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Education loans Australia
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.
How do education loans work?
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:
What can I use an education loan for?
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.
How to qualify for an education loan
You 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:
How to apply for an education loan
To get an education expenses loan you will need to:
Can I get help from the government?
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.
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Are education loans available for international students in Australia?
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.
How much do education loans cost?
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.
Can I get an educational expenses loan if I have bad credit?
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.
Can I get an educational expenses loan if I’m already getting government assistance?
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.
Sean Callery is the Editor of Money.com.au. He has over 15 years of international experience. He is qualified with a Certificate IV in Finance and Mortgage Broking (FNS40821) and is compliant to provide general advice in Tier 1 General Insurance (RG 146) products.
Shaun McGowan is the founder of Money.com.au. He's determined to help people and businesses pay as little as possible for financial products, through education and building world class technology. Previously Shaun co-founded CarLoans.com.au and Lend.
^Comparison rate warning
Unless otherwise stated, personal loan comparison rates are calculated based on a loan amount of $30,000 repaid over a 5-year term. The comparison rates only apply to the examples given. Different loan amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees and cost savings such as fee waivers are not included in the comparison rate but may influence the cost of the loan. Check with the provider for full loan details, including rates, fees, eligibility and terms and conditions to make sure the product is right for you.
Products, features and information displayed
General information only The information on this page is general in nature and has been prepared without considering your objectives, financial situation or needs. You should consider whether the information provided and the nature of any personal loan product is suitable for you and seek independent financial advice if necessary.
We are not providing you with a recommendation or suggestion about a particular personal loan. You should read the relevant disclosure statements or other offer documents before deciding whether to apply for or continue to use a particular product.
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