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ImageStudyLink is a service of the Ministry of Social Development responsible for Student allowances, Student loans and Unemployment Benefit Student Hardship. They were previously known as Student Services, Work and Income. StudyLink is a service of the Ministry of Social Development responsible for Student allowances, Student loans and Unemployment Benefit Student Hardship. They were previously known as Student Services, Work and Income.

StudyLink will organise your application and pay out your loan in the year the money is borrowed (a student loan 'year' is 52 weeks from the date your loan account was opened). You'll need to apply for a new loan each year that you study.

The transfer

From 28 February in the year after your study year (when you borrowed the money), the loan is transferred across to Inland Revenue. This assumes your course was completed prior to 31 December of the previous year.

Inland Revenue is responsible for collecting repayments from you once you start earning over a certain amount (currently set at $17,160 before tax) a year.

With each new study year, you apply to StudyLink for a new loan and the process starts again.

 


Article provided by www.sorted.org.nz

 


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