Student loan, 2026-27

Student loan repayment calculator NZ

Your student loan repayments a year and on each pay, at 12% of pay above the $24,128 threshold.

$
How often you are paid

Take-home pay, tax code M SL, 2026-27

$1,627.88a fortnight

$42,324.86 a year, $3,527.07 a month, $1,627.88 a fortnight, $813.94 a week, $20.35 an hour (40 hours a week)

Take-home a fortnight on each tax code

ME is for a main job when your yearly income is between $24,000 and $70,000, you are a New Zealand tax resident, neither you nor your partner gets Working for Families, and you do not get an income-tested benefit (such as a main benefit), NZ Super, a Veteran's Pension or an overseas equivalent. About the IETC.

Where $60,000 and $2,100 employer KiwiSaver goA fortnight
  • Take-home$1,627.8868%
  • KiwiSaverYou $81, your employer $67 after ESCT$147.406%
  • Income tax$393.1016%
  • ACC earners' levy$40.382%
  • Student loan$165.567%
  • Tax on employer KiwiSaver (ESCT)$14.131%

    Checked against Inland Revenue's 2026-27 payroll rules on 21 October 2026. How we calculate

    3.5% is the default from 1 April 2026. You can pay 3% only with a temporary rate reduction from Inland Revenue, which lasts 3 to 12 months. Your employer adds 3.5% on top of your pay.

    Your student loan repayments

    A year$4,304.64
    Each pay, worked out by payroll (a fortnight)$165.48
    Threshold for each pay$928 a fortnight
    Take-home each pay without a loan$1,793.47
    Take-home each pay with the loan$1,627.99

    Every line except the first is one pay, worked out as payroll does, so the two take-home figures differ by exactly the repayment.

    Estimated payslipTax code M SL, KiwiSaver 3.5%, 2026-27

    Earnings

    Salary or wages$60,000 a year before tax$2,307.69

    Deductions

    PAYEIncome tax $393.10 + ACC earners' levy $40.38$433.48
    Student loan12% of pay above $928 a fortnight$165.56
    KiwiSaver3.5% of gross pay$80.77
    Total deductions$679.81
    Take-home paya fortnight$1,627.88

    Paid by your employer on top

    Employer KiwiSaver3.5% of gross pay, on top of your pay$80.77
    ESCTEmployer superannuation contribution tax at 17.5%−$14.13
    Into your KiwiSaver from your employer$66.63

    Checked 21 October 2026 against Inland Revenue's Payroll Calculations and Business Rules Specification 2026-27, the IR340 and IR341 PAYE tables (April 2026) and the Accident Compensation (Earners' Levy) Regulations 2025. How we check.

    Does not model secondary jobs, bonuses and other extra pays, child support, payroll giving, tailored tax codes or Working for Families. Each line is the yearly amount divided by the number of pays; payroll works out each pay on its own, so a payslip can differ by a few cents. Why your payslip differs.

    These figures are estimates based on the information you entered and the 2026-27 rules published by Inland Revenue for PAYE, the ACC earners' levy, KiwiSaver and student loans. They are general information, not tax, financial or legal advice. Your actual pay can differ, for example because of your tax code, how your employer runs payroll, extra pays such as bonuses, your ESCT rate or other deductions. Check your payslip, or ask your employer or Inland Revenue, before relying on these figures.

    You repay 12% of pay above $24,128 a year

    SalaryRepayments a yearRepayment each fortnightly payTake-home each fortnightly pay
    $25,000$104.64$3.96$780.85
    $30,000$704.64$27.00$906.37
    $40,000$1,904.64$73.20$1,157.28
    $50,000$3,104.64$119.40$1,408.20
    $60,000$4,304.64$165.48$1,627.99
    $70,000$5,504.64$211.68$1,830.82
    $80,000$6,704.64$257.76$2,031.59
    $100,000$9,104.64$350.16$2,414.20
    $120,000$11,504.64$442.44$2,796.91
    $150,000$15,104.64$580.92$3,370.93

    New Zealand-based borrower on tax code M SL, KiwiSaver at 3.5%. The last two columns are one fortnightly pay, worked out as payroll does; because each pay is cut to whole dollars before the threshold, 26 pays can add up to slightly less than the yearly figure. The threshold is unchanged for 2026-27.

    Repayments are worked out on each pay

    For your main job, payroll takes 12% of each pay above the pay-period threshold: $464 a week, $928 a fortnight or $2,010.66 a month. The pay is cut to whole dollars first, and the repayment to whole cents. If your pay goes up and down, the total taken in the year can differ from 12% of your yearly income above $24,128. Inland Revenue can ask your employer to take extra deductions if too little was taken; ask Inland Revenue if you think too much was taken.

    On a secondary job, the SL code takes 12% of all your pay from that job, unless Inland Revenue gives you a special deduction rate. Full-time students who expect to earn less than the threshold in the year can apply for a repayment deduction exemption.

    What this calculator does not cover

    Borrowers based overseas, who repay under different rules; extra deductions Inland Revenue may ask your employer to make; voluntary extra repayments; and repayments on income other than salary or wages, such as self-employed income. Sources: Inland Revenue, Payroll Calculations and Business Rules Specification 2026-27 (version 1.0, 24 March 2026); Inland Revenue: repaying your student loan from salary or wages.

    A woman in a wool coat walking along a windy harbour waterfront among commuters
    Illustration

    Repayments come out before the pay reaches you

    Student loan repayments are taken by your employer on each pay above the threshold, so they show on your payslip next to PAYE and KiwiSaver.

    Salary after tax

    Every salary from $30,000 to $300,000

    More tools