Student loan repayment calculator NZ
Yearly gross on a secondary code. 12% applies from the first dollar.
If paid on its own, Inland Revenue payroll rules apply 12% to the extra pay amount.
This student loan repayment calculator estimates how much Inland Revenue collects from New Zealand based borrowers at 12% of every dollar above the $24,128 annual repayment threshold, and how much overseas based borrowers must pay from the loan balance brackets.
Use it for salary and wages, a second job, self employed adjusted net income, extra pay, or an overseas balance. Figures are working papers for the 2026/27 tax year (1 April 2026 to 31 March 2027). They are not an Inland Revenue assessment and not tax advice.
What is the student loan repayment rate?
Inland Revenue states the amount you have to pay each year is 12% of every dollar you earn over the repayment threshold. For the 2026 tax year (1 April 2025 to 31 March 2026) the annual repayment threshold is $24,128. StudyLink’s sample Student Loan contract sets the same $24,128 threshold and 12% repayment percentage for New Zealand based borrowers for the tax year ending 31 March 2027. That is the student loan repayment rate NZ 2025 and 2026/27 figure this calculator uses.
What is the student loan repayment threshold?
The student loan repayment threshold NZ borrowers use is the income limit before compulsory repayments start. Inland Revenue breaks the annual repayment threshold student loan figure into pay period amounts so payroll can deduct the right student loan repayment wage by wage.
| Pay frequency | Repayment threshold student loan | What 12% applies to |
|---|---|---|
| Yearly (annual) | $24,128 | Income over this amount on a main job |
| Weekly | $464 | Gross weekly pay minus $464 |
| Fortnightly | $928 | Gross fortnightly pay minus $928 |
| Every 4 weeks | $1,856 | Gross four weekly pay minus $1,856 |
| Monthly | $2,010.66 | Gross monthly pay minus $2,010.66 |
| Secondary job | No unused threshold | 12% of every dollar from the first dollar |
Inland Revenue’s worked example for the 2026 tax year: $600 weekly pay minus $464 weekly threshold = $136. Then $136 × 12% = $16.32. That is how much student loan repayment comes out of that week’s gross wages.
Cabinet froze the threshold at $24,128 from 1 April 2024 for the foreseeable future, so the student loan repayment threshold 2025, the student loan repayment threshold NZ 2025, and the New Zealand student loan repayment threshold 2026 stay at the same income limit. The student loan repayment threshold 2024 lift (from $22,828) is the last CPI increase in the current freeze. Whats the student loan repayment threshold for a main job? $24,128 a year, or the pay period row in the table.
How does student loan repayment work in New Zealand?
New Zealand student loan repayment is income based while you live here, and balance based if Inland Revenue treats you as overseas based. Inland Revenue collects through the employer on salary and wages, through an end of year repayment obligation on other income, and through twice yearly assessments if you live overseas.
Is student loan repayment based on income? Yes, for New Zealand based borrowers: the student loan repayment percentage is 12% of income over the threshold, not a fixed monthly instalment like a bank loan. What income is student loan repayment based on? Gross salary and wages for PAYE jobs, plus adjusted net income for other earnings. Percentage of income student loan repayment is therefore 12% of the slice above $24,128, which is a smaller percentage of total salary. On $65,000 that slice is $40,872 and the student loan repayment amount is $4,904.64 a year ($94.32 a week).
Who pays student loan repayment? You do. The employer student loan repayment is a deduction your payroll sends to Inland Revenue when your student loan repayment code includes SL (for example M SL). MSD does not deduct student loan repayments from benefit income. Inland Revenue student loan repayment still applies to other income you earn. Does student loan repayment come out before tax? The 12% is calculated on gross (before tax) pay. PAYE, student loan, KiwiSaver, and ACC are separate payroll lines. Child support, if Inland Revenue has issued a deduction notice, is taken from net pay after PAYE and has priority over other net deductions.
