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Financial Choices
You've chosen your qualification and institution; now you
need to consider costs.
Bad Bit: Tertiary study can cost between $4,000 and $10,000 per
year, depending on the course.
Best Bit: New Zealand citizen and permanent resident students can
borrow from a government student loan scheme for tuition fees,
course related costs and living costs.
Tertiary study equates to a better income www.seek.co.nz/career-resources
Borrowing the dollars
Worse Bit: It is a loan and must be paid back.
Best Bit: Student loans are interest free. You
don’t need to start repaying it until you’re working full-time and/or earning above the minimum wage. The National Government has promised 10% repayment bonus on voluntary lump-sum student loan repayments of $500 or more. Visit StudyLink www.studylink.govt.nz for details.
Free dollars
A government student allowance scheme also provides free financial help but there are many regulations around eligibility.
Best Bit: If you are eligible you may receive
over $100 per week. There is also an accommodation allowance for
those living away from home.
Worse Bit: If you
are under 25 (and most students are!) your parents’ combined income is taken into account. So much for being an adult at 18!! Visit StudyLink www.studylink.govt.nz for
details.
- Live with parents rent free while studying.
- Work part time and borrow less. You’ll also build up the workplace
skills that employers love.
- Study and work part time so you don’t need a loan.
- Flat with more people so you’re sharing power, phone, rent.
Er …find a rich relative to pay your tertiary fees?
Scholarships
Scholarships are generally offered for academic merit, genuine commitment and financial need. For example, Studylink has a Bonded Merit Scholarship for students in undergraduate degrees that perform well (B grade average or better) in their first year of tertiary study.
There are also scholarships offered for specific subjects, gender
and nationalities. Ask at school and your institution’s scholarship office.
Hot tip: Waikato University pays $3000 towards tertiary fees to school leavers enrolled with 60 NCEA Level 3 credits over 3 or 4 subjects. Southland Institute of Technology and Tai Poutini Polytechnic (West Coast) courses have ZERO fees.
 
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