An education loan or student loan is borrowed money that we use to finance post-secondary education and higher education-related expenses. We can cover our tuition costs, book needs, and living expenses through an education loan or student loan while studying. Students’ education is given a lot of priority in Australia to complete their higher education through student loans in Australia. It is for primarily domestic students. If you want to take a loan and you are not a resident of Australia, then Higher Education Loan Program (HELP) is the one that can be used as an international student’s loan in Australia.
The student’s tuition cost is covered under this education loan program where a debit is subjected to a consumer price index (CPI) with the induction in line. You also have to ensure that this program does not cover additional costs like course material and other expenses. If the student needs additional financial assistance, he can also take a personal loan with the help of a financial institution. We know that student life is associated with the flexible working pattern so education loan for the student is available in small quantity and also comes with higher interest rate.
Eligibility for getting Students loans in Australia
- You must have Australian Citizen and Residential Requirements to avail Student Loan in Australia.
- You have to take an Education loan at the beginning. You cannot apply in the final and first semesters.
- You must be a regular and full-time student in the university or school. You cannot take an education loan through a distance education course.
