Advice re: student loan

[007XX]

Aside from the obvious "don't borrow too much", can anyone offer any pertinent advice on student loans please?

Thanks in advance.

[nodrog]

.... can anyone offer any pertinent advice on student loans please?

Thanks in advance.

I wouldnt loan anything to the drunk smelly fuckers.

[007XX]

I wouldnt loan anything to the drunk smelly fuckers.

I'm not drunk, and I'm pretty sure I'm not smelly :(

[joan of arc]

If it is interest free then borrow what you can, spend what you have to, invest the rest and pay it off as soon as you are able

[Maha]

I wouldnt loan anything to the drunk smelly fuckers.

When do you want your monkey suit back? Im finished with it.

[007XX]

If it is interest free then borrow what you can, spend what you have to, invest the rest and pay it off as soon as you are able

Cheers, that is sound advice :) Didn't think of the invest part.

And yes, student loans are interest free in NZ, and only have to start being repaid when earning above a certain level once employed.

I was hoping to get some feedback from someone currently repaying theirs though, to know how this is carried out and whether there is anything that is not being clearly explained on the Studylink website.

[FJRider]

Cheers, that is sound advice :) Didn't think of the invest part.

And yes, student loans are interest free in NZ, and only have to start being repaid when earning above a certain level once employed.

I was hoping to get some feedback from someone currently repaying theirs though, to know how this is carried out and whether there is anything that is not being clearly explained on the Studylink website.

It is NOT a lump sum amount that you get. If you are intending to do a study course (Polytech or other) ... they pay course fees etc and can pay you a weekly allowance.

It used to be $13,000 (Gross) before you had to start paying it back. And you then need to change your tax code to SL (Student Loan) and your employer (if you have one) will take it out of your pay before you get it.

Full time study is interest free.

I had a few student loans ... which I have paid back in full. ($20,000's worth) I wont say it is painless ... dealing with Inland Revenue never is)

[carburator]

right..

you can borrow for course cost's and materials ( books )
repayment starts when your working and is calculated on how much your earning.
if you leave the country interest is charged ( at what period they start this I don't know )

if you qualify for student allowance and also manage to hold down a part time job or couple
of one offs ( get cash in the hand or fuel in the tank ) as the assholes start mucking around
with repayments thats if you break the $200 mark

if you sign up for a course do it, not like some dumb asses ive seen, start a course and then drop out
and end up 5K worse off..

[007XX]

Thanks guys :)

So far, this is parallel to what I have found out on the website. I just never take it for granted that all angles are covered by one's own research and asking peeps who have been there is a bit of a safety net.

[FJRider]

Thanks guys :)

So far, this is parallel to what I have found out on the website. I just never take it for granted that all angles are covered by one's own research and asking peeps who have been there is a bit of a safety net.

Remember .... Inland Revenue have only one rule ... THEY ARE NEVER WRONG.

Should they are be found wrong ... you need a letter from (your) GOD declaring you innocence. Complete with a full 65 page explanation on why they made the mistake. Their usual stance is ... YOU gave ... no / incomplete / wrong / misleading ... information to them.

[mashman]

Aside from the obvious "don't borrow too much", can anyone offer any pertinent advice on student loans please?

Thanks in advance.

Ditch the loans, go the student blowjob root, I mean route. T'will be cheaper in the long run, your facial muscles will thank you for it and your skin will look 10 years younger.

[imdying]

You basically just ignore it, and one day it's gone.... IRD flog your repayments from your wages so you never even notice... just one day you get a 'pay rise' :D

[007XX]

Remember .... Inland Revenue have only one rule ... THEY ARE NEVER WRONG.

Should they are be found wrong ... you need a letter from (your) GOD declaring you innocence. Complete with a full 65 page explanation on why they made the mistake. Their usual stance is ... YOU gave ... no / incomplete / wrong / misleading ... information to them.

