Lana Oconnell
International students aspiring to pursue higher education in New Zealand can consider applying for international student loans. These loans can fund the total cost of education, including tuition, room and board, and living expenses. However, eligibility criteria for student loans in New Zealand typically include residency requirements, and applicants must be studying an approved course offered by an approved education provider. While some universities in New Zealand do not offer loans to international students, they accept and administer various approved student loan schemes from other countries.
| Characteristics | Values |
|---|---|
| Student loan provider | StudyLink, ELAN Loans, InternationalStudentLoan.com, local banks, private organisations, government programmes |
| Student loan eligibility | New Zealand citizen, ordinarily resident in New Zealand for at least 3 years, entitled to reside indefinitely in New Zealand for at least 3 years, refugee or protected person, on a Christchurch Response 2019 Permanent Resident Visa, sponsored by a family member who is a refugee or protected person |
| Student loan use | Course fees, study materials, weekly living costs |
| Student loan requirements | Permission from a parent if under 18, studying an approved course run by an approved education provider, no more than 2 EFTS a year |
| Student loan repayment | Must be repaid, establishment fee of $60 added to loan balance |
| International student loan eligibility | US citizens or permanent residents, students from Canada, Colombia, Denmark, Norway, Sweden |
| International student loan providers | Local banks, private organisations, government programmes, Centrala Studiestödsnämnden (CSN), "La Caixa" Foundation, COLFUTURO, ICETEX, Statens Uddannelsestøtte |
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What You'll Learn
International student loan requirements for New Zealand
International students can get student loans to study in New Zealand, but the requirements vary depending on the student's country of origin and the university they plan to attend. Here is a detailed overview of the international student loan requirements for New Zealand:
Residency Requirements
To be eligible for a New Zealand Student Allowance or Loan, international students must meet specific residency requirements. Most individuals need to be either New Zealand citizens or ordinarily resident in New Zealand. Ordinarily resident students must have lived in New Zealand for at least three years and held a residence class visa for the same duration. Alternatively, they may be refugees or protected persons entitled to reside indefinitely in the country.
Course Requirements
Students must be enrolled in an approved course run by an approved education provider. The course must have no more than 2 EFTS (240 points or credits) per year. Students under 18 years old need parental permission to obtain a loan, while those 55 and older can only receive loans for compulsory course fees.
Loan Types
International students can consider either government or private loans, depending on their circumstances. Government loans are available for citizens of specific countries, such as the US, Canada, and Colombia. Private loans, on the other hand, are offered by local banks, private organisations, or lending institutions.
Application Process
Students can apply for a New Zealand Student Loan online via StudyLink. They must reapply annually if their programme lasts longer than a year. Applications should be submitted as early as possible, even before finalising their chosen university or programme. The application process may vary depending on the student's country of origin and chosen lender.
Cost of Living
The average cost of living for international students in New Zealand ranges from NZ$13,000 to NZ$16,000 per year, including tuition fees, living expenses, travel, and miscellaneous charges. Students should consider these costs when applying for loans to ensure they can cover their total expenses.
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Student loan eligibility in New Zealand
To be eligible for a student loan in New Zealand, you must meet certain criteria around residency and your course.
Residency Requirements
For most people, this means you need to be either:
- A New Zealand citizen
- Ordinarily resident in New Zealand and have lived in New Zealand for at least 3 years
- Hold a residence class visa for at least 3 years
- A refugee or protected person who is entitled to reside indefinitely in New Zealand
- On a Christchurch Response 2019 Permanent Resident Visa or be eligible for it, even if you are already on another residence visa
If you do not meet these criteria, there may be other residency criteria you can meet.
Course Requirements
You must be studying an approved course run by an approved education provider. Your course must also have no more than 2 EFTS a year (around 240 points or credits).
If you are under 18, one of your parents will need to give their permission for you to get a loan. If you are 55 or older, you can only get a student loan for compulsory course fees.
International Students
International students can apply for overseas education loans to fund their studies in New Zealand. The New Zealand Embassy only accepts loans taken out against 6-month-old Fixed Deposits as a funding option. Students can also try accessing funding via local banks, private organisations, or government programs.
International students from the US, Canada, Colombia, Denmark, Norway, and Sweden may be eligible for government or private loans in their home countries.
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Cost of living for international students in New Zealand
The cost of living for international students in New Zealand varies depending on location and spending habits. Students should estimate their costs before settling to study in New Zealand.
Accommodation
On-campus housing accommodation is more affordable than off-campus student housing properties in New Zealand. In Auckland and Wellington, one-bedroom apartments can cost NZD 1,200–1,800 per month. In smaller cities or towns, rents may range from NZD 800–1,200.
Utilities
Utilities typically range from NZD 150 to NZD 250 per month. This covers electricity, water, gas, and the internet. Utilities may be included in the rent in some student accommodations.
