This calculator is designed for New Zealanders with a student loan who are living, or planning to live, overseas, where different rules apply and interest is generally charged on the loan. It estimates how the balance grows while you are abroad, the repayment obligations that apply based on your loan size, and how long the loan will take to clear at different repayment levels. You can model the effect of making voluntary extra repayments, and see how staying overseas longer changes the total interest cost. The breakdown shows the opening balance, interest added, repayments made, and the closing balance year by year, helping Kiwis abroad understand a liability that can quietly grow and plan repayments that actually make progress rather than just servicing interest.
| Year | Opening | Interest | Repaid | Closing |
|---|
The interest rate for overseas based borrowers and the standard repayment obligations are set by Inland Revenue and change over time, so enter the current figures. Estimate only and general information, not financial advice. Different rules and a possible repayment holiday may apply, so check the current rules.
Each year the calculator adds interest to your balance at the rate you enter, then subtracts your annual repayment, and carries the result forward to the next year. If your repayment is larger than the interest, the balance falls and the loan clears over time. If it is smaller, the balance keeps growing, which is the trap many overseas borrowers fall into. The projection shows exactly when, or whether, the loan clears, and the total interest you pay along the way.
On a $25,000 balance at 4.9% interest, the interest in the first year is about $1,225. A $3,000 annual repayment covers that and reduces the balance, so the loan clears over roughly a decade. Lifting the repayment shortens that and cuts the total interest, while paying less than the interest would see the balance grow instead.
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