Student loans are for unsecured loans, meaning borrowers don’t have to provide an asset such as a home or car to secure. They don’t mean testing, so what students or parents they earn or own doesn’t affect their ability to receive student loans. This article helps you know that you meet some requirements to get student loans NZ or not.

student loans NZ
To get student loans NZ you need to meet some requirements

In the previous post, Loansaustralia.net introduces people to some of the necessary information that is useful for getting the NZ home loans, to get more information people can read the article Four types of NZ home loans with the best interest rate you can choose. Now, let find knowledge about student loans in New Zealand in the post today.

STUDENT LOANS NZ

Just like a lot of article posts about personal loans for bad credit, quick cash loans, personal loans for bad credit, no credit check loans…. this post about the student loans New Zealand also includes some main parts. They are:

1. What are student loans in New Zealand?

Student loans are for unsecured loans, meaning borrowers don’t have to provide an asset such as a home or car to secure. They don’t mean testing, so what students or parents they earn or own doesn’t affect their ability to receive student loans.

Student loans help pay for your course costs (mandatory fees charged by your education provider), learning materials (eg books, computers, travel) and living expenses, but you will have to return it.

To get a student loan,

  • Customers need to be a New Zealand citizen or
  • Customers need to be a permanent residence in New Zealand and:
  • Customers need to be lived in New Zealand for at least 3 years and
  • There has been a residence class visa for 3 years, or
  • Customers need to be a refugee or a protected person, or
  • Customers need to be funded to New Zealand by someone in your family, at the time of your sponsorship, as a refugee or a protected person.

You must study an approved course by an approved educational provider (but you can be overseas). If you are under 18, one of your parents also needs to allow them to let you borrow money.

There is also a limit on the number of student loans you can get in your life. Normally, you can only receive enough Student loans to pay for up to 7 EFTS studies. This includes all the loans you have received since 2010. 7 EFTS: about 840 points/credit, or about 7 or 8 years of full-time study.

student loans NZ
Student loans NZ

If you have completed 7 EFTS study, you can receive another Student loan when: you have not studied 7 EFTS, and your next course or paper will take you beyond the 7 EFTS limit.

For example, You have learned 6.5 EFTS and registered another course of 1 EFTS. Although this takes you beyond the limit of 7 EFTS to 7.5 EFTS, you can get another Student loan for this course.

You can not get a student loan if you:

  • in middle school
  • bankrupt
  • postpaid your Student Loan payment of $ 500 or more and overdue repayment of any amount within one year or more
  • Study less than 32 weeks and your course has less than 0.25 EFTS.

If you are under 18, you cannot receive a Student loan if you:

  • in the Youth Guarantee program
  • study a level 1 or 2 degrees for free.

2. Customers can use student loans in New Zealand for some needs

Depending on the circumstances, customers may receive Student loans for:

  • compulsory tuition
  • costs related to the course
  • cost of living

Customers will also be charged a one-time setup fee of $ 60. This will be added to the Student Loan balance as soon as any payment is made. You can receive Student loans for up to 2 EFTS per year (about 240 points or credits).

If customers are studying full-time, they can get a Student loan for:

  • compulsory tuition
  • costs related to the course
  • cost of living.

In prison or for the benefit, customers can only receive a Student Loan for:

  • compulsory tuition
  • costs related to the course.

Study part-time or 55 years or older: You can only receive Student loans with required fees.

Free Sponsorship Program for youth or 2nd and 2nd-degree students: If you are over 18 years old and studying for a Youth Guarantee program or a free 1 or 2 degree, you can only receive Student Loans for Costs related to the course and living expenses.

This post is about student loans in New Zealand. We provide this information to offer you some of the necessary information that is useful for getting a student loan from the lender in New Zealand. Also if you are looking for information about the personal loans NZ, please refer to the You can choose one of seven types of personal loans NZ link we just provided in the previous article.

Anita (Team Content) – Student loans NZ