Students planning on going abroad for higher education can discern that Australia has some of the most sought-after colleges and universities in the world. However, student life is not only about studying, socialising, and pulling all-nighters. Living and studying expenses are often so high that students are left wondering how to get a personal loan in Australia for studies. The task can seem daunting at first but there is nothing to worry about- getting a personal loan in Australia is a simple task and international students should take advantage of it.
Let Us Discuss In Detail How You Can Get A Personal Loan In Australia For Studies
- The largest student loan system in Australia is known as the Higher Education Loan Program or HELP- a government initiative that provides financial assistance to their domestic students to help them fund their higher education. Though international students are not eligible for this, they have a different range of options to get personal loans.
- Many banks and private lenders in Australia require students to have a valid visa or be a permanent resident of the country before they can offer loans.
- Having said that, many universities in Australia have study loan options, especially for their international students.
- These loans cover not only your tuition but also cater to your living, insurance, and health expenses. Therefore, evaluate your needs wisely before applying for a loan.
Am I Eligible For A University Loan?
To get a university loan in Australia for your studies, you must fulfil the following criteria:
- Have an Australian visa;
- Be a full-time student and regular student at your university (students who are enrolled in distance education courses are not eligible for these loans);
- Not be enrolled in your first or final semester;
- Have a very strong academic record:
- Students applying for university loans need to have at least 18 credit points in a semester and 36 credit points in an academic year.
- Must possess a clean financial record with no past dues lingering;
- Have a part-time job and be capable of finishing your course on time.
You can also contact your home government to obtain more information about how to get a personal loan in Australia for studies as many universities work together with other governments to offer international students study loans.
Some universities also offer scholarships to their international students- you may be granted one at the time of your admission or you may have to apply for it directly. These are generally granted on academic merit so it might be a good idea to consult your home institution and understand whether or not you qualify for the same.
Other Loans International Students Can Apply For:
Apart from the ones mentioned above, international students can also look into other loans that will cover their living, health, and travel expenses, making it easier to afford the tuition cost:
- Emergency Loans or Short-term loans
- Medical student loan
- Long term Loan or General Purpose Loan
- Westpac Unsecured Personal Loan
- ANZ Fixed Personal Rate Loan
How Can You Repay The Personal Loan In Australia?
Short-term loans in Australia have to be paid back within six months of approval. It can be repaid via cash, cheque, or money draft. Failure to do so will increase the interest rate and will add to your debt.
Long-term loans can be paid back in instalments and the full amount has to be paid to the university as soon as the course is over. Bank loans can be paid back after graduation as well.
Read Also: Student Visa Extension: A Comprehensive Step By Step Guide
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