Student Loan Repayment Calculator NZ 2026
New Zealand-based borrowers repay 12% of every dollar earned over $24,128 a year. Enter your salary and balance to see the deduction per pay day and how long until the loan is gone.
Your repayments and payoff date
Repayment a year
$5,505
7.9% of your gross pay
Per pay day
$105.86
$211.72 fortnightly · $458.72 monthly
Loan paid off in
4.5 years
Interest free while you are NZ-based
- Take-home pay with the student loan deduction
- $48,006
- Take-home pay once the loan is repaid
- $53,511
- Annual pay rise effect of clearing the loan
- +$5,505
Student loan repayments by salary
Compulsory repayments at 12% of income above $24,128 a year.
| Salary | Repayment a year | A week | % of gross pay |
|---|---|---|---|
| $30,000 | $705 | $13.55 | 2.3% |
| $45,000 | $2,505 | $48.17 | 5.6% |
| $60,000 | $4,305 | $82.78 | 7.2% |
| $75,000 | $6,105 | $117.40 | 8.1% |
| $90,000 | $7,905 | $152.01 | 8.8% |
| $120,000 | $11,505 | $221.24 | 9.6% |
How New Zealand student loan repayments work
Your employer takes repayments out of your pay automatically using the SL repayment code, in the same run as PAYE, the ACC earner levy and KiwiSaver. The deduction is 12% of the part of each pay that sits above the threshold, so it flexes with overtime and bonuses rather than being a fixed instalment.
While you live in New Zealand the loan is interest free, which means time is not costing you money — but every year with a balance is a year with 12 cents in every extra dollar going to Inland Revenue instead of your bank account. That is also why a pay rise lands lighter than the headline number: see the pay rise calculator for the full split, or the current NZ tax rates for the thresholds behind it.
If you head overseas for more than 183 days you become an overseas-based borrower: interest starts accruing and Inland Revenue sets fixed annual repayments based on your balance rather than your income. Always check your balance and obligations in myIR — the figures here are estimates to help you plan.
Student loan questions, answered
How much are student loan repayments in New Zealand?
If you live in New Zealand you repay 12 cents in every dollar you earn above the repayment threshold of $24,128 a year. On a $60,000 salary that is 12% of $35,872, or about $4,305 a year — roughly $83 a week taken straight out of your pay by your employer.
Is my student loan interest free?
While you are New Zealand-based your loan is interest free, so every dollar you repay reduces the balance. If you go overseas for more than 183 days you become an overseas-based borrower, interest is charged on the loan and you move onto fixed annual repayment obligations instead of the 12% deduction.
Does a pay rise increase my student loan repayments?
Yes. Because repayments are 12% of everything above the threshold, every extra dollar of salary also costs 12 cents in loan repayment on top of PAYE and the ACC levy. That is why a pay rise can feel smaller than expected — the pay rise calculator shows the exact split.
Do I pay student loan on a bonus or second job?
Yes. Bonuses, overtime and second-job income are all salary or wages, so the 12% deduction applies using the SL repayment code. If you have more than one job, use the SL code on each so you are not left with an end-of-year bill.
Can I make extra repayments to clear the loan faster?
Yes, and while the loan is interest free every voluntary payment comes straight off the balance. Paying an extra $100 a month on a $30,000 balance can cut years off the payoff date. Voluntary repayments of $500 or more a year used to attract a 10% bonus, but that scheme ended in 2013.
What happens if I earn under the threshold?
You have no compulsory repayments on salary or wages under $24,128 a year, though the loan stays on your record. Part-year and part-time earners are assessed per pay period, so a big month can still trigger a deduction.
How do I check my student loan balance?
Log in to myIR with Inland Revenue. It shows your current balance, every deduction your employer has passed on, and your repayment code. Payrise NZ gives estimates only — myIR is the source of truth.
Related NZ pay and tax calculators
Keep going with the rest of the toolkit — each one uses the same up-to-date New Zealand tax settings.
- Pay Rise CalculatorSee exactly how much of a pay rise you keep after every deduction.
- PAYE Calculator NZ 2026Band-by-band PAYE on your income, plus ACC and student loan.
- After-Tax Pay CalculatorTurn a gross salary into weekly, fortnightly and monthly take-home pay.
- NZ Tax Rates & BracketsCurrent income tax brackets, ACC levy and student loan thresholds.