Student loan repayment calculator NZ
If you live in New Zealand and earn salary or wages, your employer takes student loan repayments from your pay.
You repay 12% of every dollar you earn over the repayment threshold of $24,128 a year in your main job.
How it's calculated
- Your pay is turned into a yearly amount and the repayment threshold of $24,128 is taken off.
- What's left is multiplied by 12%.
- In a second job there's no threshold, so the 12% applies to all of that pay.
An example
On $600 a week you repay $16.32 a week: $600 minus the weekly threshold of $464 is $136, and 12% of that is $16.32.
Frequently asked questions
What is the weekly repayment threshold?
It's $464 a week, $928 a fortnight, $1,856 every four weeks or $2,010.66 a month. Your employer works out the repayment for each pay.
What tax code do I use with a student loan?
Add SL to your tax code, for example M SL in your main job or S SL in a second job. That tells your employer to take repayments.
Why does my second job take so much for my loan?
The repayment threshold only applies to your main job, so a second job repays 12% of every dollar. If your main job pays under the threshold, you can apply to Inland Revenue for a special deduction rate.
Key terms
- Repayment threshold
- The yearly income you can earn before student loan repayments start.
- SL
- The part of a tax code that tells your employer you have a student loan.
Up-to-date official data
Data checked against the official source on .
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