If you're planning to study at tertiary level, it's important to take the time to plan how you will pay for your study costs and support yourself financially while you study. There are a number of options available to help you.
StudyLink is a service of the Ministry of Social Development. They help students make informed choices about their student finance, how to apply for it and manage it online. StudyLink has a range of ways to help fund your study including Student Allowances and Student Loans.
The Student Loan can help to finance your study. Learn tips for success to help you get your student loan and allowance easier!
To get a Student Loan, you'll need to be a New Zealand citizen, permanent resident, refugee or a protected person (under the Immigration Act 2009). From 1 January 2011 permanent residents and Australian citizens will be subject to a two year stand down before they can receive a Student Loan. Check out the StudyLink website at www.studylink.govt.nz for more information.
A Student Loan is made up of three parts - compulsory fees, course-related costs and living costs. You choose which parts of the loan you need to use.
The compulsory fees part of a Student Loan lets you borrow the total amount of fees for your course, including compulsory Student Association fees.
The course-related costs part of a Student Loan helps with costs related to your study, such as, stationery, books, computer equipment and travel.
The living costs part of a Student Loan can help with your weekly expenses. As this is a loan you have to pay back you should always see if you may be entitled to a Student Allowance before you borrow living costs from a Student Loan.
You will need a RealMe login to apply online and access MyStudyLink. RealMe login is a secure service used by many government agencies and other organisations.
For more information see www.realme.govt.nz
A Student Allowance is a weekly payment to assist with your costs of living while you are studying full time. Student Allowances do not have to be paid back. In general, to get the Student Allowance you'll need to be:
18 years old or over (some 16-17 year olds can also get it)
studying a full-time course (or have StudyLink's approval to study with a limited full-time status)
at secondary school or on a tertiary course approved by the Tertiary Education Commission (we can tell you if your course is approved)
a New Zealand citizen, permanent resident, refugee, protected person (under the Immigration Act 2009), or a person sponsored into New Zealand by a family member who holds refugee status (from 1 January 2011)
As part of the Student Allowance, you may be able to get an Accommodation Benefit if you live away from your parental home while you study, or have a partner and your combined income is $406.26 or less per week (as at 1 April 2011). While receiving a Student Allowance you can also work and earn up to $203.13 a week (as at 1 April 2011) before tax before your Student Allowance payments are affected.
In addition, StudyLink may also be able to provide some additional assistance. This includes
help during study breaks if you can't find work,
help when going from a Student Allowance to a benefit
help with accommodation costs
help with ongoing medical and disability cots
help with work costs
help with childcare costs
help in emergencies
Work and Income may be able to help you with study costs if you are on a benefit and you may be able to get Working for Families Tax Credits from Inland Revenue.
For more information on what StudyLink can offer visit www.studylink.govt.nz
For help if you are on a benefit go to www.workandincome.govt.nz
For more information on Working for Families tax credits go to www.ird.govt.nz
Many New Zealand banks offer tertiary accounts which have many benefits for students including interest free overdrafts, zero transaction or account management fees, access to loans in case of an emergency, and affordable insurance.
ANZ Bank: www.anz.co.nz
ASB Bank: www.asbbank.co.nz
Bank of New Zealand: www.bnz.co.nz
National Bank: www.nationalbank.co.nz
TSB Bank: www.tsbbank.co.nz
Scholarships - this is free money
Scholarships (also called grants or awards) are there to benefit students by providing financial assistance.
Find one that best fits you and apply for as many as you can.
WITT students have free access to givME, a national online database which lists over 3900 scholarships. Find out more by clicking here and scrolling down to the givME link.
Contact the Scholarship Co-ordinator at email@example.com.