NZ Student Loan Repayment Calculator 2026

You repay 12% of your income above $24,128 a year (the 2026 threshold). Below that, you make no compulsory repayments. Employers deduct this automatically through PAYE; self-employed borrowers pay it through their IR3 return.

Yes, while you live in New Zealand. If you're overseas for more than 6 months in a 12-month period, interest applies at the overseas-based borrower rate — 5.6% p.a. from 1 April 2026 (up from 4.9%). IRD reviews this rate every 1 April.

No. You still owe repayments while overseas, and if you're away more than 6 months, interest also starts accruing on the balance. Many overseas-based borrowers pay by direct debit or lump sum through myIR rather than PAYE.

Yes, especially if you're overseas and accruing interest — extra payments reduce the balance directly and cut both your payoff time and total interest. In New Zealand, where the loan is interest-free, voluntary repayments only speed up payoff, without an interest saving.

Log into myIR (Inland Revenue's online portal) to see your current balance, repayment history, and interest charged. StudyLink handles new loan applications and Living Costs/Course Related Costs, while IRD manages repayment and interest.