Studying in Australia can be a little bit expensive than studying in any other country. After acquiring admission to a university or college in Australia, your next concern will apparently be determining the source of wealth for your educational expenses. Students can apply for education loan to study in their favorite college or university in Australia.
Education loan for International students in Australia
International students who are on the view for an education loan for Australia study can get his/her loan approved at an accelerated pace, provided all documents required for its processing is submitted in advance. It would be prudent to get in connection with a bank near to your residence so that the process would be quick and that you will have abundant time to do routine follow- so that your study loan for Australia will be acquirable by the time the intake process starts.
Certain points that students need to know while taking education loan in Australia-
Before applying for an educational loan, there are certain points that you need to know. When you apply for an education loan, you will be treated as the borrower and your parents as guardians or co borrower. Based on the borrower’s papers, the loan is permitted. The loan amount or the terms of loans differ from bank to bank. For studying abroad, the amount banks lends up generally covers-
- Tuition fee payable to college
- Travel expenses
- Examination, library or hostel charges
- Purchase of books, equipment, and uniform
- Cost of two-wheelers
Repayment of loan-
Students can repay their loan in the form of EMI’s which will start one year after the course or six months after the graduate has got a job, whichever is earlier. The term can be from 3-8 years.
Types of education loan in Australia
- Undergraduate Students loan- Students who have finished their higher education and wished to set about an undergrad course to increase their job possibilities can avail the undergraduate student’s loan.
- Professional or graduate Students loan- Professional or graduate students loan can be taken by learners who want to pursue their higher degrees at colleges or universities across Australia. In order for the students to put in application for a graduate scholar loan, an undergraduate course must be completed.
- Career education loan- Scholars who wish to attend undergraduate career oriented programs at technical and trading colleges throughout the nation can avail career education loan.
Why most students choose Australia for their higher education?
Throughout its universities, Australia encourages creativity, innovation, and individualistic thinking. International scholars who live and study in Australia soon find that their education is fun, challenging and rewarding. You can assume to live, grow and learn in a young, friendly country full of opportunities as an international student in Australia. For those international scholars who accomplish their degree, they will soon find that they are competitive in today’s international job market.
Eligibility requirements for education loan-
To be eligible for an education loan in Australia, then you must:
- Have a high school diploma or its equivalent.
- Be registered or accepted for enrollment at least half-time in an eligible degree or certificate program at an esteemed and eligible educational institution.
- Be a citizen, permanent citizen or eligible non-citizen of the Australia.
- Be in good standing and making satisfactory scholarly advancement if presently enrolled.
- Not be in error or build on a refund on any federal education grant or loan unless competent arrangements have been made to repay the outstanding debt.
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