Skip to main content
Check out our new content, navigation and design for student loans.

Paying off my student loan faster

Back

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 debit or credit card
  • a money transfer from overseas.

If you are a New Zealand-based borrower, we charge a 1.42% fee on credit and debit card payments. 

Overseas-based borrowers do not have to pay a fee on credit and debit card payments.

What happens to my student loan when I go overseas

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 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 secure mail 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.