Student loans are available to those students who are planning to study abroad or overseas. In these past years, there is an increase in the number of students going for higher education abroad as well as the number of students taking an international educational loan to cover study expenses. So there are a lot of factors to consider before you take an international study loan.
The first thing you have to do is decide to which college you want to go and then do full research about it like the course fees and tuition fees of the college, the courses it offers, the cost of living in that location, getting a visa for that location, etc. The next thing to do is research about international study loans as the cost of living and other educational expenses are very high in foreign countries.
So it is very important to identify the loans and understand the terms and conditions linked to each one. There are many great countries to study like Australia, USA, Singapore, UK, etc. This article, we are going to focus on the Country of Kangaroos and beaches, Australia and how the vast majority of over 600,000 international students from more than 200-countries secure international student loan. International loans play an important role in enhancing the student’s educational experience but it’s important to manage the loans carefully to ensure they are replayed on a timely basis. Failing to manage international student loans can result in negatively affecting the student’s job prospects in future. A common challenge faced by International students getting jobs in Australia is a poor credit score. This occurs due to students failing to repay their student loans on time leading to long term credit score challenges which affect their reputation and ability to secure jobs.
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Many students choose Australia to pursue a career or continue their higher studies due to the number of recognized universities, schools and colleges it has. Due to the increase in tuition fees, fluctuation of exchange rates and other living expenses, you may have to think of getting an international student loan. Australia International student loan can help higher education for foreign enrolled students.
This article will guide you about international study loan in Australia and how to get one.
Eligibility criteria to get an international study loan in Australia
There are some things to take care of to be eligible for an international student loan in Australia.
The types of educational loans available in Australia for a student
There are three types of educational loans for students in Australia depending upon the education eligibility.
Student loan plans offered by some top private banks
Numerous banks in Australia offer international student loan in Australia. To choose the right bank, the student has to take care of many things like interest rate, comparison rate, and fees. Some of the top private banks that offer international student loan in Australia are mentioned below.
Universities that offer international student loan in Australia
Many universities offer international student loan in Australia. The international student loan covers:
The colleges or universities eligible for an international student loan are:
These are the top colleges among all the colleges that international student loan:
Loan Limits- a dependent undergraduate student will receive an aggregate loan limit of $31,000 for per year whereas the independent undergraduate students will receive an aggregate loan limit of $57,000 per year. The graduate and professional students will receive an aggregate loan limit of $138,500 per year.
Loan limits- for PLUS plans there are no aggregate loan limits, but the maximum PLUS loan amount you can borrow is the cost of attendance minus other financial help received such scholarships.
Other than this, Murdoch University also offers various kinds of scholarships categorized by discipline, undergraduate, honors, postgraduate, international, and study abroad.
The loans provided by the University of Melbourne are for different purposes of the student like for basic living and study costs or cars because sometimes the student lives in places where public transport is not available or some other reason due to which student can’t use public transport, or even for travel.
These colleges and their schemes will help you in getting an international student loan Australia.
Repayment of the international student loan in Australia
The repayments have different methods and guidelines for different schemes. The most common repayment scheme for short-term loans is to pay within two months after loan approval date and for long terms the amount is to be paid after six months of commencement of loan with no interest if the loan is paid within the study of current course and after that, interest is added. The interest rate depends on the type of loan and the university or government providing it.
The repayment modes can include cash, check, draft, and online payment. The loans can be paid either monthly or quarterly in some schemes. Unlike university loans, bank loans can be started paying after completion of the course or even after one or two years of completion of course. Some banks don’t allow early payments and include penalties for early payment.
So this was all regarding availing an international student loan Australia, the process is complicated so choose wisely before applying for a loan using a respective scheme.