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Study Loan for Australia

Australia has become a popular destination for students from all over the world. It is home to some of the top-ranked universities in the world, offering high-quality education and research opportunities. However, studying in Australia can be expensive, and many students may need help to fund their education. In such cases, study loans for Australia can be an excellent option for students pursuing their education there.

This blog will discuss study loans for Australia, the types of loans available, the eligibility criteria, top education loan providers, expenses covered, and loan repayment. 

Types of Loans Available for Studying in Australia

Various loans are available for students who want to study in Australia. The most popular ones are

Personal loans: Personal loans are unsecured loans that can be used for any purpose, including education. However, personal loans usually have a high-interest rate, making them expensive.

Government-funded loans: The government provides loans to students pursuing higher education in Australia. These loans are known as Higher Education Loan Program (HELP) loans. HELP loans have a low-interest rate and are paid back through the tax system once the student graduates and starts earning.

Education loans from private banks: Many private banks in Australia provide education loans to students who want to study in Australia. These loans come with varying interest rates and repayment terms. 

Top Education Loan Providers for Studying in Australia

Various banks and financial institutions offer study loans for students who wish to study in Australia. Here are some of the top education loan providers for studying in Australia

Commonwealth Bank of Australia: The Commonwealth Bank offers student loans for tuition fees, living expenses, and other study-related expenses. The loan can be repaid after the completion of the course, and the repayment terms are flexible.

ANZ Bank: ANZ Bank offers study loans to cover tuition fees, accommodation, and living expenses. The loan can be repaid over 15 years, with students having various repayment options.

Westpac: Westpac offers a range of study loans, including loans for international students. The loan covers tuition fees, living expenses, and other study-related costs, and the repayment terms are flexible.

National Australia Bank (NAB): NAB offers study loans for tuition fees, living expenses, and other study-related costs. The loan can be repaid over 10 years, and the repayment terms are flexible.

St. George Bank: St. George Bank offers student loans for tuition fees, living expenses, and other study-related costs. The loan can be repaid over 15 years, and students can choose from various repayment options.

Comparing banks' loan features, interest rates, and repayment terms is important before choosing a study loan provider. Students should also check the eligibility criteria and required documents before applying for a loan.

Eligibility Criteria for Study Loan

Students must meet certain criteria to be eligible for a study loan in Australia. The eligibility criteria may differ depending on the bank or financial institution offering the loan, but the following are some common requirements.

Citizenship: Students must be Australian citizens, permanent residents, or have a valid visa that allows them to study in Australia.

Age: Students must be 18 to apply for a study loan.

Enrollment: Students must have secured admission to an eligible course at a recognised university or institution in Australia.

Credit score: Students must have a good credit score or a co-signer who can provide collateral or guarantee for the loan.

Income: Students must have a steady income source to repay the loan or provide proof of future income potential.

Academic performance: Some banks may require students to have a good academic record to be eligible for a study loan.

Loan amount: Some banks may have a minimum and maximum loan amount limit for study loans.

It's important to note that the eligibility criteria may vary depending on the bank or financial institution providing the loan. Students should check with the bank for specific eligibility requirements before applying for a loan.

What are the Documents Required for a Study Loan?

To apply for a study loan, students need to submit some documents to the bank or financial institution. Some of the essential documents include

Proof of admission: Students need to provide proof of admission to a recognised university in Australia.

Income proof: Students must submit income proof, such as salary slips, tax returns, or bank statements.

Academic records: Students must provide their academic records, such as mark sheets and certificates.

Co-signer documents: If a co-signer is required, they need to provide their income proof, identity proof, and address proof.

Other documents: Students may also need to submit other documents such as identity proof, address proof, and passports.

Cost of Studying in Australia

Studying in Australia can be expensive, and students must budget accordingly. The cost of studying in Australia varies depending on the university and the course. Here is a table that shows the approximate cost of studying in Australia for different degree levels.

Levels

Cost in AUD (per year)

Cost in INR (per year)

Undergraduate

AUD 30,000- AUD 45,000

INR 15,60,000 - INR 23,40,000

Postgraduate

AUD 20,000- AUD 37,000

INR 10,40,000 - INR 19,24,000

Doctoral

AUD 14,000- AUD 37,000

INR 7,28,000 - INR 19,24,000

Note: The cost of studying in Australia varies depending on the university, course, and location. The above figures are approximate and may vary depending on the specific program and university.

Expenses covered under the Study Loan

Study loans in Australia cover various expenses that students incur during their education. Some of the expenses covered under the study loan are

Tuition fees: The study loan covers the tuition fees the university charges.

Accommodation expenses: The study loan covers the cost of accommodation, such as rent and utilities.

Books and study materials: The study loan covers the cost of books and other study materials required for the course.

Travel expenses: The study loan covers the cost of travel, such as airfare and local transport.

Loan Repayment

Students who have availed of a study loan need to repay the loan once they complete their education. The repayment terms vary from bank to bank, and students need to check the repayment terms before availing of the loan. Some banks offer a grace period, where students do not have to repay the loan for a specified period after completing their education. Here are some repayment options available for study loans in Australia

Repayment through the tax system: HELP loans are repaid through the tax system once the student graduates and starts earning. The repayment amount is calculated based on the student's income, and the repayment percentage increases as the income increases.

EMI-based repayment: Some banks offer EMI-based repayment, where students need to repay the loan in equal monthly instalments.

Lump-sum repayment: Students can also opt for a lump-sum repayment, where they can repay the entire loan simultaneously.

Conclusion

In conclusion, studying in Australia can be an exciting and fulfilling experience, but it can also be expensive. Students can explore various study loan options to finance their education, such as government-funded, personal, and education loans from private banks. Before applying for a loan, students should check different loan providers' eligibility criteria, required documents, interest rates, and repayment terms.

At AECC, we understand that studying abroad can be overwhelming, so we offer a range of services to support students in their study abroad journey. Our team of experienced education consultants can guide students through the study loan application process, help them choose the right course and institution, and provide other support services such as visa application assistance, accommodation booking, and more. With our expert guidance and support, students can make informed decisions about their education and achieve their academic and career goals.

If you plan to study in Australia and need help with the study loan application process or any other aspect of studying abroad for free, contact AECC today. Our friendly and knowledgeable team is here to help you every step of the way. Contact us now to get started!

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