You may find yourself in a difficult situation while repaying your loan. Contact us if you find yourself in hardship or if you are going to miss a payment. We can try to make things easier.
We will let you know about options that may help you. We might be able to reduce your repayment obligations, or you can propose an instalment arrangement to suit your situation.
We’ll ask you about your financial situation. We might ask you for details of your income and expenditure.
If you miss a payment on your student loan, you may get late payment interest. You'll need to know this rate and the reduced late payment rate we charge under instalment arrangements.
Options to reduce your repayments if you're New Zealand-based
The option for a reduced deduction rate in myIR lets you apply to reduce the loan payments deducted from your salary or wages.
You can apply if you are in 1 or more of the following situations.
- You are studying full time and earning under the annual repayment threshold.
- You have more than 1 employer and your main income is under the annual threshold.
- Your salary and wage deductions are putting you into hardship.
Go to your student loan account in myIR and select 'Apply for a reduced deduction rate'. This is also available in the 'More' section of your student loan account.
For amounts you owe, you can request an instalment arrangement or apply for financial relief if you have either:
- non salary and wage loan repayments
- other payments due to us that you cannot afford.
Options to reduce your repayments if you're overseas-based
If you cannot afford your loan payments, you can request an instalment arrangement or apply for financial relief. These can help you manage the amounts you owe.
Going overseas or recently left New Zealand
Other ways to apply for hardship
Late payments and borrowing more
You will not be able to take out a new student loan if:
- your overdue student loan amount is more than $500
- any part of that debt is 12 months or older.
You will need to pay off the outstanding amount before you can borrow more.
You can check in myIR whether you have any late payments.