When you've got a student loan

Picture of a young woman at work

 You've got a job and a student loan - but when do you have start paying back the loan?

You start repaying your student loan when your pay (before tax is deducted) goes over the pay period repayment threshold (external link) . The amount deducted from your pay is 12 cents for every dollar you earn over the pay period repayment threshold.

You'll still follow the basic procedures for a first job, but when you choose your tax code you'll see that there is a repayment code for people with student loans. This means that your employer knows when to start deducting student loan repayments as well as income tax.

If you want to work out your repayment amount, you can calculate it yourself on the PAYE/KiwiSaver calculator (external link) .

If you have more than one job, you'll need to use a secondary tax code with the "SL" repayment code and your employer will deduct repayments for your student loan from your pay at 12 cents for every dollar your earn.

Keep your details updated

It's important to keep us up to date with your contact details so you can receive information on your student loan. You'll need to let us know if you have a change of:

  • address
  • phone number
  • email
  • bank account
  • alternative contact person's details, or
  • alternative contact person.

You'll also need to let us know if you're going overseas for 6 months or more, and the date you leave and return.

You can keep your details updated through your IRD myIR Secure Online Services account. myIR services are available 24 hours a day, seven days a week. 

Login to myIR Secure Online Services (external link)
Register for myIR Secure Online Services (external link)

How will this affect you?

Check out Real lives to see:

  • Krystal's story - she's a first-year university student, and needs a tax code for her second part-time job.
  • Andy's story - he's a university graduate with a full-time job and a student loan to pay off.