Unlike swine flu or an Australian suntan, a student loan is something that won’t go away after a week or so. We know that for many of you out there the thought of commencing repayments on your loan seems like a mountain too high to climb. The harsh reality is that the longer you leave it to start making payments the higher that mountain gets.
It is hard to believe, but the highest rate of interest that can accrue against your loan, if your obligatory payments are not met, is 19.65% per annum, that’s even worse than the rates offered on most credit cards. In consideration of this it really is worth biting the bullet and starting to chip away at that loan.
If you’re a Kiwi living in Australia and you studied in New Zealand, OrbitRemit offers a low cost, convenient and secure way to make payments towards your student loan.
As an overseas based borrower you need to make two payments a year to Inland Revenue, on 30 September and 31 March (unless you’re on a repayment holiday). The amount that you need to pay is based on the balance of your loan.
As an OrbitRemit customer, you can:
- Reduce your loan balance by making additional payments, these can be made at any time.
- Avoid late payment penalties by making your required payments on time.
- Keep track of your payments with online transaction history.
- Enjoy the convenience of our fully online service – no paperwork!
Make significant savings with OrbitRemit:
- We charge a low per payment fee of just $8.00, compared with around $20.00 through money transfer outlets and we are also much cheaper than using the banks.
- We set an exchange rate that is on average 5% lower than money transfer outlets and again, more competitive even than the banks!
- We charge no fee at the receiving end like other providers and the banks!
- Any new customers receive their first two payments free (including any Student Loan payments they make), so in many cases, you (or others you refer to our service) pay nothing!
Consider an average mandatory repayment of $2000.00…
Based on the above, the total savings are in the vicinity of $50.00 per payment!
As most of us here at OrbitRemit have been tertiary students in New Zealand, we can fully empathise with the frustration at having to pay such high rates of interest, unfortunately none of us can change the rules all we can do is make it as simple as possible to make payments and try and give you some incentive to start tackling that mountain!
If you have any questions about our Student Loan payment service, or any of our services, please do not hesitate to call our Australian support team, on +61 3 5294 0380
There is also plenty more on the website…
- Read more about your obligatory payments and key dates
- View a step-by-step walkthrough on how to make a payment
- Read some FAQs about our Student Loan payment service
- Register or Login now to make your first payment!
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Tags: Australia, exchange, IRD, money, New Zealand, OrbitRemit, payment, Student Loan
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