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Student loan is a great financial aid to finance studies In New Zealand it is consists of three parts-

• compulsory fees,
• course-related costs and
• Living cost.

Though it may seem a like a free and easy source of money but at the end of period you ought to re-pay it. Before you apply for a loan you first need to choose the parts you want to apply for, depending on what you need and what you qualify for. It is important to know you should only borrow that much amount which you really need since you need to pay it back as well. You will have to sign a contract with the Government stating that you will pay the loan once you get into a job and start earning.

Compulsory fees

This loan allows you to borrow the total amount of fees for your study program, which also includes compulsory Student Association fees, charged by education provider. If you have already saved some amount for your education, then you may opt to borrow a part of compulsory fees. On the other hand, if you beginning with zero savings then you can choose the total amount to borrow for your education. Since your compulsory fees is directly paid to your education provider then you must be completely enrolled in your study program for loan to be paid.

Course related costs

In course related costs, you can borrow up to $1000 a year for genuine course related cost like stationery, books, computer equipment and Travel. You need not have to claim all your cost at once however, here there should be some evidence provided by you like receipt or quote. It is directly credited to your account and the first payment is done 14 days prior to your course. You can apply online for course related costs.

Living costs

If in any case, you are not qualified for a Student Allowance or fail for the full amount of the Student Allowance, the living cost is a great help for your weekly expenses in New Zealand. You can borrow up to $163.38 each week for your living expenditure while you are studying. However, if you are working besides studying there is no need to borrow the full amount and it is advised to reduce your living costs payments. It is directly paid to student' bank account and living costs payment begin from the second week of your course.

How to get student loan?

To receive a student loan you should be a New Zealand’ citizen, permanent resident or refugee and you are enrolled in a Tertiary Education Commission approved courses. You are required to study full time or part time if your course is of 32 weeks or longer.