- 16 Dec 2019
Studying abroad can be a life-changing decision, however, it requires a lot of brainstorming. The ones who want to pursue higher studies abroad, but struggle to arrange for funds, now have many options to make arrangements for funding their education.
This blog aims to give students the complete landscape of the procedures to be followed concerning the Australian education loan process and other financial criteria to be fulfilled by them before they apply for a student visa to study in Australia.
Ranging from the process to apply for a loan, eligibility to documents required for it we have covered everything.
Known as a leading global powerhouse of education, Australia offers some of the world's topmost education facilities to international students looking for quality learning. Approximately 1,100 institutions in Australia offers over 22,000 courses
Students traveling to Australia for higher learning encounter innovation, creativity, and independent thinking deeply embedded as a part of their core syllabus.
Ranging from its Kangaroos, Koalas to open spaces of Outback Bush, Australia as a country has innumerable delights more to offer. It holds the 3rd spot for international education after the United States of America and the United Kingdom all over the world.
A high-quality education, amiable natives, and cultural diversity are some of the factors that deem Australia a personal favorite among International students willing to study abroad.
Australia imparts one of the highest living standards in the world.
International students are also offered the opportunity to work part-time to ease their living expenses. International students can work for 20 hours per week to support their livelihood.
This part-time work facility not only helps them ease their living expenses but also allows them to gain relevant work experience. International students also benefit from various scholarship programs listed on the official website of universities, thus lowering their tuition fees further.
Process for Applying For Education Loan
After the students have secured admission to the university of their choice, the next big step is to arrange the funds required for their educational expenses. The cost of studying in Australia is competitive with countries such as the US and UK, making it an expensive investment as compared to studying within India.
For students and families looking for an Education Loan, numerous Indian Banking and Non-Banking institutions are offering Education loans at a low rate of interest to bright students for pursuing higher education in Australia.
Applying for an Education Loan has come to become relatively simple & easy nowadays. Potential students can take advantage of it. Here are some key pointers before applying for an Education Loan in Australia.
Eligibility criteria to apply for an education loan to study in Australia
- The student is required to be a citizen of India
- The student must have obtained admission to a recognized university belonging to Australia
- The candidate must have enrolled for a course that has been recognized by the funding institution (job oriented professional degree, technical degree, and diploma courses)
List of Documents Required For an Education Loan to Australia
Nationalized banks such as the State Bank of India (SBI) provide Education loans up to Rs. 30 Lakhs to deserving students who wish to go to Australia for higher studies.
However, before the bank can process the loan amount, there is a list of documents that need to be furnished by the borrower (student). These include:
- Letter of admission from the University
- The loan application form filled out in full
- Documents on the cost of studies
- Identification proof
- Residence proof
- PAN details of the candidate
- Guarantor/ co-borrower/ student's bank statements
- Guarantor/ co-borrower/ student's statement of assets
- Guarantor/ co-borrower/ student's proof of income
Expenses covered under the loan include
The loan sanctioned by an institution would solely be for educational purposes and not cover personal expenses. The loan amount sanctioned would take care of-
- Tuition fees
- Accommodation expenditures
- Caution deposit money
- Travel expenses
- Project work during the academic year & study tours
- Purchase of laptops, books, & stationary
- Various other reasonable expenses that would be required to complete the course
Students who have applied for a loan amount ranging from 4-7.5 lakhs get 10 years to repay the entire amount. And students who have been sanctioned amounts above 7.5 lakhs are given 20 years to repay the entire amount.
However, students should understand the moratorium time varies for different loan-providing institutions.
List of some top Universities in Australia
- Australian National University
- University of Melbourne
- University of Sydney
- University of New South Wales
- University of Adelaide
- University of Western Australia
- The University of Newcastle
- Macquarie University
- Monash University
- University of Queensland
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