Is the NZ student loan really interest-free? What happens if I move overseas?
Yes, your student loan has no interest while you are New Zealand-based. This means you are in New Zealand for 32 days or more in any 184-day period. If you are overseas for about 5 months out of 6, you may become overseas-based. Interest is then charged from the day after you left New Zealand.
Official figures
- Residence requirement for a student loan
- You are a New Zealand citizen. Or you are ordinarily resident in New Zealand, and you have lived in New Zealand for at least 3 years and held a residence class visa for at least 3 years.1
- Living costs loan
- Up to NZ$333.48 a week for full-time students1
- Course-related costs
- Up to NZ$1,000 (for example, books, stationery and a computer)1
- Course fees
- You can borrow for compulsory course fees. If you are 55 or older, you can only borrow for these fees.1
- Establishment fee
- A one-off establishment fee of NZ$60 is added to your loan balance1
Official sources
- Student LoanStudyLink · studylink.govt.nz
- Student AllowanceStudyLink · studylink.govt.nz
- Student Allowance when you have 2 parentsStudyLink · studylink.govt.nz
- I am going overseas - Student loansInland Revenue · ird.govt.nz
Read the full guide: Studying at university: student loans and allowances (StudyLink) →
People also ask
- How long after getting my resident visa can I get a student loan in NZ?
- How much can I borrow each week for living costs on a student loan?
- What is the difference between a Student Allowance and a Student Loan? Do I have to pay them back?
- Can my child get a Student Allowance if we have a high income?
- Is final-year Fees Free still available, and how do I apply?
- When should I apply to StudyLink? Do I need to apply again every year?
Answers are based on official New Zealand government pages. Check the official source before you act. This is not immigration, legal or tax advice.
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