Student Loan Repayment Calculator
Your student loan repayment is 12% of every dollar you earn above $24,128 a year. On $70,000 that is $5,504.64 a year, or $211.72 a fortnight. Your employer deducts it through PAYE automatically once your tax code ends in "SL".
Your details
Adding your balance shows a rough time to clear it at your current income.
How it works
You repay 12% of every dollar you earn above $24,128 a year. Nothing is deducted on income below that threshold. Repayments come out through PAYE automatically when you use a tax code ending in "SL".
Loan repayment
7.9% of gross
Income above threshold
Over $24,128
Income not liable
Below the threshold
Repayments by pay period
| Amount | Weekly | Fortnightly | Monthly | Annual |
|---|---|---|---|---|
| Gross income | $1,346.15 | $2,692.31 | $5,833.33 | $70,000.00 |
| Loan repayment | $105.86 | $211.72 | $458.72 | $5,504.64 |
| Income after repayment | $1,240.30 | $2,480.59 | $5,374.61 | $64,495.36 |
Shows the student loan deduction only. It does not include PAYE, ACC or KiwiSaver. For a full picture use the PAYE calculator.
Repayments at common salaries
The same arithmetic as the calculator above, at a range of incomes. The last column is the repayment as a share of total pay, which is always below 12% because the first $24,128 carries no deduction at all.
| Gross income | A year | A fortnight | Share of gross |
|---|---|---|---|
| $24,128 | $0.00 | $0.00 | 0.0% |
| $30,000 | $704.64 | $27.10 | 2.3% |
| $40,000 | $1,904.64 | $73.26 | 4.8% |
| $50,000 | $3,104.64 | $119.41 | 6.2% |
| $60,000 | $4,304.64 | $165.56 | 7.2% |
| $70,000 | $5,504.64 | $211.72 | 7.9% |
| $85,000 | $7,304.64 | $280.95 | 8.6% |
| $100,000 | $9,104.64 | $350.18 | 9.1% |
| $120,000 | $11,504.64 | $442.49 | 9.6% |
At exactly $24,128 the repayment is nil. The threshold is not a cliff: crossing it costs 12% of the amount above it, never a deduction on the whole income.
The annual figure will not match your payslip exactly
This calculator works in whole years, because that is the question people ask. A pay run does not. Your employer compares each individual pay against the threshold for that frequency, truncates your gross to whole dollars first, and truncates the result to cents.
So $70,000 a year paid fortnightly produces a deduction of $211.68 per pay, which is $5,503.68 over 26 pays rather than the $5,504.64 above. The payday figure is the legislated one, so the gap sits in the annual estimate rather than in your payslip. Truncating to the cent is the calculation itself, not an error waiting to be corrected. Inland Revenue does settle genuine over-deductions at the end-of-year assessment, which is a different thing and is covered on student loan repayments. The repayment threshold page carries the figure for every pay frequency.
What this calculator does not model
Four things change a real repayment and are deliberately left out, because each one is a rule rather than a number you can type in.
- A second job. Secondary employment has no threshold. On $10,000 from a second job the deduction is $1,200.00, not nil, because every dollar carries 12%. See student loan repayments.
- Interest. New Zealand-based borrowers are charged none. Overseas-based borrowers are charged 5.6% a year, which would extend every projection here. See student loan interest.
- Extra deductions. SLCIR is directed by Inland Revenue, up to 5% of your income. SLBOR is one you elect yourself. The calculator takes SLBOR as an input but cannot know about an SLCIR notice sent to your employer.
- A pay rise part-way through the year. The projection assumes today's income continues. Since repayments are a fixed percentage of income above the threshold, a rise shortens the term more than it raises the deduction.
Next
- Student loan repaymentsHow the 12% works, and what a second job costs
- Student loan repayment thresholdThe figure for each pay frequency
- Student loan interestWhy there is no interest line on your payslip
- M SL and ME SL tax codesThe suffix that starts the deduction
- take-home pay calculatorYour whole payslip, with the loan alongside PAYE and KiwiSaver
Where these figures come from
- IRD. Student loan repayments
- IRD. What tax code should I use
- IRD. Payroll calculations and business rules specification
2026–27 tax year (1 April 2026 – 31 March 2027). Last verified 30 July 2026.
Common questions
How much is my student loan repayment in NZ?
12% of every dollar above $24,128 a year. On $70,000 that is $5,504.64 a year, or $211.72 a fortnight. Nothing comes off the income below the threshold, so the share of your total pay is always less than 12%.
Why is my student loan deduction different every pay?
Because the threshold is applied to each pay on its own, not to your year. A fortnight with overtime carries a larger deduction, and a short one can carry none. The figure here assumes the same pay every period, which is why it will not match a variable payslip cent for cent. The repayment threshold page has the figure for each frequency.
Does a second job have the student loan threshold too?
No. On a secondary code it is 12% of every dollar, with no threshold, because the threshold belongs to your main job alone. Student loan repayments works through what that costs across two jobs.
Does this calculator include interest?
No, and for most borrowers there is none. New Zealand-based borrowers pay no interest, so the balance falls by exactly what is deducted. Overseas-based borrowers are charged 5.6% a year, covered on student loan interest.
Is the student loan deduction part of my PAYE?
No. PAYE is income tax plus the ACC earners' levy. The student loan repayment is a separate deduction sent to Inland Revenue alongside it, with its own payslip line. Adding the two together is a common reason a recomputed payslip fails to balance.
Can I pay my student loan off faster through my pay?
Yes, through SLBOR, an extra amount you ask your employer to deduct. Inland Revenue can also direct one, SLCIR, of up to 5% of your income. Both are covered on student loan repayments.