StudyLink is an essential resource for any student

Applying for your student loan online can be the easiest way.

StudyLink is an essential resource for any student about to embark on a tertiary course for the first time.

So what exactly can StudyLink do for you? Heaps! If it's anything to do with financial support while studying, StudyLink can help. Here are some of their services:

Student Allowance

Student Allowance is a weekly payment to help with your living expenses while you study full-time. You don't have to pay this back.

You may be able to get the Student Allowance if you are:

-at least 18 years old (some 16 to 17-year-olds can also get it)

-under 65 on the start date of your course (for study starting on or after January 1, 2014)

-studying full-time

-studying an approved course

-a New Zealand citizen or meet the residence requirements.

You can use the 'What you can get' tool on the StudyLink website to check your eligibility.

Depending on your circumstances, such as your age, living situation, income, your parents' income or whether you are considered to be independent from your parents, you can receive Student Allowance of up to $174.21 per week.

If you qualify for Student Allowance, you may also be able to get an Accommodation Benefit.

Go to the StudyLink Student Allowance online rate calculator to find out how much you may be able to get.

There are circumstances where your Student Allowance could be reduced or not paid at all. These include if you move overseas, leave your course, or exceed 200 weeks of Student Allowance for tertiary study. Check with StudyLink if your circumstances change. You can do this online using MyStudyLink. You don't want to unintentionally rack up a debt!

Student Loan

Student Loan is the money that pays for your course. It's made up of three parts -- course fees, course-related costs, and living costs. You must pay back a Student Loan.

You may be able to get a Student Loan if you:

-are studying an approved course which is:

-full-time; or part-time and 32 weeks or longer; or

-part-time and less than 32 weeks with an EFTS value of 0.25 or more

-are a New Zealand citizen or meet the residence requirements

-sign a contract with the Government

-nominate a New Zealand-based contact person (someone who resides in New Zealand).

You can use the 'What you can get' tool on the StudyLink website to check your eligibility.

You can borrow up to two EFTS worth of study each year (see below for what this means), and you can generally only get a Student Loan for seven EFTS of study in your lifetime, so it pays to choose your course wisely.

What is EFTS?

EFTS stands for 'Equivalent Full-time Student'. The EFTS value is a measure of the amount of study or the workload involved in undertaking a course. A year of full-time study is usually between 0.8 EFTS and 1.2 EFTS. If you're unsure of the EFTS value of your course, check with your tertiary institution.

Get Sussed for study 'Sussed' is StudyLink's online reality check. It's the perfect way to look at your financial options as a freshly-minted adult and plan your living budget. For example, will it be broadband and baked beans? Dial-up and dining out? How much will you set aside for transport, groceries, and those unexpected expenses every week? The results how much money you may need to support yourself - could surprise you ...

Tessa-Rose Midgley is studying a Diploma in Broadcasting and Radio Journalism at Whitireia New Zealand. She says she applied for StudyLink assistance in April last year. "I didn't use the Sussed tool but I really should have because financially I'm not in a good place."

Good advice, Tessa-Rose! Fortunately, once you've worked out your budget through Sussed, it explains all your options, including Student Allowance or Student Loan, scholarships, part-time work, and receiving support from parents or wh?nau.
Get yourself Sussed, check it out at www.studylink.govt.nz

When is the best time to apply?

Many students wait for their NCEA results in January before they apply for their Student Loan or Student Allowance (or both). Don't! StudyLink will set a date in December that you will need to have your 2015 applications in by if you want everything sorted in time.
You can always change your mind or withdraw your application if you don't get into the course you want. Just be sure to get your application in!

"I applied in April because my course started in July. I moved from Auckland to Wellington, so I had to have everything sorted before I left," says Tessa-Rose.
Doon Hanrahan is studying social work at uni, and she cautions you to apply for a Student Loan or Allowance with plenty of time to spare before your course begins.

"I applied in October and it took till late February to get everything sorted, around the time uni started."

This is one important reason for having a December application deadline. The hard-working people at StudyLink need time to process your application (along with the other 180,000 or so people applying at the same time).

Raven David is studying a Bachelor of Creative Writing at Whitireia New Zealand, and she has plenty of experience applying for StudyLink assistance.

"I've studied for a while, so StudyLink has all my personal information and I've already gone through the process of confirming my identity. When I first applied in 2007, I sent my application in November without waiting for my results. It takes a while to process a first loan application, so even if I failed with my NCEA results, it would be okay because I could always stop my application."

The application process

You can apply for all your student financial support on StudyLink's website: www.studylink.govt.nz

Having gone through the online application process, Raven David's advice is to be prepared.

"Nowadays, you can get an online account and start the process, and then, of course, StudyLink will notify you what pieces of information you need to send in - birth certificate, bank account statement, and so forth."

Getting your application in before the December deadline will eliminate the need to rush like Raven did.

Raven says the ongoing relationship with StudyLink gets easier, but there are still documents needed each year while you receive a Student Loan or Allowance.

"After your first year, every year gets easier because you don't have to do identification and account authentication. However, providing parents' information can be difficult, especially if your parents live overseas, are unemployed, or own their own business.

Getting their financial information can be hard, but it has to be done every year."

Tessa-Rose Midgley says she did "everything online" during her most recent application.

"Everyone's experience is different, but I had a really positive experience. I did everything online, and if I got stuck, I gave StudyLink a call, which was probably only once in the entire time I dealt with them. The online application process is really simple to use."

Tessa-Rose says it's important to be patient when applying a Student Loan or Student Allowance for the first time.

"If you're going to use StudyLink, you have to go in with an open mind and realise they are dealing with every student in the country. Especially around the pressure times - like when you have a whole new year of uni students starting. Have a bit of patience with them."