Student Loan Guide-2015 Step-by-Step


Student Loan Guide-2015 Step-by-Step no Step Skip!

A student loan can help to finance your tertiary studies. You can get a loan to help with your fees, course-related costs and weekly living costs. But remember, only borrow what you need.
This guide tells you Step-by-Step the things you need to know about getting a student loan and paying one back.



One of the challenges for people considering tertiary education for the first time is having an understanding of all of the costs involved with study and the financial help available to help with those costs.
The ‘Thinking about study’ section of StudyLink’s website includes case studies and videos of students talking about their experiences to help you understand what it will cost you to study. It also provides information on the different options you may have for financing this investment into your future.
A student loan can help to finance your tertiary studies. But remember, it’s a loan that you have to pay back.
When you have a student loan you need to start paying it back once you earn over a certain amount – it could take years to pay off.

So, think carefully about how you use it:

  • Do you really understand what’s involved in paying back a loan?
  • Is there a scholarship or grant you may be able to get?
  • Have you thought about working part-time while you study?
  • Are you entitled to a student allowance that can help with your living expenses and which you don’t have to pay back?
  • Is there extra help with costs (such as help with health costs or childcare) that you may be entitled to?

REMEMBER: What you borrow you’ll have to pay back, so only borrow what you need.



There are three parts you can borrow from a student loan: compulsory fees; living costs; and course-related costs. You choose the parts you want to use depending on what you need and what you qualify for.
You’ll need to apply for a new loan each time you start a new course. You’ll also need to sign a new loan contract for every loan account. A loan account usually runs for 52-100 weeks. Certain amount establishment fee is added to your loan every time you open a new loan account.
Once you start using your student loan, Loan Provider will transfer your loan information to Concern bank on a daily basis. You’ll be able to check your loan balance through Concern Bank or online service if provide by bank – you need to register for an bank online services account to do this.
You’ll also receive loan statements from Inland bank twice or thrice a year. Interest is charged on the money you have borrowed and the establishment fee. The current interest rate is set out in your loan Terms and Conditions but this may vary from time to time. This may be written off by Bank, who will check if you qualify for an interest-free loan.
Think carefully about how much you need and only borrow that amount.


This helps with costs related to your studies, for example:

  • text books
  • computer equipment
  • childcare
  • travelstudent
  • association fees.
  • student association fees.

You need to be studying full-time1 or limited full-time1 with Bank approval to be eligible for course-related costs.
You don’t have to claim all your costs at once, just specify when you apply how much you need. You can claim the balance at any time up until your course finishes.

Please note that if you pay back your course-related costs within a year, you are not entitled to borrow the money again in that same year.

You don’t have to apply for the full amount of course-related costs, living costs or course fees – you decide which part to apply for and how much you need to borrow from each.


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