Education Loans with Money Matchmaker™

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“Super quick, I got lots of offers. All I had to do was choose which one! I went with Wisr because they were the cheapest. Thanks” - Angela

Educational Expenses Loans

Education loans are a type of personal loan you can use if you need help financing your studies.

You can use the money to pay for books, tuition, and even living costs!

Before you apply for an education loan, see if you qualify for any government assistance - we’ll cover these in the sections below.

Why do I need a loan for my education?

Although education loans shouldn’t be your first stop for finance, there’s a reason they exist.

Firstly, depending on the course you take, your tuition fees can be extremely high.

Secondly, intensive full-time study makes it hard to hold down a job and earn a solid income.

Lastly, not everyone qualifies for government assistance.

While education loans aren’t for everyone, they can be a financial lifeline to a number of students who just need a little helping hand to finish their studies.

Money Tip: To find the best offers, it’s worth spending some time comparing available deals from multiple lenders. You can do that simply by taking our quiz.

What can I use the money for?

You can use the money for anything related to your studies.

Most students use education loans to pay for things like:

  • Admission fees
  • Course costs and fees
  • Textbooks, laptops, course-related purchases
  • Accommodation and living costs
  • Travel costs

Find the best deal on education loans

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Education Loans with Money Matchmaker

Can I get help from the Government?

Before you apply, have a look at some of the government assistance options below.

Government educational expenses loans

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.

  • Tuition loans charge a 25% one-off fee for each course funded
  • Loan limit of $106,319 to $152,700 depending on your area of study
  • You won’t have to make repayments until you’re earning a minimum of $51,957

Government student assistance

Government assistance programs are available for eligible students, offering regular cash payments that do not have to be repaid.

These include living costs payments and special benefits for Aboriginal and Torres Strait Islander students and apprentices.

Visit www.studyassist.gov.au to find out if you’re eligible and apply.

Scholarship

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 find out more about scholarships available to you, contact your education provider.

How to choose an Education Loan

Just like your studies, choosing a loan is a major life decision.

When you’re comparing your options, you’ll want to look at more than just how much you can borrow.

This includes:

  • Interest rates - how much extra you’ll pay on the amount you’ll borrow
  • Fees - ongoing charges you can usually avoid!
  • Loan term - a short loan has higher repayments, a longer loan charges more interest
  • Features - things like early repayments, redraw facilities, and discounts for students.

Some education loans have useful features that may help save you money, or make paying them off easier.

  • Weekly, fortnightly or monthly repayments to suit your pay cycle
  • No-fee extra payments so you can repay your loan sooner without getting charged

Take your time comparing offers to find one that suits your best.

Meet your Potential Education Loan matches

Meet Plenti
  • No Early Repayment Fees
  • No Monthly Fees
  • Get Funds 24 Hours From Approval
Meet Wisr
  • Same day decisioning
  • No admin, early repayment or "risk" fees
  • Support from real people
Meet Fair Go
  • Build your credit score by making timely repayments
  • Once approved, loans are funded in minutes
  • Flexible repayments; weekly, fortnightly, monthly options
Meet Society One
  • No ongoing fees
  • No monthly fees
  • No Deposit Required
Meet Jacaranda
  • Apply in under 8 minutes
  • Once approved, cash transferred in 60 seconds
  • No early termination fees
Meet Money3
  • Pay your loan out early with no fees
  • Increase regular payments to suit your situation
  • Make extra repayments at any time
Meet Now Finance
  • Get a guaranteed, personalised rate in 2 minutes
  • Apply online in under 10 minutes
  • Weekly and fortnightly repayments
Meet Alex
  • $0 establishment fee: offer expires 3NOV21
  • $0 ongoing fees, early repayment fees, exit fees
  • Multi Award winning and 100% digital

How to qualify and apply for an Education Loan

You can apply for an education expenses loan in Australia if you are:

  • Over the age of 18; and
  • An Australian citizen or permanent resident; and
  • Employed or have a regular source of income over $25,000 per year

If you meet the basic eligibility for a loan, you will then need to compare lenders and assess their individual approval criteria.

To get an education expenses loan you will need to:

  • Submit a personal loan application to a lender
  • Meet the lender’s approval criteria for the personal loan
  • Sign a loan contract and agree to the terms of the loan

The most important factor when gaining approval is to demonstrate your ability to meet the repayment schedule over the term of the loan.

If you take our quiz and find a lender you want to apply with, you will be directed to the lender’s website and need to supply all documentation as you normally would when applying for an educational expenses loan, which may include:

  • Proof of identity — e.g. passport or driver licence
  • Proof of income — e.g. payslips, bank statements
  • Details of any current debts or other loans

Here are the most popular questions people are asking about education loans

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Are education loans available for international students in Australia?

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Yes, education loans are available to international students, provided they reside in Australia and have a source of income.

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How much do education loans cost?

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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.

faq

Can I get an educational expenses loan if I have bad credit?

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You may be able to get an educational loan if you have bad credit but you may be charged higher interest rates and fees. You may be more likely to be approved by a lender who specialises in bad credit loans.

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Can I get an educational expenses loan if I’m already getting government assistance?

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Yes, if you meet the lender’s minimum credit criteria you should be able to get an educational expenses loan even if you’re already getting government assistance.

The benefits of using Money Matchmaker™ to find your Education Loan

1
Money Matchmaker saves you time looking for your loan
Save Time

Get matched with real loan offers from up to 11 lenders, all at once.

2
Money Matchmaker stops you overpaying on your loans
Don't Overpay

We show you the best interest rates and repayments from each lender you match with

3
Money Matchmaker shows you personal loan rates unique to you
It's Personal

The rates are based on who you are and where you are at in life

4
Money Matchmaker puts you in control of your loan choices
You're in Control

No obligations, just the facts, make an informed choice

5
Money Matchmaker is 100% free to use
100% free

There are no middlemen, marked up pricing or broker fees. (We get paid by the lender)

Get matched with your perfect education loan

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How Money Matchmaker™ works

Just like when you use a dating app or go to a broker, we use your answers to show you real lenders, real rates and actual repayments across all our lenders that you’re eligible for; without any broker fees or marked up interest rates.

  • You tell us about you and we scan your profile through our Money Matchmaker ™ engine.
  • We give you all the results that you match with, without any advertising or promoted offers, these are the real rates and fees, just like you’d receive when applying directly with a lender.
  • You can then choose the lender you wish to match with.

The right education loan can save you $1,000s

FIND YOUR CAR LOAN

Address

Money Pty Ltd,
Suite 3, Level 2,
1 Taylor Street,
Moorabbin, VIC, 3189 Australia

Company

Money Pty Ltd trading as Money
ABN: 42 626 094 773
ACL: 528698
AFCA: 83955

© Copyright 2021 Money Ltd.



Disclaimer

Money Pty Ltd (trading as Money.com.au) provides information about credit products and is authorised to do so as the holder of Australian Credit Licence 528698. Money.com.au does not compare every Lender in Australia. We are not a broker or credit provider and when we provide information via this website, we are not providing you with a recommendation or suggestion about a particular credit product. When you apply for a credit product via the Money.com.au website, you are not applying with us, you are applying directly with a Lender Partner. Before entering into any credit product from one of our Lender Partners, you should confirm the rates and product information with the Lender. All information on this website is general advice only and does not take into account your objectives, financial situation or needs. You should consider whether this advice is right for you and we encourage you to seek independent financial advice.