We recently made a number of changes to make it easier to manage your student loan.
Easier to understand
Improvements to myIR let you easily:
- check your loan balance
- see a breakdown of your loan
- view transactions and any due assessments.
When you log in to myIR simply click the student loan account tab to see all the details on the summary page.
Student loan statements have also been updated so it's clear what your current balance is and how much you need to pay.
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.
Options to reduce your repayments
The 'Reduced deduction rate' option in myIR lets you apply to reduce the loan payments deducted from your salary or wages.
You can apply if one or more of the following apply:
- you are studying and earning under the annual repayment threshold
- you have more than one employer and your main income is under the annual threshold
- your salary or wage deductions are putting you into hardship.
You can also apply for relief or request an instalment arrangement for amounts you owe - if you cannot afford your loan payments .
From the myIR homepage myIR < 'I want to...' < 'Application for relief' or 'Request an instalment arrangement'.
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.
New overpayment settings in myIR
You can easily choose what happens with any loan overpayments you make.
- Keep them on your loan.
- Use them to pay off debt in another account.
- Move them to your KiwiSaver.
- Have them refunded to you.
You can find this on the right-hand side of the student loan 'Summary' page in myIR < Student loan account < Overpayment settings.
Travel details in myIR
The new ‘Travelling overseas’ section in myIR makes it easier for you to keep track of how long you're away from New Zealand and to calculate when you’ll be charged interest.
Go to myIR < Student loan account < 'I want to...' then scroll down to 'Travelling overseas'.
You can also check the dates you travel to or from New Zealand. This only shows the date you travelled in or out of the country and doesn’t include information about where you travel.
Overseas travel calculator
This calculator lets you enter the dates you expect to leave or return to New Zealand, so you can check when your loan will remain interest free or when you’ll be charged interest.
This is also where you can apply for a Temporary Repayment Suspension or to keep your loan interest free while overseas, if you meet certain criteria.
Paying off your loan if you earn salary or wages
When you're close to paying off your student loan, we're able to notify you and your employer - if you only have one employer.
We'll let them know how much is left to repay so they can adjust the last loan deduction from your pay so it's enough to clear your loan and to update your tax code to remove SL going forward.
This means you're less likely to overpay your student loan or have to wait for any overpayments to be refunded.
Nominated persons and alternative contacts
If you have set up a nominated person who can manage your tax matters for you, they can update your details through their own myIR account. If you have set them up with access to all account types, they will be able to view and update any future accounts you may get.