Education Loan for Australia – Australian Universities are witnessing rising popularity among Indian students who wish to study abroad. The difficulties of getting a student visa for studies in the USA, or in UK, have resulted in more students seeking options in countries like Australia and New Zealand. Besides an easy Australian student visa application process, the country also has lower cost of living and education. Students who wish to study in Australia also get to avail the easy work visa and benefits of permanent residence.
Apart from the financial benefits, the quality of higher education in Australia is another reason for its popularity. Currently 18 Australian Universities are listed in the Top 500 Global Institutions of the QS Rankings. These include 8 institutions which are in the top 100. The admission process for International Admissions to Premier Universities for higher education in Australia is also not as complicated as other countries. Even, getting an education loan to study in Australia is easier as compared to getting an education loan to study in USA or in Canada. Perhaps these are the reasons why Australia is among the 3rd most visited country by Indian students for higher education. (MEA Annexure 1 Q964, 26-07-2018).
In addition, there are more scholarships to study in Australia as compared to other study abroad destinations for Indian students. But scholarships in Australia are rarely free-rides, which means they don’t pay for complete academic expenses. Thus, an Education loan for Australia becomes a necessity for any Indian aspirant. It is only coincidental that students can suffice with lesser education loan amount in Australia as compared to international admission programs in USA, UK, Canada, Ireland, etc. Here we will inform you about the information of eligibility, interest rates and key factors to keep in mind for student loans in Australia.
Apart from the academic fees and living expenses, Indian students require a mandatory health insurance to study in Australia. Students are required to show proof of funds to cover academic and living expenses to get an Australian Student Visa. The respective cost of education in Australia for Indian students is:-
|Cost of Education in Australia for Indian Students|
|Academic Level||Cost in Australian Dollars (approx.)||Cost in Indian National Rupee (approx.)|
|Undergraduate courses||AU$34,000||₹17.00 Lakhs|
|Post Graduate courses||AU$37,000||₹19.00 Lakhs|
|Doctoral Degree Courses||AU$40,000||₹21.00 Lakhs|
|Average award amount Scholarships to Study in Australia||AU$20,000||₹10.00 Lakhs|
Under the recently updated Simplified Student Visa Framework (SSVF) students from India are required to get a GTE visa. GTE/’Genuine Temporary Visa’ requires students to show proof of funds for at least 1 academic year to study in Australia. This requirement for proof of funds can be satisfied by getting an education loan for Australia from approved list of banks. Here are the details of fund requirements for an Australian Student Visa.
|Evidence of Funds for Australian Student Visa|
|Type of expense||Details|
|Students’ Living expenses (per student)||AU$20,290|
|Partner/Spouse Living expenses (per member)||AU$7,100|
|Children (per child) Living expenses||AU$3,040|
|Tuition Fees (Course duration less than 12 months)||Total Course Fees|
|Tuition Fees (Course duration more than 12 months)||Monthly Fees x 12 or yearly fees or complete course fees pro-rated by each year|
|OSHC (Overseas Student Health Cover)||AU$3000 to AU$7000|
Many education loan providers cover cost of living in Australia for Indian students along with their academic expenses. Australian Student Visa application process is also hard-linked to financial ability of the applicant. Thus, it becomes necessary for an Indian student to get a loan, international scholarship or personal funding to Study in Australia.
The key points to consider before getting any education loan for Australia are:
*Scholarship Adjustable Loans are those loans which allow students to pay margin money by using their scholarship sum. Some banks require students to pay a percentage of academic fees along with disbursed loan amount to proof financial viability. This percentage amount is called ‘Margin Money’.
Here is a list of detailed parameters for Study Abroad Education Loan schemes provided by Indian Banks, NBFCs and Private Education Loan Experts.
|Education Loan for Australia – All parameters|
|Education Loan Amount|| |
|Education Loan Interest Rate|| |
|Education Loan Eligibility|| |
|Education Loan tenure|| |
|Documents required for Study in Australia Loan|| |
|Education Loan for Australia – Subsidies applicable (Indian Government)|| |
Australia has not got any International Student Loan providers which help Indians to get foreign financial aid. This leaves students with two options of Indian Nationalised Banks (Private and Govt.) or Non-Banking Financial Banking Corporations (NBFCs). The application process involves close coordination with visa offices, international admission offices and bank authorities. Here is a step-by-step guideline for Australia Study Loan Application Process.
Some Indian students can get government aid from Australia in form of loans towards their academic fees. HELP Loan is a scheme by Australian Government to help students pay their expenses to study in Australia. Indian Students with permanent resident status visa may apply for HELP Student Loans or Commonwealth Supported Places (CSP) Loans. Students may check the official Australian Home Affairs Website to check details about Permanent Resident Visa.
Scholarships for Australia are provided mostly under Commonwealth Programs and Government Schemes. Admission process and scholarship application process for studies in Australia are more-or-less similar in structure. Some scholarships like Dr. Abdul Kalam Postgraduate Scholarship and School of Chemistry & Molecular Biosciences Indian Scholarship cover up to 50% of tuition fees. But to cover remaining fees students prefer education loans over self-financing. Students can find scholarships to study in Australia on government websites or they can directly find curated lists on Buddy4Study. With the combined provision of study abroad loans and scholarships affordable ‘Study in Australia’ is after all ‘a-dream-not-impossible’ for any student. Happy Learning!
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