Student loan?

[Colapop]

I'm going to be studying this year and it'll mean that I need topay for the papers... It's study by correspondence and the papers won't cost a lot ($1000) unfortunately I don't have that sort of money so I guess I'll have to get a student loan to pay for it. Can anyone give me the low down on the student loan system? The ins and outs, up and downs, pitfalls...etc basically all the sgit I need to know.
I don't need to know whether it's right or wrong, or whether you agree with the government or have issues with your mother - just need to know about student loans.

Ta

[James Deuce]

I've done the same and it works well for me, however I make sure that what I borrow can be paid off within a tax year and then it's interest free and doesn't become a millstone.

You must talk to IRD repeatedly to make sure you are keeping up.

This approach limits the number of papers you can do, but it is important to maintain balance in all things.

[Karma]

It's called StudyLink, hop on Google and you'll find it. I'm gonna be finishing a Computer Science degree Extramurally (correspondance) so will be taking loans for the cost of the course.

[Quartermile]

You just ring them up or go on their website(study link) and they send you out an info pack and a few forms to fill, send them away and you get a leetter saying that your loan has been approved, and the paper costs go strait to the place where your studying, and other money for you will start going in on x date.

Yea make sure you take out the $150 a week living costs even if you don't use it you can save it keep the interest and pay back the loan

You should apply for an allowance as well(free money that you don't have to pay back) sounds too good to be true

Hope that helps

[MrMelon]

If you're studying full time then you can get the interest written off for each year you're studying but dont think you can if it's just 1 or 2 papers... it's really easy to get organised though and learning new things is always good for ya If you're studying full time you can also get 150 a week you don't need to pay back since you're over 25 but I'm figuring you won't fall into that category!

[James Deuce]

If you're studying full time then you can get the interest written off for each year you're studying but dont think you can if it's just 1 or 2 papers... it's really easy to get organised though and learning new things is always good for ya If you're studying full time you can also get 150 a week you don't need to pay back since you're over 25 but I'm figuring you won't fall into that category!

You can get the Interest written off if you are working full time. I've done it.

[marty]

you don't have to pay back anything while you're studying.

if you do have a job (while studying) you can request an SL tax code. this will take .10c/dollar earned over the $17k/annum threshold (this may have just gone up) out of your pay. you can pay a voluntary amount if your pay is below the threshold.

there is an interest amount, but it is written off at the end of the FY if you are living in NZ for more than (i think)185 days in the FY.

careful you don't go loaning money via the student loan for living expenses - you will have to pay these back.

get a student card - discounts galore!

go onto the IRD website and register - you can view the status of your loan/repayments etc.

[toymachine]

Ug, probably not the smartest but i try not think about mine. It'll be around 23k+ just for the fees alone..

[marty]

some of the kids at the aero club are looking at $100k.....

[Guitana]

Yeah if you're going to get 1k you need to get another 2k for the party and getting the RF dolled up so ask for 3k and you should be sweet!!!!

[BuFfY]

One thing you need to remember with the loan is that the interest is put on your statement but it is written off every year, so you only every pay what you originally intended on doing.
You can also apply to get course related costs, which is up to $1000. You just need to state what it is for, normally text books and travel costs. For me, I said it was petrol but I am using it to buy all new bike gear

If you do plan on getting the $150 living costs make sure you get it put into a seperate account that is hard to get the money out of but has high interest.... I got it in my first year when living at home but some how spent it! cause it went straight into my spending account.
Oh and you may be able to get a tertiary account through your bank where you don't pay fees etc. It all helps!

[ManDownUnder]

What papers?? Do ya reckon you'll be useful once you've finished them?

[Colapop]

Thanks so far.
I am working full time, as is my wife. We have two kids (16 & 12). We rent our house.
As far as living costs and extra stuff goes - can I apply for this?? Guitana, you reckon I can get more ($2k or $3k) it doesn't work like that does it? Don't they just pay for the course and that's it?

I'm studying for a Diploma in Applied Management (basic management course) and ND5353 Diploma in Quantity Surveying. These two diploma's will compliment the project management work I am doing currently and provide the qualification back up to the practical experience I have in this area.

Especially with the bike crash (although I've got out quite cheaply) and the replacement gearbox on the Hilux I've got a bit of debt on hand and I don't want to too much further under if I can avoid it. But I must study (self enforced) because that's how I'm going to get my arse of of this sling so to speak. It won't happen overnight, but it will happen.

[Karma]

From what I've read on the StudyLink site you can't get living costs if you're not on a full time course, which it seems you're not.

In regards to how much you can get for the loan, I think you can get the basic fees covered by the loan and a certain amount for other course fees such as books etc...

From the studylink site;

Compulsory fees - pays the compulsory fees for your course (including compulsory Student Association fees).
Course-related costs - helps with costs related to your studies, for example - stationery, text books, computer equipment, childcare and travel.
Living costs - helps with your living costs, especially if you don't qualify for the full amount of Student Allowance.

You can borrow up to $1,000 per loan account for course-related costs.

Your course must be full-time or limited full-time to qualify for living costs.

As long as your course is a tertiary course approved by the Tertiary Education Commission you can borrow the total amount of fees your education provider requests from StudyLink.



Anything else?

[ManDownUnder]

I'm studying for a Diploma in Applied Management (basic management course) and ND5353 Diploma in Quantity Surveying. These two diploma's will compliment the project management work I am doing currently and provide the qualification back up to the practical experience I have in this area.

You spoken to HR about this - will the company pay (in part or in full?)

Edit - as part of you next wage round... walk in with a request for paper's to be included in your package - 1 paper a year or whatever. They benefit, you benefit and it works out cheaper (i.e. they pay a training expense which they can claim back on tax etc, and you don't get the money, pay tax on it, and THEN pay for the course).

Cheaper and beneficial all round dude.