Cost of Studying in New Zealand & Funding Options for International Students

If New Zealand is on your radar for higher studies, you're already thinking big and smart. It’s a place where you can earn a world-class degree while enjoying a quality of life that’s hard to match. But before you dive into University applications and daydream about weekends by the lakes or mountains, there's one thing you need to get clear about: the cost.

Studying abroad comes with its fair share of expenses, and it’s not just about tuition. Think about rent, groceries, transport, and the little day-to-day things that add up. The good news? With a bit of planning, it’s absolutely manageable.

In this article, you’ll get a real sense of what studying in New Zealand might cost you, plus the options you have to fund your expenses in the ‘land of the long white cloud’. So, let us commence! 

Cost of Studying in New Zealand

It’s always better to know the estimated costs in advance, as this helps you figure out whether you can self-fund your education or if you’ll need some financial support. So, let’s break down the expenses.

Tuition Fees

Tuition fees in New Zealand can vary quite a bit depending on the University, course type, and the duration of your program. It’s important to factor in these details early so you know what to expect financially. Here is the range given for Master’s and Bachelor’s Degrees below.

• Master’s Programs: On average, tuition fees range between NZD 20,000 to NZD 45,000 per year. Programs in fields like Medicine and Veterinary Science tend to be on the higher side.
  

• Bachelor’s Programs: Tuition fees usually fall between NZD 35,000 to NZD 55,000 per year. Just like with Master’s courses, subjects such as Medicine and Healthcare come with a higher fee tag. The good part? Most Bachelor’s Degrees in New Zealand can be completed in just three years.

As mentioned earlier, tuition fees are just one part of the equation. Living expenses play a big role too, and it's important to factor them in while planning your study abroad journey. Therefore, let’s take a closer look at what living in New Zealand might cost you.

Living Expenses

New Zealand’s flexible education system offers something for every budget, and when paired with a balanced lifestyle and high quality of life, it becomes a top destination for international students. The overall cost of living is on par with other OECD countries, but it can vary based on your lifestyle and where you choose to live. 

Smaller towns often come with lower living and transport costs, while big cities may offer more convenience but at a higher price. To give you a clearer picture, here’s a bifurcation of average living expenses in New Zealand. 

• Accommodation: Your weekly rent depends on the type of housing and its location. Here’s what you can expect.

Food

Basic grocery shopping will cost you around NZD 80 to NZD 120 per week. However, if you opt for a catered hall of residence or a homestay, meals are included in your accommodation charges.

Transport

Commuting costs depend on how far you live from campus. On average, budget around NZD 37 per week. Public transport is affordable and widely used, helping you cut down on expenses.

Utilities

If you're living in a private flat, expect to spend around NZD 200 to NZD 300 per month on electricity. Shared flats usually split this cost among roommates.

Daily Essentials

Your everyday items, like toiletries and cleaning supplies, can be managed within NZD 50 per month and are easily available at local supermarkets.

Well, looking at the numbers, you might feel a bit overwhelmed, and that’s completely normal. But there’s no need to stress, the next section will give you a sigh of relief.

How to Fund your Education in New Zealand?

There are smart and practical ways to support your education. So, let’s walk you through two of the most commonly used methods.

Self-Funding

If you or your family have been saving up for your overseas education, self-funding can be a great option. It gives you full control over your academic journey without any financial dependencies. But before you make this choice, it’s important to assess your financial resources thoroughly.

Abroad Education Loan

If covering the entire cost on your own seems a bit too much, don’t worry, education loans are a reliable solution. Several banks offer education loan for abroad studies that can help you cover everything. You can opt for secured loans or unsecured loans, depending on your financial profile.

Now that you know abroad education loans can ease your financial journey, you might be wondering, who exactly offers them? To make things easier for you, we have covered it ahead.

Which Banks offer Abroad Education Loan for New Zealand?

When it comes to funding your education in New Zealand, you have several reliable options to choose from. From Nationalized Banks to Private Banks, each lender comes with its own set of benefits. To help you understand what they offer, we have given their names and key features in the tables below.

Now that you know who the key lenders are and what they offer, let us shift our focus to the ITS Norms required for New Zealand in the section ahead.

ITR Norms for New Zealand Student Visa

When applying for a New Zealand Student Visa, submitting Income Tax Returns (ITRs) is highly recommended. If a parent or close relative is sponsoring your education, it’s a good idea to provide 2–3 years of their ITRs. This helps prove that they have a stable and regular income to support your studies and living expenses.

If you are self-funded, your own ITRs will show where your money is coming from and that you have the financial strength to manage your expenses abroad. When you are taking an education loan, then the ITRs of your co-borrower, usually a parent or guardian, are useful. These documents help show that your co-borrower has the ability to repay the loan.

Also, if your sponsor runs a business, then along with their ITRs, it’s important to provide business registration papers and income proof. Immigration officers may ask for these documents to make sure the business is genuine and financially sound.

In all cases, the income shown in the ITRs should clearly reflect the capacity to support your education and living in New Zealand. With this, it’s time to focus on what you’ll need to get started. 