Transportation
Public transportation costs around NZD 2.50–5 per trip in most cities. Monthly travel cards are available for NZD 100–150. If you’re living in a major city like Auckland or Wellington, public transport is the most cost-effective option.
Food
The food cost can be different for each person according to their choice of food items and the habit of eating out. A normal meal can cost around NZD 25–50. According to Stats NZ Tauranga Aotearoa figures, food prices in New Zealand are 6.0% higher than a year ago.
Clothing
An international student who uses a clothing subscription service for new clothes may pay more or less, depending on their preferences—however, the average expense for clothing in New Zealand is NZD 161 per month.
Health Insurance
International students must pay the health insurance cost and the visa fee when they apply for a student visa. Health insurance costs in New Zealand are NZD 2,080 for a year.
Scholarships and Loans
There are government and non-government scholarships in New Zealand for international students, such as New Zealand Commonwealth Scholarships and New Zealand Excellence Awards. Victoria University of Wellington accepts student loans and scholarships from various countries, including Canada, the US, Colombia, Denmark, Norway, and Sweden. However, Victoria University of Wellington does not give loans to international students.
International students may be eligible for a student allowance or loan if they are ordinarily resident in New Zealand and have lived in the country for at least three years, or meet other criteria.
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Applying for an international student loan
International students can apply for a student loan to study in New Zealand, but the process can be complex and depends on several factors. Firstly, it is important to note that international student loans are typically provided by private lenders or government schemes, rather than by New Zealand universities themselves.
To be eligible for a student loan in New Zealand, you must meet certain criteria, including residency and course requirements. For instance, you must be a New Zealand citizen or a resident who has lived in the country for at least three years and held a residence class visa for at least three years. Additionally, your chosen course must be approved and run by an approved education provider, with no more than 2 EFTS (240 points or credits) per year.
If you are a US citizen or permanent resident, you may be eligible for a New Zealand international student loan, but your school must be on an approved list. US students may also be eligible for government, private, or veterans financial aid, which can be administered directly by some universities.
Canadian students may be eligible for a Canada Student Loan, which is available in most provinces and territories to full- and part-time students. Students from Colombia intending to study a Masters or PhD can apply for loans and scholarships through COLFUTURO, while Danish students may be able to access funding through the state's Study Support scheme.
If your country is not specifically listed, you can explore other options such as local banks, private organisations, or government programmes. Secured and unsecured education loans are also available, with the former requiring collateral security, such as a Fixed Deposit that is at least six months old. The New Zealand Embassy only accepts loans taken out against older FDs as a funding option.
It is recommended that you apply for an international student loan as early as possible, and you may need to reapply each year of your studies. You can apply online, and you will likely need to provide various documents, such as proof of academic progress and tuition fees.
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Student loan repayment criteria
International students aspiring to pursue their higher education in New Zealand can consider applying for an overseas education loan to finance their international degree. The cost of education includes tuition fees, living expenses, travel, and other miscellaneous charges. The majority of the cost will be spent on tuition fees, which vary depending on the qualification and university. The average cost of living in New Zealand for international students is estimated to be between NZ$13,000 and NZ$16,000 per year, depending on the student's standard of living.
For students from the US, Canada, Norway, Sweden, Denmark, and Colombia, there are country-specific loan and scholarship options available. For instance, US citizens or permanent residents can apply for a New Zealand international student loan, which covers the total cost of education, including tuition, room and board, and living expenses. Canadian students may be eligible for a Canada Student Loan, while Colombian students pursuing a Masters or PhD can apply for loans and scholarships through COLFUTURO and ICETEX, respectively.
Students from other countries can explore funding options through local banks, private organisations, or government programmes. For instance, StudyLink offers student loans and allowances to eligible individuals who meet specific residency and course criteria. To be eligible for a Student Loan or Allowance, one must be a New Zealand citizen or ordinarily resident in New Zealand for at least three years, holding a residence class visa. The applicant must be enrolled in an approved course with no more than 2 EFTS per year, and if under 18, parental permission is required.
Additionally, students can consider applying for scholarships or exploring private lending institutions for unsecured education loans. It is important to note that comprehensive research is required to understand the various loan options, eligibility criteria, and application processes.
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Frequently asked questions
International students can get student loans in New Zealand, but there are certain criteria that must be met. Students must be ordinarily resident in New Zealand, have lived in the country for at least three years, and hold a residence class visa for at least three years.
To be eligible for an international student loan in New Zealand, you must be enrolled in an approved school and meet the residency requirements. The total cost of education, including tuition, room and board, and living expenses, will be funded by the loan.
You can apply for an international student loan through a lender or financial institution. You will need to provide documentation such as proof of enrolment, financial statements, and visa information. It is recommended to apply early and reapply each year if your programme lasts longer than one year.
