If you can get a student loan in NZ then why not I guess, get one back for all the bro's we send over to take advantage of your welfare system while they sit on the beach at Bondi.
I would be cautious about getting the living allowance (or at least the full amount) though as at some stage you will (may) have to pay it back. Most of the schools that fit into the student loan scheme are in regional centres so rent is fairly cheap ($90-$120pw), as for food the GA stable of noodles is pretty cheap when purchased in bulk. Always bar work etc to help top up the income.
If you want to get a better idea on cost of living log onto
Trade Me ? New Zealand online auctions and classifieds. Browse, buy and sell online on trademe.co.nz to check out rent prices around the country.