When does student loan repayment start? Inland Revenue’s student loans hub says you have to start repaying if you live overseas or earn over $24,128. That is not a graduation date. Student loan repayment after graduation only starts once income (or overseas status) triggers the rules. A holiday job can trigger weekly deductions even if you will not hit the annual threshold, which is why a student loan repayment deduction exemption exists. Student loan repayment if you are unemployed and only on a benefit: MSD uses tax code M and does not deduct SL from the benefit. If you also have other income, a special deduction rate may be needed.
Take home pay after PAYE, ACC, KiwiSaver, and this deduction is on the PAYE calculator. Contractors who invoice without PAYE use the self employed tax calculator or the withholding tax calculator for tax on invoices, then come back here for the 12% loan slice. GST on your invoices sits on the GST calculator.
NZ student loan repayment versus overseas student loan repayment
Student loan repayment NZ overseas rules are a different scheme from the income based calculator. Inland Revenue says repayments while you remain overseas based are set from the loan balance on 31 March, and the minimum will not go down as the balance gets smaller. Interest is charged from the day after you leave if you become overseas based.
Living in New Zealand
Interest free (apart from late payment interest). Student loan repayment rate 12% of income over $24,128 on a main job. Employer deducts each payday. Self employed file an end of year obligation. Extra repayments optional.
Living overseas
Interest 5.6% a year for the tax year ending 31 March 2027. Minimum repayments from loan balance brackets, due 30 September and 31 March. If the loan is over $89,285, Inland Revenue says repayments will not cover the interest at the current rate.
| Loan balance | Pay by 30 September | Total by 31 March |
|---|---|---|
| Less than $1,000 | Half the balance | The remaining half |
| $1,000 to $15,000 | $500 | $1,000 |
| $15,000 to $30,000 | $1,000 | $2,000 |
| $30,000 to $45,000 | $1,500 | $3,000 |
| $45,000 to $60,000 | $2,000 | $4,000 |
| Over $60,000 | $2,500 | $5,000 |
The 32 day rule decides New Zealand based versus overseas based. If you are present in New Zealand for 32 days or more in a 184 day period, Inland Revenue treats you as New Zealand based and does not charge ordinary overseas interest. You cannot be overseas for more than 152 days in a row at any one time under that test. Student loan repayment if you leave the country, student loan repayment if you move abroad, and student loan repayment from abroad all use this test, not a UK Plan 1 overseas table. Tell Inland Revenue in the Travelling overseas section of myIR.
A student loan repayment holiday NZ borrowers talk about is Inland Revenue’s temporary repayment suspension: up to 12 months off overseas based payments if you apply before you go or within 6 months of leaving. Interest is still charged from the day after you leave. New Zealand based amounts already due are not covered. Apply in myIR under Travelling overseas, and name an alternative contact person in New Zealand who is 18 or older. That is apply for student loan repayment holiday in official language: student loan repayment suspension, not a bank repayment hold.
Student loan repayment example: three Kiwi situations
These are labelled working examples, not real Inland Revenue assessments. Run your own numbers in the calculator above.
Use case: Auckland graduate on wages
Situation: $65,000 main job, tax code M SL, $28,000 loan. Repayment: ($65,000 minus $24,128) × 12% = $4,904.64 a year, about $94.32 a week. Action: Confirm SL is on the IR330. If the deduction looks high, check it is not a secondary code taking 12% from the first dollar.
Use case: Wellington contractor, self employed
Situation: $45,000 adjusted net income, no PAYE job. Repayment: ($45,000 minus $24,128) × 12% = $2,504.64 end of year obligation. Because that is $1,000 or more, next year’s interims are that figure plus 5%, split across 28 August, 15 January, and 7 May. Action: Set the 12% aside as you invoice. A tax agent or app (Hnry is one product people search for) can pay Inland Revenue as money arrives, but the legal obligation is still yours.
Use case: OE with a $72,000 balance
Situation: Leaves for London, becomes overseas based. Repayment: Balance over $60,000 so $2,500 by 30 September and $5,000 by 31 March. Interest at 5.6% on $72,000 is $4,032, so the $5,000 minimum still chips the loan. Action: Switch the calculator to Overseas. If the balance were over $89,285, interest would outrun the $5,000 minimum unless you pay extra.
