Study Loan for Australia for International Students

Commencing higher education abroad is an exciting yet daunting prospect, particularly when financing your studies. For those aspiring to pursue education in Australia, the financial aspect can often pose a significant challenge. However, understanding the ins and outs of study loans can be the key to unlocking your academic dreams. 

In this article, we'll delve into crucial aspects such as the types of loans available, eligibility criteria, application procedures, and more relevant education loans for abroad studies. Armed with this knowledge, you'll be empowered to confidently make informed decisions and embark on your educational journey in Australia.

But first, let us learn about the cost you will require to study in the Land Down Under.




Cost of Education in Australia

The cost to study in Australia depends upon the academic level and the course you are pursuing. However, a tentative range to study Bachelors is between AU$ 13600 and AU$ 238201 and for Masters is between AU$ 18200 and AU$ 118113 per annum.

Types of Loans for Higher Education

Before getting started with the details, let's examine the types of loans you can take out when studying in Australia.

Secured loans are backed by collateral, tangible assets like property or vehicles offered by the borrower to the lender as security against the loan. This collateral is a form of guarantee for the lender, reducing non-repayment risk. Consequently, secured loans typically have lower interest rates than their unsecured counterparts. 

On the other hand, Unsecured loans do not require collateral. Instead, they are granted solely based on the borrower's creditworthiness, financial history, and ability to repay the loan. However, not every Australian University accepts Unsecured Loans, so you need to check with the Universities you are aiming for before applying for the loan.

Eligibility Criteria

Find below the General Eligibility Criteria for applying for a Student Loan to study in Australia.

  • The applicant must be a Citizen of India.
  • They must have secured admission to a recognized Australian University.
  • They must enroll in a course recognized by the bank for which they apply for a loan.

Now that you know the required admissibility to apply for an education loan for abroad studies in Australia, let us proceed to understand the method of the application process.

Steps to Apply for a Student Loan

Follow these steps to apply for a student loan to Study in Australia.

  1. Research Loan Options:  Start by researching the right Financial Lender offering student loans to study in Australia. Check each loan option's eligibility criteria, interest rates, repayment terms, and other key features to determine which best suits your needs.

  2. Gather Documentation: Prepare the necessary documentation required for your loan application. This may include proof of citizenship or residency status, enrolment confirmation from your educational institution, Tax File Number (TFN), identification documents, and any other relevant paperwork specified by the loan provider.

  3. Complete Application Form: Obtain the application form for the student loan you wish to apply for, online or offline, whichever method you prefer. 

  4. Submit Application: Once you've completed the application form and gathered all required documents, submit your application to the relevant loan provider. 

By following these steps and staying organized throughout the application process, you can successfully apply for a student loan in Australia and secure the financial assistance you need to pursue your educational goals.

Proof of Funds for Australia Visa Application

Before applying for your Student Visa to study in Australia, you must show adequate funds. The amount should cover the Cost of Education, Health Insurance, and Airfare.

 

Finally, whether you're considering a secured loan with collateral, or an unsecured education loan based on your credit history, remember to choose what's right for you. When you're ready, follow the simple steps outlined to apply for your loan and secure the funds you need to study in your dream Australian University.

Contact a study abroad consultant if you need guidance in selecting the right financial institution for study loan for Australia. They can help you explore the right fit according to your needs and requirements. 

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