New Zealand Student Loan Repayment Calculator
12% above the threshold from each pay, and when your loan will be paid off.
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2026–27 tax year Inland Revenue student loan rules · Sources
This year
Balance year by year
Projection
| Year | Balance at start | Compulsory | Extra | Interest | Fee | Balance at end |
|---|
Rules used and official sources
- Inland Revenue: repaying a student loan from salary or wages
- Inland Revenue: student loan repayments on self-employed and other income
- Inland Revenue: work out if you have an end-of-year student loan repayment
- Inland Revenue: interim student loan repayments
- Inland Revenue: repaying a student loan when you live overseas
- Inland Revenue: student loan interest and fees
- Inland Revenue: keeping a student loan interest-free overseas
- Inland Revenue: payroll calculations and business rules (PAYE formulas)
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Results are estimates for general information and planning, not financial advice. Banks and institutions may calculate differently (rounding, fees, rate changes). Confirm figures with your lender or a qualified adviser before deciding.
About the New Zealand Student Loan Repayment Calculator
Work out your New Zealand student loan repayments the way Inland Revenue does. If you live in New Zealand, enter your pay and any other income to see the deduction from each pay, the year’s repayment, any end-of-year and interim repayments on other income, and how many years your loan takes to repay — interest-free, with the yearly administration fee and any extra repayments you make.
If you are based overseas, enter your balance to see your minimum repayments for each due date, the interest added, how long the loan takes at that rate and whether the minimums cover the interest at all. Nothing you type leaves your browser.
How to use it
- Choose whether you live in New Zealand or are based overseas.
- New Zealand-based: enter your main job’s pay and how often you are paid, and any second job or other income (self-employed profit, interest, rent and so on, less expenses).
- Enter your loan balance and any extra repayments you plan to make each year; for overseas-based loans check the interest rate.
- Read the repayments per pay and per year, the end-of-year and interim repayments, and the year-by-year projection; download it as CSV or copy the summary — with a pass, or after unlocking this result.
Examples
$2,307.69 a fortnight → ($2,307 − $928) × 12%
$165.48 a fortnight, $4,302.48 a year · repaid in about 8 years, $280 of it administration fees
$59.64 a week from pay ($3,101.28 a year) · 12% of $60,000 − $24,128 = $4,304.64 · end-of-year repayment $1,203.36
Because the end-of-year repayment is $1,000 or more, the next year has interim repayments of $1,263.53 (the amount plus 5%) in three instalments.
Nothing from the main job (under $2,010.66 a month) · $99.96 a month from the second job · $494.88 more than due over the year
A special deduction rate lets the second job use the unused part of the threshold.
$3,000 a year: $1,500 by 30 September and $1,500 by 31 March · about $2,198 of interest at 5.6% in the first year
Repayments from salary and wages
New Zealand-based borrowers repay 12% of every dollar earned over the repayment threshold of $24,128 a year. With an SL tax code, your main job deducts 12% of each pay above the pay-period threshold — $464 a week, $928 a fortnight, $1,856 every four weeks or $2,010.66 a month — and a second job deducts 12% of every dollar, because the main job uses the threshold (Inland Revenue). Payroll drops the cents of the pay first and truncates the deduction to whole cents (payroll calculations and business rules).
If your main job pays less than the threshold while a second job deducts from every dollar, Inland Revenue can give the second job a special deduction rate that uses the unused part of the threshold. Full-time students expecting to earn under the annual threshold can apply for a repayment deduction exemption.
Other income: end-of-year and interim repayments
Income that is not salary or wages — self-employment and contracting, interest, dividends, rent, trust and overseas income, less expenses — is adjusted net income. You have an end-of-year repayment when it is $500 or more and you earn $500 or more over the annual threshold (Inland Revenue; other income). The calculator works it out as 12% of your total income over $24,128, less what was deducted from your pay.
An end-of-year repayment of $1,000 or more means interim repayments in the next tax year: the end-of-year amount plus 5%, split over three due dates — usually 28 August, 15 January and 7 May (interim repayments).
If you are based overseas
Overseas-based borrowers pay a minimum set by their loan balance on 31 March: under $1,000, the whole balance; $1,000 to $15,000, $1,000 a year; to $30,000, $2,000; to $45,000, $3,000; to $60,000, $4,000; over $60,000, $5,000 — half by 30 September and half by 31 March. The minimum does not go down as the balance falls (Inland Revenue). Interest is added at the overseas rate, 5.6% a year, worked out daily and added after 31 March; at that rate the $5,000 minimum does not cover the interest on a loan over $89,285 (interest and fees). Some borrowers can keep their loan interest-free while overseas (interest-free overseas).
Fees and interest
Loans are interest-free while you are New Zealand-based. A $40 administration fee is charged each year your balance is $20 or more at 31 March, which the projection includes; untick the box to leave it out. Late payment interest may be charged on an overdue amount of $334 or more (interest and fees).
Limitations
- The projection keeps the repayment threshold, the overseas interest rate and the minimum repayment bands as they are now; Inland Revenue can change them each tax year.
- Overseas interest is worked out once a year from the balances around the two due dates, so it can differ slightly from Inland Revenue’s daily calculation.
- Special deduction rates, repayment deduction exemptions, Commissioner deductions, repayment holidays and penalties are not modelled.
- Moving between New Zealand-based and overseas-based during the projection is not modelled; choose the one that applies.
Privacy
Everything happens in your browser. What you enter or open here is not uploaded or stored by MySmartCoPilot.
Frequently asked questions
What do I get without a pass?
Without a pass, New Zealand Student Loan Repayment Calculator shows the repayment from each pay (or for the year) in full, with the first rows of each table (up to 3) and a watermarked chart; every other figure is hidden. Until you unlock it, the result can’t be downloaded or copied. A Pro, Premium or Ultimate pass, a one-time payment that never renews, unlocks the full result. The pricing page lists the passes and their prices.
What is the student loan repayment threshold?
$24,128 a year for New Zealand-based borrowers: $464 a week, $928 a fortnight, $1,856 every four weeks or $2,010.66 a month in a main job. You repay 12% of every dollar above it.
Why is 12% taken from all of my second job’s pay?
The threshold is used once, by your main job. A second job (S SL, SH SL and so on) deducts 12% from the first dollar. If your main job pays less than the threshold, ask Inland Revenue for a special deduction rate so the second job can use the rest of it.
Do I have to pay interest on my student loan?
Not while you are New Zealand-based: the loan is interest-free. Overseas-based borrowers are charged interest, currently 5.6% a year, unless they qualify to keep the loan interest-free.
What are interim repayments?
If your end-of-year repayment on other income is $1,000 or more, you pay the next year’s repayments in advance in three instalments: last year’s end-of-year amount plus 5%. You can estimate a lower amount in myIR if your income will drop.
How much do I repay if I move overseas?
A minimum set by your balance, not your income: from $1,000 a year for a balance of $1,000 to $15,000 up to $5,000 a year for more than $60,000, paid in two halves by 30 September and 31 March.
Is my information sent anywhere?
No. Everything is calculated in your browser; nothing you enter is uploaded or stored on a server.