As we can see in the past few years many students plan to study abroad. Australia has always been off of the top countries for higher educational studies. As the rate of students moving there is increasing, the rate of international educational loans is also increasing to cover the expenses for studies. Many international students choose to study in Australia for various other reasons which may include:
- To learn more about their field so they can find better job options.
- To prolong their stay in Australia
- To live a better life.
But in many cases, financial reasons come in the way to stop them from moving forward. This is where financial support comes in need. The tuition fees are relatively less as compared to other countries which makes it easier for students to take instant cash loans and manage their finances.
So before taking the education loan it is always important to consider a few things mentioned in the article below.
How much money will you need?
Following are some important points that you will have to note to understand how much cost will it require to live and study in Australia.
- $25,000 – $45,000 AUD for a year of bachelor’s degree
- $22,000 – $50,000 AUD for a year of master’s degree
- $300 AUD for a week of an English language course
With the additional cost of approximately $22,000 per year for other financial necessities such as groceries, rent, and other costs.
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Higher Education Loan Program (HELP):
HELP is the Australian student loan system for students who are in Australia but unfortunately, only students who are Australian citizens can access this. But this does not mean that all doors are shut for the international students in Australia. Following are some suggestions:
By taking University loans:
Universities in Australia are known to be the best for providing loans to both local and international students. They offer two types of loans
- Short-term loan
- Long-term loan
- Bad credit loans Australia
These help students to manage their finances as well as their tuition fees so they can comfortably study without any distractions.
It’s always a better idea to check if your university provides student loans or not.
University loans most of the time are interest-free and can easily be given to students who can prove that they have a steady source of income. You can always check out the universities website to understand if you are eligible or not.
If you request a loan greater than $500, you will then be asked to give a guarantor who is a permanent resident of Australia.
Schemes for international students:
There are so many options available to take loans for your study program but the best one out of them is approaching your home branch. This option is always likely to give success because you have an account in a bank and have good relations with them as if you returned your previous loans in time then this is certainly the best option for you. If you manage to secure a loan in your country, you can pay it back easily by also working part-time in Australia.
By taking private loans:
This is one of the easiest and simplest ways of taking a loan in Australia. All you have to do is borrow money from a bank in which you have created your account and then after the time period is over you can repay them back with interest.
This is the best option for students who are already working there with an employer who is approved and earns an income on which he also pays tax.
The banks only require some important legal documents of yours such as your information regarding your visa, your paychecks, and the employer’s information to see if you are eligible or not.The only drawback of this way is that the interest rate is usually higher.
Other ways to pay for your studies:
If nothing works out and you can not land on any student loan then the following are some other options that you can consider to pay for your expenses and tuition fee:
By Working part-time:
One of the best things about Australia is that any foreigner can go and work there without any problem which is why many students are attracted to go and live there. If you are on an Australian student visa then you are allowed to work up to 40 hours and even if you get a job that pays $20 AUD per hour, you will still be able to manage your expenses.
By Applying for Scholarships:
There are many opportunities for international students to apply for fully funded scholarships in Australia, which is also a great option for students.
Conclusion:
Now you don’t have to worry abo9ut studying in Australia because these loans will help you in managing all your finances.