Saving money on your student loan

If you're living in New Zealand, there hasn’t been much of a reason to pay off more than the minimum repayment amount on your student loan - until recently.

Unlike other loans or debts such as credit card repayments, no interest is charged on your student loan so you won’t get further into debt by paying only the minimum.

However last year the government introduced a 'voluntary repayment bonus' for student loans.

This rewards additional payments worth $500 or more in a tax year with a voluntary repayment bonus - 10% of your voluntary repayment will be credited to your student loan account.

To see the difference additional payments and the bonus could make to your loan, have a play with our updated Student loan calculator.

More information

Voluntary repayment bonus

Overseas repayments

Student loan calculator