One of the leading global powerhouses of education, Australia offers some of the world’s renowned educators and best facilities to international students, looking to pursue quality education. In Australia, international students get to choose over 22,000 courses across 1,100 institutions in Australia. Moreover, Australia happens to be the favorite place for students in higher academic levels as the institutes across the country offers innovation, creativity and independent thinking deeply embedded in their core syllabus.
While Australia has quality education to offer, pursuing higher studies in Australia can be an expensive affair. That’s why it is important to learn about the educational loan for international student in the country. Since you are not a native of Australia, you are likely to encounter some roadblocks. In this blog, we will walk you through some significant details of availing student loan in Australia. Hopefully, the following information will make your life at Australia much easier.
Eligibility Criteria to Avail International Student Loan in Australia
To avail international student loan in Australia, you need to adhere to a standard set of eligibility criteria. Certain universities or banks can revise them while granting the loan to international students. However, here is a quick overview of the eligibility criterion you need to know if you aim to secure an international student loan Australia.
The candidate must have a high school diploma or equivalent
The candidate must secure admission in one of the universities approved by the bank
The candidate needs to be financially sound so that he/she can repay the loan in time
He/she must have an Australian visa and strong academic records
The applicant should be above 18 years old. Otherwise, the parents have to avail the loan
For graduations, the selected courses should be job oriented as banks prefer courses that are job oriented
For availing an educational loan from the university, the student needs to pursue a full-time course.
If you are planning to avail an educational loan in Australia, it is always crucial to look thoroughly at the loan criteria of a certain university or specific courses that you are looking forward to pursue.
Types of Educational Loan an International Student can Avail in Australia
The flight to Australia, the accommodation, college fees – all these expenses can empty your bank balance pretty fast. To ease this burden of yours, we have enlisted various types of student loan you can avail in Australia. Have a look:
1. Undergraduate student loans
Undergraduate student loans are for students who have finished their higher education and want to pursue an undergraduate course or diploma course to widen the opportunities in the job market.
2. Professional or graduate student loans
These types of loans are available for students who possess a graduate degree and aim to pursue higher degree at universities and colleges in Australia.
3. Career education Loan
Students, who aim to pursue undergraduate career programs at trading and technical colleges in Australia, can apply for these loans.
Student Loan Plans offered by Top Private Banks
You can breathe a sigh of relief as Australia offers a wide range of loan types for international students. We have mentioned the type of loans you can apply for. But, what about the places you can avail loan from?
Here is a list of some top private banks that offer international loan in Australia:
RateSetter is a private bank which offers low rates for borrowers with high credits. The bank has an interest rate of 8.42% per annum. It has an application fee of $220 upfront and $5.00 per month.
This bank provides loans starting from $5000 to $50,000 and has fixed monthly repayment terms. It has an interest rate of 9.50% to 15.99% per annum.
This bank offers personal loans up to $70,000, providing a rapid and easy online process. One of the significant factors of the bank is that it doesn’t have any hidden fees or early repayment penalties. It has an interest rate of 6.99% to 26.95% per annum.
List of Universities that Offer International Student Loan in Australia
If you are planning to enroll in an institution, and do not have a clear idea of the universities that offer international loan to students, there’s no need to panic. To help you, we have provided a list of top colleges and universities from where you can avail international student loan effectively in Australia.
Have a look-
Australian Catholic University
The University of Queensland
Australian National University
Brisbane Institute of TAFE
Central Queensland University
Curtin University of Technology
James Cook University
La Trobe university
Royal Melbourne Institute of Technology
University of New South Wales
University of Tasmania
University of Western Sydney-Nepean
University of Wollongong
List of Documents Essential To Apply For An Educational Loan In Australia
Once students have got admission to the universities of their choice, their next big hurdle is the getting approval from the bank. The bank generally requires a number of crucial documents from you to sanction the loan amount. Here is a list of important documents that you need to submit to the bank to apply for a loan as an international student.
Letter of admission from the university
Loan application form filled in full
Documents on the cost of studies
PAN details of the student
Bank statements of Guarantor/ co-borrower/ student
Asset statements of guarantor/co-borrower/student
Income proof of guarantor/co-borrower/student
Application Process for Availing Educational Loan in Australia
Once you decide to avail international education loan in Australia, always remember that there is a particular process to avail loan effectively. Therefore, prior to availing any kind of study loan in Australia, you must go through the steps of this particular process thoroughly. Here is a step-by-step guideline for Australia study loan application process:
Choose a banking institution to avail an educational loan in Australia
Apply for study loan by providing initial KYC documents, supproting documents and academic records
An Electronic Confirmation of Enrolment (eCoE) from the Australia university
Get a Student Visa Subclass 500 application confirmation from the Australian Embassy in India
Submit your documents to the banking institution, and avail a Loan Sanction letter along with the signed agreement.
Submit the loan sanction letter to Embassy and complete other processes to acquire your Australian Student Visa
Confirm your intake session details and fee payment schedule from the university by submitting the Australian student visa confirmation. Share these details with the bank to start loan disbursement.
Apply for your country’s education loan subsidy schemes from your country’s banking institution.
Repayment Process of the International Student Loan in Australia
There are various methods and guidelines of repayment for different schemes. The most common repayment scheme for short-term loans is to pay within two months after the loan approval date. For long term loans, the amount is to be paid after the six months of the commencement of the loan with no interest. If the loan is paid within the study of the current course and after that, interest is added. The interest rate depends on the type of loan and the university or government providing it.
The repayment modes can include cash, draft, check, and online payments. The loans can be either be paid quarterly or monthly in some schemes. Unlike university loans, bank loans can be paid after the completion of the course or even after two years of completion.
We hope our guide on availing the educational loan in Australia will put an end to all your education loan-related queries. Save this page to the bookmark tab on your laptop so that you find all information on availing loans when you are in dire need of it. No need to fret anymore. With this detailed blog post, you will be more than prepared to apply for an educational loan in any institutions or private banks in Australia. Here’s wishing all the luck, mates!
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