Student loans in New Zealand

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student loans in new zealand
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Understanding & obtaining student loans in New Zealand

Whether you’re a part-time or full-time student, you are eligible to access a Studylink student loan.

These student loans are absolutely interest free.

Frequently Asked Questions

Are you ready for the next phase of your life?

School is out and in the rear view, but not for long! Soon you’ll be winding down from the holiday season and preparing for the next part of your life – tertiary education.

For many, this stage of one’s life has become rather stressful, and not only because you need to decide what to study, but also because you need to figure out how to pay for the studies. It’s no secret that college is expensive, and without the help of a student or personal loan, there are many New Zealanders that would be stuck without an alternative.

How are students dealing with the stress of studying, getting good grades, focusing on a career, all the while losing sleep over the affordability of it all? The answer is quite simple, lenders have taken this concern and they have designed a loan that’s tailored to meet the lifestyle and the needs of a student.

Lending institutions are aware of the stress that comes with student life and managing their financial situation. It’s for this very reason that the flexible unsecured loan is there to alleviate the stress and pressure of repaying it until a time where the student is in a better position financially.

New Zealand households don’t only have one child either, they might have a few and all of them deserve the same educational opportunity as the next one. Families, however, simply cannot afford to put all their children through college, and hence the student loan is a very popular choice when it comes time for enrolment. It also leaves families in a better financial position if this loan doesn’t need to come from the household budget.

What can I expect to pay for a student loan?

Students need money for living, daily spending, accommodation and their tertiary education fees. All this will be taken into consideration when it’s time to apply for a loan. You’ll need to determine the exact costs in order to establish a loan amount that will suit your life and your needs as a student. Do the research and consider all student loan offerings to get an idea of what to expect financially.

Consider the cost of living in terms of area, also whether you’re far from home or not. All these variables contribute to the amount that needs to be determined for your student loan. Budgeting is paramount to this process and you should sit down and strategise with all the figures you have in mind when drawing up a sound budget.

Who can apply for a student loan?

Anyone who is a citizen of New Zealand, or someone who has been living in the country for a minimum of 3 years with a residence class visa. The alternative is that you are sponsored by a New Zealand citizen that is also your family member.

You have to be studying an approved course that is managed by an education provider. Double check your course online if you’re unsure. If you are not of legal age, then your parents need to give permission for you to obtain a student loan.

Those who are at secondary school, are bankrupt, undergoing debt counselling are behind on student loan repayments in excess of $500 cannot obtain a student loan In New Zealand.

Understanding Studylink loans

Government student loans are available for application to all full-time and part-time students. These loans are offered unsecured and applicants aren’t obliged to do any means tests.

There are 3 separate parts to a studying loan. Your tuition is covered in the first part, the second part covers your studying expenses, and the third cover your living costs. Bear in mind that if you are studying part-time it might be that only the first part applies.

What are the costs & repayment terms?

Government student loans in New Zealand are, fortunately, interest-free! The only thing that you are liable for is repaying the principal amount. Those who choose to study abroad for over six months are likely liable for interest. When you apply for the student loan you will have to pay an annual administration fee if your balance with Inland Revenue is over NZ$20 until the loan is fully settled.

The best part of NZ student loans is that you only need to start paying back your StudyLink student loan once you have graduated and begun earning an income above a certain threshold.

That gives all students peace of mind that they won’t land themselves in a debt for having chosen a student loan for their means of financing their studies. The minimum monthly repayment is calculated using a specific formula.

How do I apply for my Studylink loan?

To apply for a study link loan you can very easily apply through the app for your new student loan or otherwise visit the website of the scheme and navigate to the application form. Once you’ve found it and have all your paperwork handy, you can complete the form online.

It won’t be long before you receive a letter with a list of required documents. As soon as your application has been considered and subsequently approved, you will need to sign and agree to the stipulated contract. At this point, you will be the proud and relieved student of a studylink student loan.

These loans in New Zealand are easy to obtain and not complicated at all in terms of understanding. Affordability is key and is taken into account seriously when the application is assessed.

In the unfortunate event that a student was to pass away while a student loan is in place, the loan would be written off. Their estate is only obliged to settle any outstanding loan amounts that would have to be up to date by the time the borrower passed away. But for all typical scenarios, a student loan is the best option when it comes the time to enroll with your tertiary education facility.

Student loan calculator

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List of direct lenders offering Student loans

  1. StudyLink Student loan


    • Loans up to $20,000
    • Term up to 7 years
    • Interest from 18.95%
  2. Kiwibank Student loan


    • Loans up to $10,000
    • Term up to 7 years
    • Interest from 16.95%
  3. Harmoney Student loan


    • Loans up to $70,000
    • Term up to 5 years
    • Interest from 6.99%
  4. ASB Bank Student loan

    ASB Bank

    • Loans up to $40,000
    • Term up to 7 years
    • Interest from 12.95 %
  5. Lincoln University Student loan

    Lincoln Univers...

    • Loans up to $50,000
    • Term up to 6 years
    • Interest from 9.95 %
  6. Westpac Student loan


    • Loans up to $50,000
    • Term up to 5 years
    • Interest from 10.95%
  7. ANZ Bank Student loan

    ANZ Bank

    • Loans up to $40,000
    • Term up to 7 years
    • Interest from 10.95%