![]() Suppose Chris earns following income during the tax year. ![]() This means to pay student loan your adjusted total income should be $20,948 or more (including salary or wages) If you are self-employed then end of year repayment is 12% of every dollar earned over annual repayment threshold of $19,448, provided your annual adjusted net income is $1,500 or more. In case of under deduction of student loan, sometimes IRD asks for extra deductions of standard deduction. Please note that thresholds are only applicable for primary job, if in case Chris is working somewhere also and he is receiving $400 fortnightly then student loan deduction on this income will be $48.00 ($400 *12 %), as a result total student loan repayment will be $95.11 for the respective fortnight. If your salary is above the specified threshold then you repay 12% of every dollar earned over the threshold. However, for the following years you still have to apply for loan. ![]() With Effect from 1 st January 2018, the first year of tertiary education is free. Student Loan is a scheme formed to help students to manage their finances during before, during and after the studies (Visit Study link to know more about it ). Last Updated: 12 November 2018 Student Loan ![]() How to calculate student loan repayments? ![]()
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