Australia is known for its recognized schools, colleges, and universities which grab the attention of students from all over the world. However, when it comes to living and studying in the country, students need sufficient money to pay for their expenses.

Applying for a student loan in Australia is simple today, and every student should take advantage of it. However, you need to keep certain things in mind before applying for a student loan.

The student loan system in Australia is called HELP (Higher Education Loan Program). It is an initiative by the Australian government that offers financial aid to students so that they can fund their education. Unfortunately, international students are not eligible for HELP, but there are other sources through which they can get student loans. Here are two of them:

Keep in mind that you not only have to cover tuition fees but also other expenses, including, boarding, housing, insurance and general living expenses. So, be wise and spend some time to evaluate your financial needs before getting to a loan.

You should be a regular and full-time student at the university. You will not be eligible for a loan if you take up a distance education course.

You should have a strong academic record. You need to get at least 18 credit points in one semester or 36 credit points in one academic year.

You have to provide security to the bank in the form of land or building, government securities or public sector bonds, or a bank deposit in the name of the student or parent. Lees verder →