Eligibility Criteria for Abroad Education Loan for New Zealand?

The first and foremost thing is to meet the eligibility criteria. Almost every financial institution has some basic criteria for education loan that you need to fulfil if you’re planning to apply for one. To help you get a clearer idea of what’s expected, we’ve listed the general criteria below.

• You need to be an Indian citizen.

• You should be at least 18 years old at the time of application.

• You need to have secured admission to a recognised University or College in New Zealand.

• A Strong Academic Background is often expected.

• Your chosen course should be a Professional or Technical Program, such as an MBA, MS, MCA, or Master’s, Bachelor’s Degree or a Recognized Diploma.

Once you’ve ticked off the eligibility checklist, the next crucial step is organising your documents. Having all the required paperwork ready makes the process much smoother. When that’s in place, the big question is, how do you actually apply? Check the answer in the next section.

How to Apply for Abroad Education Loan for New Zealand?

Applying for an education loan for New Zealand might sound like a complicated task, but with the right information in hand, it becomes a step-by-step process that’s easy to navigate. Once you’ve shortlisted your lender and ensured you meet the eligibility criteria, the next move is to kickstart your loan application journey. 

Whether you're applying to a Public Bank or Private Bank, the process remains mostly similar, with a few changes depending on the lender. To make it easier for you, here’s a simplified flow of how to apply for an education loan to study in New Zealand.

1. Check Loan Options & Compare Lenders

Research Banks to compare student loan interest rates, repayment terms, maximum loan amounts, and collateral requirements.

2. Check Eligibility & Prepare Documents

Ensure you meet the lender’s eligibility criteria. Collect all necessary documents, including academic records, admission letter, KYC, income proof, and collateral documents (if required).

3. Fill Out the Application Form

Visit the Bank or apply online through the lender’s official portal. Fill in the form carefully and double-check the details.

4. Submit Required Documents

Upload or submit all required documents along with the application form. Some banks might also request additional documents after the initial review.

5. Loan Processing & Verification

The bank will evaluate your profile, verify documents, and assess the co-applicant’s financial background before proceeding.

6. Loan Approval & Sanction Letter

Once approved, you will receive a sanction letter stating the approved loan amount, interest rate, and repayment terms.

7. Loan Disbursement

Once the loan agreement is signed, the sanctioned amount is disbursed directly to the respective University or College in New Zealand. It is important to note that pre-visa disbursement is mandatory for New Zealand. Before finalising your loan with any bank, ensure that they agree to disburse the first year’s tuition fees and the 12-month FTS (Funds Transfer Scheme) amount in advance. 

This is a critical requirement for the student visa process and must be confirmed beforehand to avoid any delays or issues. Following this process carefully can make your loan approval journey smooth and stress-free. But remember, it’s not just about following the steps; doing them the right way is what truly matters. How? Read ahead. 

How can Élan Loans help in Faster Process & Disbursements?

When time is ticking and your University deadlines are around the corner, Élan Loans ensures that your education loan process is smooth, fast, and stress-free. With a smart blend of expert support and streamlined systems, Élan helps you skip the long queues and cut down the waiting time.

Here’s how it works, right from the first consultation, their team dives deep into your profile to suggest the best-fit loan options across multiple banks.  You get paperless processing, accurate application filing, and tailored loan structuring, all in one place.

What makes Élan experts even more efficient is their direct coordination with financial institutions. They don’t just help you apply; they follow up with banks, resolve queries quickly, and assist with pre-visa disbursement to make sure your funds reach you on time.

Still wondering about post-loan support? We stay with you beyond disbursement, guiding you through repayment and even helping you improve your credit score if needed. With Élan Loans, you’re not alone in the loan journey; you’ve got experts by your side from start to finish. Ready to move one step closer to your dream University in New Zealand? Reach out to us today! 

FAQs

1. Can I get a 100% loan to study in New Zealand?

Yes, some Nationalised, and Private Banks do offer loans that cover up to 100% of the total cost of studying abroad, including tuition, living expenses, travel, and insurance, subject to eligibility and collateral requirements.

2. What is the minimum balance required for a New Zealand Student Visa?

To apply for a Student Visa, you need to show proof of funds amounting to NZD 20,000 per year or NZD 1,667 per month if your course is less than a year long. This ensures you can cover your living expenses while studying in New Zealand.

3. What documents are required for an Education Loan to Study in New Zealand?

Key documents include a completed loan Application Form, Academic Records and English Proficiency Test Scores, KYC documents, Proof of admission, Financial Documents, Passport-size photographs

4. Can I repay my education loan after getting a job in New Zealand?

Yes, most lenders offer a moratorium period that allows you to begin repayment after completing your studies or once you secure a job. You can also opt for flexible repayment plans based on your post-study income.

5. Is Health Insurance mandatory for international students in New Zealand?

Absolutely! Health Insurance is a mandatory requirement for all international students in New Zealand. Most Universities offer student health plans, or you can purchase one from a registered provider before arrival.