repaying my student loan when I live overseas

If you pay off your student loan 

If you pay off your student loan before the completion date for your study or work-based learning, your Fees Free entitlement will be refunded to your bank account. 

If you pay off your student loan after the completion date for your study or work-based learning, your Fees Free entitlement will be transferred towards it.  

The transfer will be backdated to the day you completed your qualification or programme. This may lower any interest charged on your student loan. Any student loan overpayment will then be repaid to you, or the overpayment settings you’ve set in your myIR account will be applied. 

When I pay off my student loan