Second jobs, exemptions, and why a deduction can look too high
Why is my student loan repayment so high? Common causes Inland Revenue documents: a secondary tax code taking 12% from the first dollar; a bonus or extra pay with 12% on the extra amount; a threshold freeze while wages rose; or no exemption on a short holiday job that still cleared the weekly line. Why has my student loan repayment gone up? A pay rise, extra hours, or extra pay increases the slice over $464 a week. Why has my student loan repayment gone down? Fewer hours, a drop below the pay period threshold, or a special deduction rate / exemption taking effect.
Secondary job trap
Inland Revenue’s example: $200 a week on a secondary job × 12% = $24, with no threshold. If the main job is under $464 a week, apply in myIR for a student loan special deduction rate so unused threshold can sit against the second job. The certificate lasts to the end of the current quarter (1 April to 30 June, 1 July to 30 September, 1 October to 31 December, 1 January to 31 March). Reapply each quarter.
A student loan repayment exemption (repayment deduction exemption) is for New Zealand based full time students, or people about to start study, who reasonably expect to stay under the annual threshold. Apply in myIR: Apply for a reduced deduction rate. It runs from the day you apply to 31 March, and can cover semester breaks and the summer break if you keep studying. That is the student loan repayment deduction exemption people mean for a holiday job, not a US military repayment program.
Hardship: Inland Revenue lets you apply to lower salary and wage deductions if you are studying full time under the annual threshold, have more than one employer and main income under the threshold, or deductions are putting you into hardship. Overdue more than $500 with any part 12 months or older blocks a new StudyLink loan until you catch up.
Inland Revenue payroll specifications: on a main job, deduct 12% of gross over the pay period threshold. On a secondary job, deduct 12% of gross with no threshold, unless a special deduction rate certificate says otherwise.
Student loan repayment self employed NZ
Student loan repayment for self employed people is not taken by a client the way PAYE takes it from wages. Inland Revenue uses salary and wage income plus adjusted net income. Adjusted net income includes self employment and contracting, withholding tax income, trust income, interest, dividends, Māori authority distributions, shareholder salary, casual agricultural and election day work, rentals, overseas income and investments, partnership income, directors’ salary, and taxable property sales. File an income tax return for those sources. Other amounts that may not sit on a return use Adjust your income IR215.
End of year student loan repayment obligation: Inland Revenue says you have one if adjusted net income is $500 or more and that income plus salary and wages is over the annual repayment threshold. If wages already used up the threshold, the extra 12% sits on the adjusted net income. Student loan repayment on bonus pay through payroll is separate extra pay maths, not this self employed rule.
Hnry student loan repayment is a commercial product question, not an Inland Revenue plan. Hnry and similar agents can calculate and pay the 12% as invoices land. You can also do it yourself in myIR. Student loan repayment for self employed still follows the same $24,128 and 12% rules. Interim student loan repayments: if last year’s end of year repayment was $1,000 or more, next year you pay that amount plus 5% (or the amount from two years ago plus 10% if last year’s return is not filed), in three hits on 28 August, 15 January, and 7 May. Inland Revenue’s example: $2,300 last year becomes $2,415, which is $805 each date. You can estimate a different figure in myIR if income will change. Those dates line up with provisional tax for a March balance date. End of year student loan repayments are due 8 February if Inland Revenue says you have an amount to pay.
Tutors, locums, tradies, and gig workers who also charge GST should keep the 12% loan slice separate from GST. Sector notes: GST on education, tutors and training, GST for tradies, GST for health professionals, GST for contractors, gig economy GST, and the $60,000 GST threshold guide. myIR itself is the same login you use to file a GST return.
Voluntary student loan repayment, extra pay, and the old bonus
There is no student loan voluntary repayment bonus NZ borrowers can claim now. The 10% excess repayment bonus was repealed from 1 April 2013 by the Student Loan Scheme (Budget Measures) Amendment Act 2012. Voluntary student loan repayment still reduces the balance dollar for dollar. Make a student loan repayment in myIR as a one off, or ask your employer to take extra on top of the standard deduction (including when you earn under the threshold). You do not need a new IR330 for extra wage deductions. Inland Revenue also accepts card and transfer payments, including from overseas. Paying a student loan with a credit card still incurs whatever fee your card charges. Early repayment of student loan makes sense if you want the deduction gone from the payslip or you may go overseas. While you stay New Zealand based the loan is interest free, so extra payments do not save interest here the way a credit card does.
