WAYS TO FUND YOUR STUDY

The year is moving ahead quickly and many of you will be deciding whether or not you are keen to start tertiary study or industry training.   For most of us one of the predominant considerations we need to make is “how much will it cost” and “how will I be able to afford it”.   The Ministry of “Social Development – Studylink have set out information to help you find answers to the above questions.

Fees-free:

You may be able to receive a year of fees-free tertiary study, or two years of fees-free industry-based training.  To see if you qualify check www.feesfree.govt.nz

The website also has information on what programmes and courses are eligible for fees-free.  Make sure you have your National Student Number (NSN) on hand, as you will need to enter this to check.  Once you enter your number, you’ll find out immediately if you’re eligible or not.

In some circumstances more information may be needed, and the FeesFree website will take you through everything you need to do.

What about other costs:

If you can get fees-free study you may not need a Student Loan for your course fees, but you may still need to apply for a loan if you need course-related costs or living costs.

Student Loans:

 Remember, taking out a loan is a big decision, and it comes with a lot of responsibility – you will have to pay it back

To get a Student Loan you will need to –

• be a New Zealand citizen, New Zealand resident (who meets certain criteria), refugee or protected person
• sign a contract with the Government

Residents who are not New Zealand citizens must have legally lived in New Zealand for at least three years, while holding a residence class visa/permit.

There are certain criteria associated with Student Loans regarding pass-rate requirements, how much you can borrow in relation to what you are studying and parental guarantees for Under-18-year-olds.

Repayments:

Once you start to use your student loan, StudyLink will transfer your loan information to Inland Revenue, who are responsible for collecting repayments until the loan is paid back.  The minimum amount and frequency of the repayments are not negotiable.

Scholarships:

There are scholarships available to help fund you study, and they are open to a wide range of students.   Not all scholarships depend on your previous academic achievements – for example there are scholarships that take into account your academic abilities, study history, subject areas and future plans Visit www.studylink.govt.nz to find out more.

Extra help:

There are several ways StudyLink can help with costs while you study or if you are on a study break and can’t find work.   They may be able to help with accommodation, health or childcare costs while studying.   There are some one-off payments that can be given in certain circumstances.  Check the StudyLink website for more information.