Student Loans for International Students: A Complete Guide

By | April 4, 2022

Student Loans for International Students: A Complete Guide

Australia is known for its recognized schools, colleges, and universities which grab the attention of students from all over the world. However, when it comes to living and studying in the country, students need sufficient money to pay for their expenses.

Applying for a student loan in Australia is simple today, and every student should take advantage of it. However, you need to keep certain things in mind before applying for a student loan.

The student loan system in Australia is called HELP (Higher Education Loan Program). It is an initiative by the Australian government that offers financial aid to students so that they can fund their education. Unfortunately, international students are not eligible for HELP, but there are other sources through which they can get student loans. Here are two of them:

Keep in mind that you not only have to cover tuition fees but also other expenses, including, boarding, housing, insurance and general living expenses. So, be wise and spend some time to evaluate your financial needs before getting to a loan.

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 need to get at least 18 credit points in one semester or 36 credit points in one academic year.

You have to 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.

Here are some of the loans you can obtain in Australia to pay for your tuition fees, including all the other additional expenses like travelling, the cost of living, and more.

Student Loans for International Students: A Complete Guide

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  • A medical student loan in Australia can be used by a student who is pursuing a medical or dental degree. If you can fulfil the qualification criteria, you can obtain this loan in your final year or use it to pay for your tuition fees or other expenses like the cost of living, debts, and more.

Student Loans for International Students: A Complete Guide

  • There are many lenders in Australia that offer car loans to international students. However, the catch here is that the car you purchased will be attached as collateral to your loan. The rate of interest for this type of loan is highly competitive.

Student Loans for International Students: A Complete Guide

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  • Payday loans are a type of short-term emergency loan provided by banks in Australia. You can get this loan if you have a part-time job, a poor credit history, or are a benefit recipient. With a payday loan, you are allowed to borrow a small amount of money.

The Westpac unsecured loan can be used to buy a car, travel, manage your debts, etc. This loan requires you to meet the following eligibility criteria:

You can use ANZ student loans in Australia to buy a car, repay your debts, travel or renovate your home. With this type of loan, the minimum amount that you are allowed to borrow is $5000. This loan requires you to meet the following eligibility criteria:

There are different rules and regulations to repay your short term and long-term loans in Australia. Let’s have a look:

If the amount of loan is higher than usual, you might be allowed to pay the loan within one year (this is only valid for exceptional circumstances).

If you fail to repay the amount within seven days of the due date, a specific rate of interest will be applied, which may vary depending on your university.

If you fail to pay the university loan on the scheduled date, you may not be allowed to obtain your documents from the administration of your university, and you will also not be permitted to see the end results.

If you fail to pay university long-term loans on time, your guarantor http://badcreditloanshelp.net/payday-loans-ga (parent, relative, or friend) will be asked to repay the loan on your behalf.

If anything regarding obtaining or repaying a student loan in Australia is not clear to you and you have doubts, you should consult your financial advisor or the faculty of your university. You can even take guidance from previous graduates of your university who had taken a loan.

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