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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
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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
- No Early Repayment Fees
- No Monthly Fees
- Get Funds 24 Hours From Approval
- Same day decisioning
- No admin, early repayment or "risk" fees
- Support from real people
- Build your credit score by making timely repayments
- Once approved, loans are funded in minutes
- Flexible repayments; weekly, fortnightly, monthly options
- No ongoing fees
- No monthly fees
- No Deposit Required
- Apply in under 8 minutes
- Once approved, cash transferred in 60 seconds
- No early termination fees
- Pay your loan out early with no fees
- Increase regular payments to suit your situation
- Make extra repayments at any time
- Get a guaranteed, personalised rate in 2 minutes
- Apply online in under 10 minutes
- Weekly and fortnightly repayments
- $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
Are education loans available for international students in Australia?
Yes, education loans are available to international students, provided they reside in Australia and have a source of income.
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.
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 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.
Can I get an educational expenses loan if I’m already getting government assistance?
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
Save Time
Get matched with real loan offers from up to 11 lenders, all at once.
2
Don't Overpay
We show you the best interest rates and repayments from each lender you match with
3
It's Personal
The rates are based on who you are and where you are at in life
4
You're in Control
No obligations, just the facts, make an informed choice
5
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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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
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