1. STUDY LINK Financing your tertiary study

2. What is a Student Allowance?
The Allowance is available to students 18 years+ (or 17 years if they completed Year 13). It does not have to be paid back
Eligibility for the Allowance is determined by a parental income test. This is based on the parents’ combined gross income. Evidence of parental income must be provided to Study Link
To be eligible for the Allowance, a student must be studying full time and be a New Zealand citizen or resident (resident visa for 3 years)
A student can earn up to $ gross p/week while studying & still be eligible for an Allowance
The amount of the Allowance varies, according to: parent income, whether living at home or away from home, other siblings aged 16-23yrs who are also studying. (Reduction to Parent Income by $7000 per sibling)
The full amount of the Allowance is $ per week (if living away from home and aged under 24 years)
Students receiving an Allowance and living away from home may be eligible for an Accommodation Benefit of up to $60 per week
The Student Allowance and Loan living costs are paid from the course commencement date to the end of the course
You must pass at least half the course to retain eligibility for the Allowance the following year
Study Link has an on-line calculator to assist students and parents in assessing eligibility for an Allowance. Go to:

3. Example Student Allowance
Student Under 24 Years Living at Home: Student Under 24 years Living Away From Home:
Combined Gross
Parental Income
Under $55,027.96
$70,000
Over $95,428
Weekly Student Allowance
$194.23
$ Net
No Allowance
Combined Gross
Parental Income
Under $55,027.96
$70,000
Over $102,893
Weekly Student Allowance
$ Net
$ Net
No Allowance

4. What is a Student Loan?
The Student Loan is a LOAN – it must be paid back!
The Student Loan has three parts:
COURSE RELATED COSTS To assist with course expenses, e.g. books, equipment; maximum of $1,000 per year
LIVING COSTS To assist with accommodation costs; maximum of $ per week
First Year Fees Free (Up to $12,000) - Check Eligibility
Course Fees after First Year Fees Free
To be eligible for a Student Loan your course of study must be an approved full time course) and you must be a NZ citizen or permanent resident (resident visa for 3 years)
You must also pass at least half of your course to retain eligibility the following year
There is an administration fee of $60 to set up a Loan account
If you have a Loan, you can still work and earn money while you study (there is no limit on earnings)
The Student Loan is interest-free, provided you are residing in New Zealand. If you leave NZ for more than 6 months interest will be charged from the day you leave the country (4.3%)
A student can apply for a loan for a maximum of 7 years

5. Student Loan Example – Bachelor of Information Technology 3 Years Fulltime
Living Costs
($ x 38 weeks)
$8, x 3 = $26,438
Course Related Costs
$1,000 x 3 = $3,000
Establishment Fee
$60 x 3 = $180
Total Student Loan for
Bachelor of Information Tech
$29,618
Plus Second and Third year fees!

6. Student Loan Example – Diploma in Engineering 2 Years Fulltime
Living Costs
(231.92x 38 weeks)
$8, x 2 years
= $17,625
Course Related Costs
$1,000 x 2 = $2,000
Establishment Fee
$60 x 2 = $120
Total Student Loan for
Diploma in Engineering
$19,745
Plus Second Year Fees!

7. Applying for Loans and Allowances
Student Loan and Allowance applications are made on-line via the Study Link website:
A Study Link on-line application session will be held in school in October
Students will have to provide the following information and evidence to Study Link:
Bank account details
IRD Number
Passport or Birth Certificate
Evidence of Parental income and sibling Birth Certificates may also be required if a student applies for an Allowance
Step 1: Create an account and a “Real Me” log-in
Step 2: Complete the eligibility test – this is compulsory for all applicants
Step 3: Complete the application for Student Loan and/or Allowance
Once an application is made students are given an online account which provides access to MyStudyLink
This can be used to update details, track the application, view payment information and contracts
Following application, Study Link will send out a contract to sign

8. Repaying Your Loan
A Student Loan is interest free. However, interest of approx. 4.3% is charged once you leave NZ for more than 6 months from the date you leave New Zealand
You must start repaying your Loan once you earn more than $19,094 per annum ($367 per week gross)
The IRD will make deductions from earnings at a rate of 12%
You can choose to repay the Loan at a faster rate

9. Tips on Financial Survival
PRIOR TO STUDYING
Save as much as you can – try and get a part time after-school or holiday job
Develop good relationships with current employers so you can get holiday work during the year if possible.
Use family support – e.g. work for parents; money instead of gifts
Apply for scholarships (see the givME and Money Hub websites on the Waimea College Moodle site)
Do some trial budgets
Be prepared – the reality is that you will be poor! Accept that a need is different to a want!
WHILE STUDYING
Change your existing bank account to a student package (less fees)
Get a Community Services Card (reduces medical fees etc)
Use on-campus facilities which are cheaper (e.g. student Health Centre)
Limit your spending (e.g. use cash instead of EFTPOS)
Check your budget and bank statements regularly to avoid a crisis
Don’t spend money on food if you are already paying for meals in a Hall of Residence
Find some campus part time work, e.g. library, tutoring
Check your entitlements, e.g. IRD tax codes, Student Hardship, Unemployment Benefit over the summer break etc.
Remember: Overdraft = Debt; Credit Cards = Expensive Debt
IN TROUBLE?
Use Campus Financial Support team
Contact Study Link – there may be emergency grants available
Talk to your family

10. Study Link Assistance www.studylink.govt.nz 0800 88 99 00
For help and assistance with your Study Link application, you can contact Study Link via through website or phone:

11. To access the School Leaver Guide to Student Loans and Student Allowances, please visit