Blog

Overpayment and refunds

27/12/2013 by Nita Coetzee

You might be receiving an end-of-year repayment obligation notice which will show if you have further student loan repayments to make or you’ve paid more than you needed to for the year.

If you’ve repaid your loan in full and your notice shows an overpayment, you can ask us to transfer the overpaid amount to pay another tax amount or (provided you don’t have an overdue tax bill with IRD) they automatically refund the overpayment.

If you still have a loan balance, you can:

  • Leave the overpaid amount on your loan to pay off your loan more quickly.
  • Use the amount to pay off a future student loan obligation.
  • Use the amount to pay off another tax bill.
  • Ask for the overpayment to be refunded.

You’ll have six months from when the Ird issued your end-of-year repayment obligation notice to ask for any excess credit to be refunded or transferred. Provided you don’t have any overdue student loan repayment obligations, your refund will be either direct credited to your nominated bank account or sent by cheque.