Student loan repayment on bonus and other extra pay: Inland Revenue payroll specifications say if extra pay is not paid with normal pay, multiply the entire extra pay by 12% (or the special deduction rate). If it is paid with normal pay, use combined pay minus the pay period threshold, times 12%. That is why a bonus week can look steep compared with a normal week.
Student loan repayment tips that match official rules: use the right SL code; apply for an exemption if you are a full time student under the annual threshold; apply for a special deduction rate if two jobs would otherwise over deduct; keep myIR travel dates current; do not rely on a repayment holiday to stop interest overseas. Student loan repayment strategies such as “pay the mortgage first” are personal finance choices, not Inland Revenue advice. This site is not a student loan repayment consultant.
Student loan repayment threshold history
IRD student loan repayment threshold figures below come from Inland Revenue repayment statistics (tax year ending 31 March) and from Inland Revenue tax policy papers for earlier 1 April years. The student loan repayment threshold 2016/17 base used in later CPI formulae was $19,084. Inflation adjustments restarted from 1 April 2017 after earlier freezes. The repayment rate moved from 10 cents to 12 cents in the dollar from 1 April 2013.
| From 1 April | Annual threshold | Notes people search |
|---|---|---|
| 2017 | $19,136 | After the $19,084 freeze |
| 2018 | $19,448 | Student loan repayment threshold 2019 searches often mean this era |
| 2019 | $19,760 | NZ student loan repayment threshold 2019 |
| 2020 | $20,020 | Student loan repayment threshold 2020 |
| 2021 | $20,280 | Student loan repayment threshold NZ 2021 and 2022 tax year in IRD stats |
| 2022 | $21,268 | Student loan repayment threshold 2022 / 2023 tax year |
| 2023 | $22,828 | Student loan repayment threshold 2023, 2023/24 |
| 2024 and later | $24,128 | Frozen: 2024/25, 2025/26, 2026/27 |
Student loan repayment changes 2026 that are actually in force: the threshold stays $24,128; overseas interest for tax year 2027 is 5.6% (up from 4.9% in tax year 2026); late payment interest is 9.6% and the reduced rate is 7.6%; StudyLink’s sample contract lists a $60 establishment fee and a $40 administration fee if the balance is $20 or more at 31 March (not charged in a year you already paid an establishment fee). Student loan repayment changes NZ political talk about cutting the rate to 10% from 1 April 2027 is a party policy announcement, not current law. This calculator stays on 12% until regulations change.
Inland Revenue statistics to 31 March 2026: 94.7% of New Zealand based borrowers met obligations, versus 26.5% of overseas based borrowers. Total repayments that quarter were $411 million. Those are student loan repayment statistics, not a forecast of your payoff time.
This is not a UK, US, or Australian student loan calculator
Searches for student loan repayment UK, student loan repayment calculator UK, HMRC student loan repayment, student loan plan 1, student loan repayment plan 2, student loan UK repayment threshold, England or Scotland or Northern Ireland repayment, and student loan repayment UK overseas belong to Student Loans Company and HMRC plans. They are not Inland Revenue. Student loan repayment calculator USA, federal student loan repayment, Nelnet, income driven repayment, SAVE or IBR, private student loan repayment, Biden era pauses, army navy air force or CIA repayment programs, and IRS employer assistance rules are United States systems. Student loan Australia repayment and HELP/HECS brackets are ATO rules. Canada, India, Alberta, and other calculators are also out of scope.
What is the standard student loan repayment plan in New Zealand? There are not US style plan 1 / plan 2 / graduated / extended repayment menus you can switch. You cannot change student loan repayment plan the American way. New Zealand has one repayment percentage (12%) for New Zealand based borrowers, plus overseas balance brackets, plus exemptions, special deduction rates, hardship reductions, and a temporary overseas suspension. Student loan repayment for nurses in New Zealand is the same 12% rule, not a US PSLF grant. Student education loan repayment here means the StudyLink / Inland Revenue scheme.
