Are you an international student who wants to study in Australia but doesn’t have funds to finance your study? We are here to inform you that you can do this via private loans.
Here, we will be looking at private loans for international students in Australia. Endeavor to read the last paragraph to help you get all the information you need on this.
A private loan is one of the simplest forms of international student loan in Australia: you borrow money from a bank or similar lender and repay the loan (with interest) over an agreed-upon period of time.
These loans can be short-term, secured, unsecured, and long term. See How to Get Financial Aid For International Students in The USA.
Short-term or Emergency Loans
Australian universities offer interest-free emergency loans to students who are facing immediate financial issues. Students have to repay the loan by decided deadlines, failure to do so will lead to an interest rate of 2.5%.
All full-time students at an Australian university are eligible for this loan worth up to 1500 AUD cash, without any guarantor.
Secured Personal Loan
To get a secured loan, students need to deposit any asset at the bank as a guarantee. Interest rates can vary and are usually low for secured loans. If a candidate fails to repay the loan, the asset will belong to the bank.
Unsecured loan
This has high-interest rates and does not require the deposition of any asset or collateral.
Long-term or General Purpose Loan
Students can borrow a larger amount up to 4000-8,000 AUD as a general-purpose loan from the university.
Banks offering long-term loans can provide even higher amounts than universities. The amount can be used for living expenses, transportation, accommodation, etc.
How To Be Eligible
To be eligible, you must be a foreign enrolled US student attending one of the following approved schools in Australia.
Remember, although we try to keep this resource updated, this school list is just a guide – only your lender can confirm that your school is eligible.
Funding limits up to the total cost of education, as determined by your school, minus any other aid received. The total cost of education includes tuition, room and board, and living expenses.
If you are a foreign enrolled student looking for financial assistance, Australian international student loan can help support your higher education.
To be eligible, you must be a US citizen or US permanent resident attending one of the following approved schools.
Australia international student loans fund up to the total cost of education, as determined by your school, minus any other aid received. The total cost of education includes tuition, room and board, and living expenses.
Where can I find a private student loan?
Many countries have student loan systems in place to help learners fund their education. However international students are usually not eligible for these loans – only citizens, permanent residents, and those with protected status in a country can apply.
Loans for students studying abroad are available from various sources, including:
- Local banks
- Non-bank lenders and private student loan programs (popular in the U.S.)
- Universities
While searching for student loans, we always recommend checking with your university first, as these loans usually come with better terms.
Private Loan for International Students in Australia
It can be expensive to study abroad in Australia. According to the Australian Government, tuition for international students pursuing a bachelor’s degree can cost between $25,000 – $45,000 AUD ($19,425-$34,966 USD) a year.
Likewise, the cost of living can be about $21,000 AUD ($16,317 USD) for 12 months. Of course, these costs can vary depending on your institution and where you study in the country.
But, the good news is that on an Australian student visa, you can work up to 40 hours every two weeks. See Best International Student Loans.
As an international student, you won’t be able to access Australia’s Higher Education Loan Program (HELP). But you can explore the following to help further fund your studies:
Short-term and long-term loans from a university. Dozens of universities offer loans to international students. A secured personal loan with a private bank, in which you offer an asset as collateral.
An unsecured personal loan. With these, you don’t have to offer an asset as collateral, but interest rates are generally higher. Banks across Australia offer these types of loans.
Conclusion
If you were able to read to read to this point, we are glad you did and we believe you have been able to get on this topic. If you have any questions on Private Loan For International Students in Australia you can reach us using the comment box, we will be there to answer them.
