When you’re away from New Zealand for more than 6 months, you’ll be considered ‘overseas-based’ and your student loan obligations change.
Changes to your student loan when you live overseas
- Interest is added to your loan.
- You'll need to manage your own payments as they're no longer automatically deducted from your income.
- The amount you owe each year is calculated by the size of your loan balance, not the amount of income you earn.
- You'll need to make payments before the 2 due dates each year, 30 September and 31 March.
- If you do not make the required payments, late-payment interest may be added to your loan balance.
- Note: if you travel to and from New Zealand frequently and are overseas for more than 5 months within a 6-month period, you may still be considered ‘overseas-based’. Use the travel calculator in myIR to check when your status will change based on your overseas travel.
How to manage your loan while you're overseas
- Register for a myIR account. The student loan tab in myIR shows your loan balance, any outstanding payments you have and a link to the repayment calculator. Select 'View loan breakdown' to view your transactions for a particular period of time.
- Make a payment through the method that works best for you, including direct debit payments in myIR. Many people find it’s best to set up small, regular repayments throughout the year to help stay on track.
- If you're travelling to or from New Zealand, use the 'Calculate your interest status' calculator in myIR to check if your student loan will change and the date the changes will apply.
- If you have any questions about your loan, you can send us a message in myIR or see below for other ways to contact us.
- Setting up small regular repayments (weekly or monthly) can make it much easier to stay on track and help you avoid any late payment interest.
- Use the student loan repayment calculator to find out how fast you can pay off your loan. You can find this in the student loan tab in myIR.
- Set up a nominated person who can contact us on your behalf.
- Apply for a Temporary repayment suspension (TRS) before you leave. If you have a TRS, you are not required to make repayments for the first year away from New Zealand. However, interest is still applied so it is good to make additional payments if you can.
- If you’re struggling to make your student loan payments, there are ways we can help.