Student Loan Calculator

This calculator supports both NZ-resident and overseas-based student loan borrowers. The two have completely different repayment rules:

• NZ residents — repay 12% of income above the $24,128 threshold, deducted automatically via PAYE. No interest is charged.
• Overseas borrowers — make fixed repayments based on their loan balance bracket (not income), due twice yearly. Interest of 5.6% is charged on the outstanding balance.

Tick “I'm overseas-based” to switch between the two sets of rules. Note that the student loan residence test is slightly different from the standard tax residency test — check your status with Inland Revenue.

Overseas-based borrowers have different repayment rules from NZ residents:

• Repayments are fixed dollar amounts based on your loan balance bracket (not a percentage of income)
• Payments are due on fixed dates (30 September and 31 March each year)
• Your minimum repayment will not decrease as your balance gets smaller (per IRD rules)
• Interest is charged on the outstanding balance (currently 5.6%)

For full details on overseas repayment amounts and obligations, visit IRD’s overseas borrower page.

Inland Revenue offers support options if you are struggling with repayments:

• NZ residents — you may be able to apply for reduced PAYE deductions, instalment arrangements, or financial relief through myIR
• Overseas borrowers — you can apply for a temporary repayment suspension (up to 12 months) or negotiate an affordable repayment amount

For more information, visit IRD’s difficulty repaying page.

From 1 April 2026, the overseas borrower interest rate increases from 4.9% to 5.6%. The repayment threshold ($24,128) and NZ-resident repayment rate (12%) remain unchanged.

• Changes coming in April 2026 — IRD webinars covering all upcoming changes
• IRD newsletters and subscriptions — stay informed about tax and student loan updates