It is no wonder that many students across the globe choose to study in Australia to obtain the quality of education provided by the Australian education system. However, it is common knowledge that international education can cost a lot, on top of other expenses.
If education expenses are one of your worries, we’ve got you covered with this comprehensive guide on where to get financial support as an international student in Australia.
International student loan
Higher Education Loan Program (HELP) is an initiative of the Australian government that offers financial assistance to students so they can fund their education. While international students are not eligible for HELP, universities and private banks also offer student loans.
You need to be wise and maximize your time in evaluating your financial needs before applying for a loan because there are other expenses that you need to cover such as boarding, housing, insurance, and general living expenses.
Eligibility criteria for university loans and private banks
Here are the requirements that you need to meet for you to get a university loan:
- You must have an Australian Visa.
- You should not be in the final or first semester of the school year.
- You should be a regular and full-time student at the university. You will not be eligible for a loan if you take up a distance education course.
- You should have a strong academic record. You must get at least 18 credit points in one semester or 36 credit points in one academic year.
- You should have a part-time job.
- You must prove your financial background and clear all your previous dues before applying for the loan.
- You must get good grades, and you must be capable of completing your course in time.
Meanwhile, here are the criteria for getting student loans from private banks:
- You should have an Australian Visa.
- You must reside in Australia.
- You should have an account in a private bank of Australia.
- You must have a regular source of income. Remember, the monthly allowance from parents does not count.
- You must secure admission to one of the universities approved by your bank.
- You should be financially strong so that you can repay the loan on time.
- You must provide security to the bank in the form of land or building, government securities or public sector bonds, or a bank deposit in the name of the student or parent.
Types of student loans that you can apply for
Some of the loans you can obtain in Australia to pay for your tuition fees include short-term or emergency loans, secured personal loans, unsecured loans, long-term or general-purpose loans, medical student loans, car loans, and payday loans.
On one hand, the top two private student loans offered by banks in Australia are Westpac Unsecured Personal Loan and ANZ Fixed Rate Personal Loan.
Finally, if you have doubts about the details about obtaining or repaying a student loan in Australia, you may want to consult your financial advisor, a university faculty member, or former students who had taken a loan.
Australia is one of the world’s most popular study destinations for international students. Look through our articles here at MSM Unify for more helpful tips to get financial assistance as an international student.
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