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Investing in your education can be a smart money move.
But with some post-graduate courses costing up to $50,000
, it’s certainly not a small investment.
Particularly at a time when you may not be earning as much.
And if you’re considering private school for your kids, you don’t need me to tell you how expensive that is.
This guide to education loans will explain your options and how to make sure you don’t pay any more than you need to.
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Education loans are a type of personal loan you can use to pay for the cost of studying or private school fees.
Generally this is what you get with an education loan:
Typically you can use the money for anything related to your studies.
Most students use education loans to pay for things like:
Just like deciding on a course, choosing a loan is a major decision.
When you’re comparing your options, you’ll want to look at more than just how much you can borrow.
This includes:
How much extra you’ll pay on the amount you’ll borrow.
Upfront and ongoing charges (you may be able to avoid fees completely on some loans).
A short loan term means higher repayments, but you’ll pay less interest compared to a longer term (you can see the difference by trying different loan terms in our personal loan calculator).
Like being able to make extra repayments and pay off the loan early without penalty. A redraw facility can be handy too as it allows you to withdraw your extra repayments if you need to access cash.
Harmoney | |
---|---|
Personal loan interest rate | 5.76% p.a. to 24.03% p.a. |
Comparison rate* | 6.55% p.a. to 24.98% p.a. |
Plenti | |
Personal loan interest rate | 6.57% p.a. to 24.09% p.a. |
Comparison rate* | 6.57% p.a. to 26.28% p.a. |
NOW Finance | |
Personal loan interest rate | 6.75% p.a. to 26.95% p.a. |
Comparison rate* | 6.75% p.a. to 26.95% p.a. |
Pepper Money | |
Personal loan interest rate | 6.75% p.a. to 26.95% p.a. |
Comparison rate* | 6.75% p.a. to 26.95% p.a. |
ING | |
Personal loan interest rate | 6.89% p.a. to 18.99% p.a. |
Comparison rate* | 7.10% p.a. to 19.23% p.a. |
Our Money Market | |
Personal loan interest rate | 6.57% p.a. to 18.99% p.a. |
Comparison rate* | 7.19% p.a. to 21.78% p.a. |
Moneyplace | |
Personal loan interest rate | 7.24% p.a. to 19.99% p.a. |
Comparison rate* | 7.24% p.a. to 21.49% p.a. |
Liberty Financial | |
Personal loan interest rate | 7.24% p.a. to 19.99% p.a. |
Comparison rate* | 7.24% p.a. to 21.49% p.a. |
Bank of Melbourne | |
Personal loan interest rate | 6.89% p.a. to 19.99% p.a. |
Comparison rate* | 7.91% p.a. to 21.33% p.a. |
BankSA | |
Personal loan interest rate | 6.89% p.a. to 19.99% p.a. |
Comparison rate* | 7.91% p.a. to 21.33% p.a. |
St.George Bank | |
Personal loan interest rate | 6.89% p.a. to 19.99% p.a. |
Comparison rate* | 7.91% p.a. to 21.33% p.a. |
Great Southern Bank | |
Personal loan interest rate | 7.49% p.a. to 19.99% p.a. |
Comparison rate* | 7.74 % p.a. to 20.27% p.a. |
NAB | |
Personal loan interest rate | 6.99% p.a. to 20.49% p.a. |
Comparison rate* | 7.91% p.a. to 21.33% p.a. |
ANZ | |
Personal loan interest rate | 7.49% p.a. to 19.99% p.a. |
Comparison rate* | 8.18% p.a. to 20.58% p.a. |
G&C Mutual Bank | |
Personal loan interest rate | 7.99% p.a. to 16.99% p.a. |
Comparison rate* | 8.20% p.a. to 17.22% p.a. |
Society One | |
Personal loan interest rate | 8.20% p.a. to 24.89% p.a. |
Comparison rate* | 8.27% p.a. to 25.64% p.a. |
Westpac | |
Personal loan interest rate | 7.99% p.a. to 20.49% p.a. |
Comparison rate* | 9.18% p.a. to 21.61% p.a. |
Wisr | |
Personal loan interest rate | 8.99% p.a. to 18.95% p.a. |
Comparison rate* | 9.83% p.a. to 18.87% p.a. |
Commbank | |
Personal loan interest rate | 8.49% p.a. to 20.49% p.a. (fixed); 8.00% p.a. to 20.00% p.a. (variable) |
Comparison rate* | 9.88% p.a. to 21.78% p.a. (fixed); 9.40% p.a. to 21.30% p.a. (variable) |
MoneyMe | |
Personal loan interest rate | 9.20% p.a. to 25.20% p.a. |
Comparison rate* | 10.58% p.a. to 26.58% p.a. |
Latitude Financial | |
Personal loan interest rate | 9.49% p.a. to 29.99% p.a. |
Comparison rate* | 10.93% p.a. to 31.83% p.a |
Fair Go Finance | |
Personal loan interest rate | 21.90% p.a. to 25.90% |
Comparison rate* | 27.54% p.a. to 33.80% p.a. |
Jacaranda Finance | |
Personal loan interest rate | 17.95% p.a. to 24.95% p.a. |
Comparison rate* | 32.40% p.a. to 39.63% p.a. |
Personal loan interest rate | Comparison rate* | |
---|---|---|
Harmoney | 5.76% p.a. to 24.03% p.a. | 6.55% p.a. to 24.98% p.a. |
Plenti | 6.57% p.a. to 24.09% p.a. | 6.57% p.a. to 26.28% p.a. |
