studylink.govt.nz Cancelling Your Student Loan New Zealand : Ministry of Social Development
Organization : Ministry of Social Development
Facility : Cancelling your Student Loan
Country : New Zealand
Website : https://www.studylink.govt.nz/index.html
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StudyLink Cancelling your Student Loan
You can cancel your Student Loan at any time but you’ll need to pay back any payments you’ve received.
Related : Ministry of Social Development Apply For Student Loan New Zealand : www.statusin.org/6858.html
Before Loan Is Approved
Contract not yet returned :
If you get your Student Loan contract online, you can cancel it in MyStudyLink. You’ll need to :
** click ‘Student Loan Contract’
** click ‘Continue’
** select ‘Discontinue Loan’ and click ‘Continue’.
If you don’t get your contract online, email us with ‘Loan cancellation’ as your topic, or call us and we’ll cancel it for you.
Contract has been returned :
Email us with ‘Loan cancellation’ as your topic, or call us and we’ll cancel it for you.
After Loan Is Approved
Approved less than 7 days ago :
To cancel your Student Loan contract you need to :
** call us straight away so we can stop any payments going out
** email us before the 7 days is up – select ‘Loan cancellation’ as the topic.
You’ll need to pay us back any money that you’ve received. If you pay this back within 7 working days of when your loan was approved, the $60 establishment fee will be waived. Once you contact us, we’ll send you a letter to let you know how much you owe on your Student Loan and how you can pay us back.
Approved more than 7 days ago :
Email us with ‘Loan cancellation’ as your topic, or call us. If we’ve paid any money, you’ll need to pay this back to Inland Revenue. If your education provider refunds any compulsory course fees, they’ll be paid directly to your loan.
Paying Back Your Loan
You need to start making repayments once you earn over $19,136 a year before tax ($368 a week before tax). You pay back your loan to Inland Revenue.
How to pay back your loan?
How you make repayments depends on what kind of income you get. If you’re working, you’ll need to make sure you’re using the right tax code so that repayments can be deducted automatically from your pay.
If you think the deductions are too high and you have more than one source of income, you may be able to apply for a special deduction rate from Inland Revenue.
If you’re not working but you get other income, you’ll need to fill out the required form so that Inland Revenue can work out how much you need to repay.
If you were making loan repayments from your Work and Income benefit and you’re going to stay on it, you don’t need to do anything. The repayments will keep coming out of your benefit. You can also choose to make extra repayments, which means you’ll pay off your loan faster.