- 22 Sep 2020
Student’s loans are available to students planning to study overseas or abroad. The past few decades have witnessed an upsurge in the number of students willing to study abroad and undertake higher education.
However, with the passing times, there has been leverage in the educational expenses, with students needing to reconsider their choice.
Among several countries in the world, Australia is one such country which is largely known and recognized for colleges, schools and universities.
These tend to grab the attention of students from all over the world. Moreover, when it comes to studying and living in the country, students need an optimum amount of money to pay for expenses.
Applying for a loan today is extremely simple, and students need to maximize their own potential by taking most advantage of it. A few important things need to be kept in mind before applying for the loan. The very first thing that comes to mind while considering your education expense is the student’s loan.
The loan is known as HELP (Higher Education Loan Program) and is an initiative taken by the Australian government which helps to aid students to find their education.
Where can you secure educational loans in Australia?
However, international students today are not much eligible for the loan, instead can seek funding from other sources and acquire student loans. Secure your Marketing Assignment Help with the guidance of the best. Here are a few major sources that you can seek:
- Private Banks
It is recommended to keep in mind that you not only need funding for covering online tuition fees, but also several other expenses such as insurance, housing, boarding, and other living expenses. Hence, it is advised to be wise and make a sustainable planning to evaluate the financial needs before opting for a loan.
Eligibility criteria for opting for a University loan
- It is a mandate to have an Australian Visa
- It is also a must to be in the first or final semester
- You also need to be a full time and a regular student at the University. However, if you are a student studying a distance education course, you are not applicable for the loan.
- Moreover, you need to have a strong academic record. It is recommended for you to grab at least a minimum of 18 credit points in one single semester or 36 credit points in an academic year.
- You also need to have a part-time job that helps you take care of your finances and expenses well.
- Additionally, it is a mandate to prove the financial background while clearing the previous dues prior to applying for a loan.
- It is also necessary for you to grab good grades, and you need to complete the course in time.
Eligibility criteria for acquiring student loans from private banks
As mentioned earlier, grabbing a student loan from a private bank is easier today. However, a few mandates are important to be taken care of, before you seek for the loan online.
- It is a must to have an Australian Visa
- The applicant must reside in Australia
- It is also pivotal to have an account in a private bank of Australia
- The applicant must be having a regular source of income. It is also important to remember that the monthly allowance does not count.
- The admission needs to be secured in any of the universities as approved by the bank
- The applicant furthermore needs to be financially strong enough to be able to repay the loan and within the estimated time period.
- Lastly, it is important to offer security to the bank which might include anything from building, land, public sector bonds and government securities.
What are the different types of student loans that one can apply for?
Let us discuss a few of the loans that can be obtained in Australia, which further includes the additional expenses such as cost of living, travelling and more.
Short-term or Emergency Loans
The Australia universities offer loans to students facing a financial crunch. This is one such loan that does not come with any interest. Additionally, you also do not need any guarantor to procure the loan. This needs to be repaid within the deadline as has been agreed upon. However, on failing to do so, an interest rate of 2.5% is levied.
In order to be qualified for the loan, it is recommended to be a full time student at a University in Australia. Moreover, some of the institutions also require the financial details as applicable in the current times. Getting Assignment Help gets easier with professional assistance.
The loan can offer as much as $1500 in cash.
Secured personal loan
In order to gain the loan, it is important to offer the bank guarantee and attach an asset to the loan such as any valuable property and a car. The interest rate does not need to be fixed or variable, however it is usually low. Failing to pay the loan on time, will lead to you having to let go of the asset against which the loan has been attached.
Contrary to the former loan, this loan does not offer any collateral in exchange for the loan being offered. However, you need to pay a higher rate of interest, and can get extremely expensive for one to afford. In other words, the loan kind is flexible and can be used for several purposes.
General Purpose or Long Term Loan
This kind of loan is offered by both universities as well as private banks. It covered a number of expenses such as tuition fees, travel expenses, cost of living and so much more. A distinct bank offers this kind of loan and hence you can borrow a larger amount as compared to emergency loans.
Additionally, you can also acquire a general purpose loan that offers you an amount of $4000 to $8000 from a university, with letting you borrow a higher amount. It is important to remember that universities offer general purpose loans which are interest free; however you need to pay interest to the banks. If you need Finance Assignment Help, you must know that you have support to fall back on.
Medical student loan
In Australia, a medical student can be attained by individuals pursuing a medical and dental degree. On fulfilling the qualification criteria, it is possible for you to obtain the loan in the final year. Additionally, it can be utilized for paying tuition fees along with other expenses such as debts, cost of living and more.
There are a number of lenders in Australia offering car loans to international students. The car you purchased will further be attached as being collateral to the loan. This rate of interest however is extremely competitive.
The loans are a significant kind of short-term emergency loan as offered by several banks in Australia. The loan can be attained by applicants having a part time job in Australia, further supporting his expenses. Here, you are allowed to borrow a small amount of money.
Terms and conditions for repaying short term loans
- It is compulsory for you to repay the amount you have borrowed within a period of six months, starting from the date of the loan when it got approved.
- If the amount of loan is a little higher than usual, you are allowed to pay it within a year.
- The loan can be repaid in the form of cheque, cash, money draft or online payment. Make most of JAVA Assignment Help services available at an affordable pricing solution.
- However, failing to repay the amount within a period of seven days, you are applicable for paying a specific rate of interest, and might largely vary as per your university.
- Moreover, failure to pay back the loan timely has a negative impact while adding to your debt.
Terms & conditions for repayment of long term loans
- The long term loans can be repaid on monthly and fortnightly installments, and largely depends on what has been agreed upon.
- The amount needs to be paid in full as soon as the course duration is completely over.
- The loans can be paid back in the form of online payment, money draft and cheques. Obtain Nursing Assignment Help Sydney online and secure your future grades.
- If you fail to pay it back and within the scheduled date, you might not even be allowed to acquire documents from the administration, and you might even be debarred from witnessing the end results.
- On an annual basis, an interest rate of 12% is levied on applicants failing to pay loan amounts to the University.
- However, you might even be allowed to repay the entire amount post graduation or a year or two.
- On failing to repay the loan, the guarantor is asked to repay it on your behalf.
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