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You can repay your student loan in full at any time. Find out what you need to do and what happens once you've made your final repayment.
Before you repay your student loan in full you'll need to:
You can check your balance and update your details in your myIR Secure Online Services account. The balance shown in your myIR account may not be the final balance.
Your employer has until the 20th of the following month to send these to us, so the balance shown may not include your most recent repayments. We need to process the payments before allocating them to your student loan. If you know how much is deducted from your income you can use this to work out the amount you need to pay.
Interest will be added to your loan once you've been overseas for 184 days or more (about six months). This begins from the day after you leave New Zealand. Let us know if you've been overseas for six months or more so we can make sure the correct amount of interest has been added.
If you have any outstanding payments or tax returns you should contact us.
We'll cancel any interest charged:
Before we can close your loan there are some final things you need to do.
File any outstanding income tax returns. Make sure we have your current contact and bank account details so we can refund any overpayments.
If you've overpaid your loan
We can transfer your overpayment to another account and refund any leftover amount to you. You can request a transfer using the secure mail service in myIR.
If you've set up automatic payments with your bank make sure to stop them.
If you earn income from salary or wages you'll need to give a new Tax code declaration (IR330) form to your employer to change your tax code. If you're making extra repayments, ask your employer to stop these.
If we've organised compulsory extra deductions we'll let your employer know to stop these.
Once you have everything up to date and we've received your final payment, we'll:
This could take up to 30 working days.
We won't be able to close your loan until we've received the payments from your employer and allocated this to your loan account.
Your employer has until the 20th of the following month to send these payments to us.