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Delays to response times: It is taking longer than usual to answer calls and myIR messages, and to process some COVID-19 Support Payment applications. This is because of the impact of COVID-19. If possible, please contact us through your myIR account. Log in to myIR

Budget 2022: The Government has announced Budget 2022, which includes changes to child support payments. Find out more on our Tax Policy website

Budget 2022: The Government has announced a Cost of Living Payment, which will be paid from 1 August 2022. You do not need to apply for this payment. If you are eligible, we’ll pay it into your bank account. Find out more

You can pay your student loan off in full at any time. You can also make extra repayments to pay your loan off faster.

The easiest and quickest way to make a payment is with an online payment. You can use:

  • internet banking
  • a credit or debit card – we accept Visa and Mastercard
  • a money transfer from overseas.

The bank charges a convenience fee of 1.42% for any credit or debit card payment made to us. From 28 October 2021, overseas based borrowers will also be charged this convenience fee.

What happens to my student loan when I go overseas

New repayment calculator

The new repayment calculator in myIR shows how quickly you’ll pay off your loan based on current repayments.

You can find this on the right-hand side of the student loan ‘Summary’ page in myIR < Student loan account < Repayment Calculator.

 Making a payment

When you make a payment, let us know:

  • your name
  • your IRD number
  • what it is you are paying (put 'student loan' or 'SLS' as your reference for a student loan payment)
  • the tax period (the tax year you are making the payment for, or the current year if you are not sure)
  • the payment amount. 

Make a payment

New payment option

If you have payments due, there is now a new direct debit payment option in your myIR account.

Go to myIR < Student loan account < 'make a payment' and follow the instructions.

If you're in New Zealand, you can also make loan payments by credit card at any time, using our toll-free 0800 numbers.

Paying electronically

Student loans - contact us

New Zealand-based salary or wage earners

If you’re a salary or wage earner, you can ask your employer to make extra student loan deductions from your wage or salary.

Repaying my student loan when I earn salary or wages 

Tax refunds or overpayments

If you have an income tax refund, you can ask us to put it towards your student loan debt. Send us a message in myIR to let us know what you want us to do with the refund.

If you have overpaid your tax obligations for another tax type, we can transfer the overpayment to help pay off your student loan.

Student loan overpayments

When you pay off your student loan

If you pay within 30 days of getting your final loan balance, we'll cancel any interest that may be charged during this time.

If you have any outstanding payments or tax returns, you should contact us.

Once you have everything up to date and we've received your final payment, we'll:

  • check your loan to make sure the right amount of interest has been applied
  • refund any overpayment, or transfer to another account if you've requested this
  • let you know when your student loan is closed.

This could take up to 30 working days.

When you are in New Zealand and have paid off your student loan, you’ll need to change your tax code. This will make sure your student loan deductions stop.

Last updated: 22 Jul 2021
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