Student loan repayment reddit threads and forum posts are useful for the questions people ask (holiday jobs, second jobs, OE interest). They are not the source of rates. If a 2015 post still quotes $19,084, that was the frozen threshold then, not 2026/27. Student loan repayment scams: Inland Revenue will not ask you to pay a stranger to “clear” the loan. Log in only through myIR. Student loan company login repayment is a UK phrase; in New Zealand you use myIR, not SLC.
You can copy the formula into Excel or a student loan repayment spreadsheet: (gross minus 24128) * 0.12 for a main job, or gross * 0.12 for secondary. That is the student loan repayment calculator excel version of this page. IRD also publishes its own student loan repayment calculator if you want a second working paper.
Student loan repayment FAQ
What percent is student loan repayment in NZ?
12%. The Student Loan Scheme Act 2011 defines the repayment percentage as 12% (or another rate prescribed by regulations). That 12% has applied since 1 April 2013. What is student loan repayment percentage, what percentage is student loan repayment, and student loan repayment % are the same answer for New Zealand based borrowers: 12% of income over the threshold, not 12% of every dollar of salary on a main job.
What is the threshold for student loan repayment in 2026/27?
$24,128 a year. Pay period lines are $464 weekly, $928 fortnightly, $1,856 every four weeks, and $2,010.66 monthly. IRD student loan repayment threshold 2025 2026 and New Zealand student loan repayment threshold 2025 are the same frozen figure. Income limit for student loan repayment on a main job is that annual amount.
How much is student loan repayment on my salary?
Take gross yearly salary minus $24,128, then multiply by 12%. On $50,000 that is $3,104.64 a year (about $59.70 a week). On $75,000 that is $6,104.64. How much is a monthly student loan repayment depends on your pay cycle. Use the calculator for your figure. Minimum student loan repayment NZ on a main job is $0 if you stay at or under the pay period threshold. There is no separate “student loan minimum repayment” dollar floor like some bank loans.
How long is student loan repayment?
As long as the balance lasts at your current repayment rate. Average student loan repayment period is not a single official number on the pages checked for this article. Enter your balance in the calculator for an estimate. How long is student loan repayment at a higher salary is shorter because 12% of a bigger slice pays more each year. The deduction does not fall just because the balance falls, until the loan is cleared.
How do I check my student loan repayment and balance?
Log in to myIR and open the student loan account. Inland Revenue says recent payments can take several days to appear. You can also call Inland Revenue or read your latest statement. That is student loan repayment check and student loan repayment account in NZ terms.
Can I delay or pause student loan repayment?
On New Zealand wages, deductions are compulsory once you earn over the pay period threshold unless you have an exemption, special deduction rate, or approved reduced rate. Can you delay student loan repayment overseas? You can apply for a 12 month temporary repayment suspension. Student loan repayment on hold, pause, or break NZ language maps to that suspension or to a hardship / reduced deduction application, not to a US federal pause.
Is this the IRD student loan repayment calculator?
No. This is an independent GSTCalc.nz working paper. Inland Revenue also hosts a student loan repayment calculator on ird.govt.nz. Use either. Confirm the live assessment in myIR. We last verified figures on 8 September 2026 against Inland Revenue and StudyLink pages named in the sources list.
How we built this calculator
GSTCalc.nz is not Inland Revenue, not StudyLink, and not a tax adviser. Ads may fund the site. Last verified 8 September 2026. Main sources: Inland Revenue salary and wages, self employed, overseas, interest and fees, exemption, special deduction rate, extra repayments, interim repayments, myIR balance, and student loans hub pages; Inland Revenue payroll calculations specification 2026 ($24,128 and 12%); StudyLink sample Student Loan contract (threshold, 12%, 5.6% interest, $60 establishment fee, $40 administration fee for the tax year ending 31 March 2027); Student Loan Scheme Act 2011 repayment percentage; tax policy papers on the threshold freeze and history. If a payslip differs by cents, payroll truncation to whole cents is the usual reason. Contact: see contact. Publisher: About.