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Student loan scheme
Student loans can help students to finance their study.
To receive a loan you must meet the following criteria:
• Be a New Zealand Citizen or
• Have permanent resident status
From 1 April 2006 student loans for borrowers living in New Zealand for 183 or more consecutive days (about 6 months) are interest free.
If you’re eligible for an interest free student loan your interest charged from 1 April 2006 will be written off automatically after 31 March 2007 and then again at the end of every tax year.
Even if you don’t satisfy the 183-day requirement you could qualify for an exemption which would also make your loan interest free. You’ll have to meet certain conditions and provide proof to support an exemption application.
For more information, check out www.ird.govt.nz/studentloans or phone 0800 466 468.
Student allowances
Student allowances provide a weekly payment for full-time students to help with day-to-day living costs.
There are certain criteria you have to meet to qualify, but you won’t have to pay it back.
To receive a student allowance you need to be:
• 18 years of age or over
• Studying full-time
• A New Zealand permanent resident or refugee
You need to be studying a programme approved by the Tertiary Education Commission for Student Allowances.
Your parents’ income is taken into account if you are under 25.
For more information refer to www.studylink.govt.nz
If you receive a student allowance you must pass more than half of your course to be able to get it again the next time you study.
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