NOW Finance | 6.75% p.a. to 26.95% p.a. | 6.75% p.a. to 26.95% p.a. |
Pepper Money | 6.75% p.a. to 26.95% p.a. | 6.75% p.a. to 26.95% p.a. |
ING | 6.89% p.a. to 18.99% p.a. | 7.10% p.a. to 19.23% p.a. |
Our Money Market | 6.57% p.a. to 18.99% p.a. | 7.19% p.a. to 21.78% p.a. |
Moneyplace | 7.24% p.a. to 19.99% p.a. | 7.24% p.a. to 21.49% p.a. |
Liberty Financial | 7.24% p.a. to 19.99% p.a. | 7.24% p.a. to 21.49% p.a. |
Bank of Melbourne | 6.89% p.a. to 19.99% p.a. | 7.91% p.a. to 21.33% p.a. |
BankSA | 6.89% p.a. to 19.99% p.a. | 7.91% p.a. to 21.33% p.a. |
St.George Bank | 6.89% p.a. to 19.99% p.a. | 7.91% p.a. to 21.33% p.a. |
Great Southern Bank | 7.49% p.a. to 19.99% p.a. | 7.74 % p.a. to 20.27% p.a. |
NAB | 6.99% p.a. to 20.49% p.a. | 7.91% p.a. to 21.33% p.a. |
ANZ | 7.49% p.a. to 19.99% p.a. | 8.18% p.a. to 20.58% p.a. |
G&C Mutual Bank | 7.99% p.a. to 16.99% p.a. | 8.20% p.a. to 17.22% p.a. |
Society One | 8.20% p.a. to 24.89% p.a. | 8.27% p.a. to 25.64% p.a. |
Westpac | 7.99% p.a. to 20.49% p.a. | 9.18% p.a. to 21.61% p.a. |
Wisr | 8.99% p.a. to 18.95% p.a. | 9.83% p.a. to 18.87% p.a. |
Commbank | 8.49% p.a. to 20.49% p.a. (fixed); 8.00% p.a. to 20.00% p.a. (variable) | 9.88% p.a. to 21.78% p.a. (fixed); 9.40% p.a. to 21.30% p.a. (variable) |
MoneyMe | 9.20% p.a. to 25.20% p.a. | 10.58% p.a. to 26.58% p.a. |
Latitude Financial | 9.49% p.a. to 29.99% p.a. | 10.93% p.a. to 31.83% p.a |
Fair Go Finance | 21.90% p.a. to 25.90% | 27.54% p.a. to 33.80% p.a. |
Jacaranda Finance | 17.95% p.a. to 24.95% p.a. | 32.40% p.a. to 39.63% p.a. |
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GET STARTEDGET STARTEDYou can apply for a loan for education in Australia if you are:
If you meet these initial eligibility criteria for an education loan, the lender will still need to assess your application based on your financial situation.
They do this to ensure the loan isn’t unsuitable for you and you can easily meet the repayments.
Lender usually consider:
To get an education expenses loan you will need to:
Before you apply for an education loan, make sure you check if you’re eligible for any government or other financial assistance.
The government offers a number of different interest-free loan schemes for eligible students enrolled in a Commonwealth supported place at university.
There are loans that can be used for both tuition fees and living costs, including OS-HELP, which can be used to fund overseas study.
This program helps eligible students pay tuition fees for approved higher-level vocational education and training (VET) courses. To be eligible for a VET Student Loan you must be studying at a VET Student Loans approved course provider.
Government assistance programs are available for eligible students, offering regular cash payments that do not have to be repaid.
Most universities offer scholarships that can cover part or all of your study costs.
These are usually available for students in their first year of study right through to the postgraduate level.
To be eligible for an education loan (personal loan) you generally need to be an Australian citizen or permanent resident.
This will likely rule out many overseas students.
The cost of your education loan will depend entirely on how much you borrow, how long you take to repay it and the loan’s interest rate and fees.
To help keep your costs low, you may be able to refinance your loan to a lower rate if a better deal is available.
You may be able to get an educational loan if you have bad credit but you’ll likely be charged higher interest rates and fees.
You may be more likely to be approved by a lender who specialises in bad credit loans.
If you meet the lender’s minimum credit criteria you may be able to get an educational expenses loan even if you’re already getting government assistance.
Shopping around for the right loan can save you thousands of dollars in interest and fees.
Personal Loans guides and resources
The great thing about personal loans is they can fund almost anything. They are perfect when you need that bit extra to cover expenses, start a project or reset your finances to get back on track.
*Information about comparison rates Comparison rates are designed to allow borrowers to understand the true cost of a loan by taking into account fees and charges, the loan amount and the term of the loan. The comparison rate is based on an unsecured fixed rate personal loan of $10,000 over 3 years. WARNING: Comparison rates are true only for the examples provided and may not include all fees and charges. Different terms, fees or loan amounts might result in a different comparison rate.