Student loan repayment calculator NZ 2026–27
If you live in New Zealand you repay 12% of your pay over the $24,128 threshold. On $55,000 paid fortnightly that is $142.49 a fortnight, $3,705 a year.
Repayment thresholds 2026–27
| Pay period | Repayment threshold | Repayment on $1,000 above it |
|---|---|---|
| Weekly | $464.00 | $120.00 |
| Fortnightly | $928.00 | $120.00 |
| Four-weekly | $1,856.00 | $120.00 |
| Monthly | $2,010.66 | $120.00 |
| Year | $24,128.00 | $120.00 |
Your employer works out the repayment on each pay, using the threshold for your pay period, and sends it to Inland Revenue with your PAYE. The threshold is $24,128 a year, which is why the weekly figure is $464.
Repayments by salary
| Salary | A week | A fortnight | A month | A year |
|---|---|---|---|---|
| $30,000 | $13.55 | $27.10 | $58.72 | $705 |
| $40,000 | $36.63 | $73.26 | $158.72 | $1,905 |
| $50,000 | $59.70 | $119.41 | $258.72 | $3,105 |
| $60,000 | $82.78 | $165.56 | $358.72 | $4,305 |
| $70,000 | $105.86 | $211.72 | $458.72 | $5,505 |
| $80,000 | $128.94 | $257.87 | $558.72 | $6,705 |
| $100,000 | $175.09 | $350.18 | $758.72 | $9,105 |
| $120,000 | $221.24 | $442.49 | $958.72 | $11,505 |
Tax codes with SL
Tell your employer you have a student loan by adding SL to your tax code: M SL, or ME SL if you also get the IETC. On a second job the code becomes, for example, S SL, and 12% of every dollar from that job goes to the loan, with no threshold, because your main job already uses it.
When pay goes up and down
Because the threshold applies per pay period, a fortnight with overtime or holiday pay takes more, and a short week can take nothing. If your income for the year ends up under $24,128 you may be able to ask for over-deductions back. On $55,000, a one-off $1,000 bonus adds $120.00 to that pay's repayment.
FAQ
What is the student loan repayment threshold for 2026–27?
$24,128 a year: $464 a week, $928 a fortnight, $1,856 every four weeks or $2,010.66 a month.
Is the repayment worked out on pay before or after tax?
Before tax. It is 12% of gross pay over the threshold, and it doesn't change your PAYE.
Do I repay on a second job?
Yes. With an SL secondary code, 12% of all your second-job pay goes to the loan.
Does KiwiSaver reduce my student loan repayment?
No. Repayments are based on gross pay, before KiwiSaver contributions.