Hmmmmyes, sadly I do know this to be true. A reminder never hurts though ;)


Ditch the loans, go the student blowjob root, I mean route. T'will be cheaper in the long run, your facial muscles will thank you for it and your skin will look 10 years younger.

That comment clearly explains your signature.

[huff3r]

The repayment threshold is now nearly, if not slightly over $20k. Usefull cos it means if you work while you study it's unlikely to affect it.

Above the repayment threshold they take 12 cents in every dollar (from April 2013) AFTER tax. So thats a big chunk of earnings that you don't get once tax, student loan, and Kiwisaver are removed.

Apart from that, go nuts. I challenge you to beat my ballance. (Aviation Student :eek: )

[Bikemad]

Ditch the loans, go the student blowjob root, I mean route. T'will be cheaper in the long run, your facial muscles will thank you for it and your skin will look 10 years younger.

:clap:aww man....thats gold right there:clap:

[Edbear]

I'm not drunk, and I'm pretty sure I'm not smelly :(

I'm sure you are in the nice way... :rolleyes:

[mashman]

That comment clearly explains your signature.

Hmmmmmm... sure, why not. You know where to come for lessons then :niceone:

[Gremlin]

I'm currently paying mine off, but not sure of the details. Don't attempt to understand any statements they may send you (they're supposed to be quite regular but sporadic is irregular in my book) as they never balance out or make sense. You should never see the money as it's paid direct to the institution.

Make sure any study plans you have are correct, as the money is paid automatically once arranged.

Rules are payback and benefits for paying more and earlier are changing. Currently, if you over pay by $500 or more (or something like that) there is a bonus amount the government wipes off. This is being removed next year and I think the required payback rate is being increased as well. Interest free has been awesome, as I've deliberately paid it back slowly as the real value decreases over the years. Next year I might just wipe the last grand or two that will be remaining and get it over and done with...

[The End]

The system is a bit fucked, but it's free money to study, so take it if you need it.

If you live at home and are under 24 (?) chances are you won't qualify for the student allowance as it is based on your parents' income, but it is $200 odd a week that you don't need to pay back. Even if you don't need it, the smart thing to do would be to register for it, bank/invest the 200 a week and by the end of your degree, you could very well have enough saved to repay your loan (provided you're not borrowing more than ~7k/yr). Unless you have a moral issue with that...

But regardless, I know plenty of people who get the $200 a week and use it as a booze allowance instead of paying for transport/expenses.

You will never see the LOAN money, it goes straight to the university. You can apply for course related costs, which is $1000 that is meant to go towards textbooks, laptops etc. but I believe you can spend it anyway you want. This will need to be paid back though.

tl;dr

student loan = pay back, interest free
course costs = pay back, interest free
allowance = doesn't get paid back

[Gremlin]

Good timing... here's a link sent to email about Student Loan news: http://www.ird.govt.nz/aboutir/newsletters/sl-info/2012/sl-notifyme-issue-10-12.html#02

[Brian d marge]

Go to the place u want to study , find out Exactly what u need to do ,

Go home , get a job and in your spare time study on ur own

when you are confident

sign up for the bare minimum amount

pass those exams

then A; fk off to another country
B; stay in NZ and pay back the bare minimum u borrowed

Remember anyone who studied pre 1080 sorry 1980 never had the loans we have ,,,,,

Stephen

[007XX]

Thanks all ( and especialy Gremlin), that is very helpful.

At my age, I am not elligible for a student allowance, so will have to repay every cent I get.

But I don't mind, I'm no system bludger. I just want to get ahead and finally have a qualification.

[FJRider]

Thanks all ( and especialy Gremlin), that is very helpful.

At my age, I am not elligible for a student allowance, so will have to repay every cent I get.

But I don't mind, I'm no system bludger. I just want to get ahead and finally have a qualification.

There are two methods of weekly payment ... one is a student allowance that doesn't get paid back (like a benefit) and a student loan based payment which does need paid back.