Helpful information about Student Loans
When should I apply?
We recommend applying for the Student Loan as early as possible. November/December is the best time to apply and at least 6 weeks prior to the course start date, to ensure your fees are paid on time. Your enrolment does not have to be completed before applying for the Student Loan.
How do I apply?
If you are applying for a Student Loan for the first time, here are a few helpful hints:
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Go online at www.studylink.govt.nz. You will have to create an account; complete the eligibility test; then apply for the Student Loan. Student Finance Advisers are available to help you with the online application. You can come to our office in the Hunter Building and we will sit with you at the computer and go through the process together. You can also call us on 463 6644.
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After you have submitted the application, within days you will receive a letter confirming your details, advising your StudyLink Customer Number and which documents you need to submit: usually this is proof of IRD number; birth certificate/passport; bank account details. Certified copies of these documents will have to be posted to them.
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A Student Loan Contract is included with the letter. It must be signed and returned. Return it together with your certified documents.
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When your contract is returned and StudyLink have all the documentation requested, your Student Loan account is ready and waiting for StudyLink to confirm your study details with the university. StudyLink contacts the university about 4 weeks prior to the course start date.
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Once your enrolment details have been confirmed StudyLink sends you a “Loan Entitlement Advice” letter confirming the amount of the tuition fees and any other entitlements (living costs, course related costs) your Student Loan will cover.
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The tuition fees are paid directly to the university.
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If you have claimed the living costs, the first payment will be credited to your bank account one week after the course begins.
If you wish to claim the course related costs, you can go online to MyStudyLink and claim the amount you need after your student loan has been activated.
What is the process?
This StudyLink page shows how the process works.
If I cancel my loan does that cancel my enrolment?
Cancelling your Student Loan does not cancel your enrolment. You still need to formally withdraw from your courses before the final date for refunds or you will be liable for the fees.
What period of study does the Student Loan cover?
It only covers your enrolment for the current academic year. You need to reapply for the Student Loan for each year of study. You will not have to resubmit your personal documentation. If you are enrolling for trimester one and two of 2012, the dates are 5 March to 17 November.
What if I add courses later in the year?
If you add courses or if you enrol for summer courses, remember that you must reapply for the Student Loan even if you had already applied for the Loan to cover your 1st and 2nd trimester enrolment. You won’t have to provide further documentation, StudyLink will add your new study details to your existing loan.
How soon can I get my course related costs paid to me?
If you are claiming course related costs be aware that they become available 14 days prior to the course start date and can be claimed at any time during the academic period.
What happens to the Student Loan at the end of the year?
Your student loan account is transferred to the IRD.
When do Student Loan repayments start?
Whenever your wages are more than $19,084 before tax for the year, you will have to pay 10 cents in the dollar for every dollar earned over that amount.