How Can Overseas Students Get A Loan For Their Studies In Australia?

Study in Australia is quite expensive. There are several expenses besides the tuition fees of the university like living, transportation, health and miscellaneous expenses. The students, who are unable to bear all these expenses, seek for financial aids for earning their international degree. Australia offers many financial aid programs for the international students to help them get a degree from any reputed university in Australia.  These financial aid programs help the students meet their expenses. The international students can get financial aids through different sources like

Scholarships            

Many scholarships are available for the international students in Australia. These are the awards like Australian development scholarships and Australian leadership awards for the overseas students.

Study Financial Aid                 

The international students can take study financial aid by general purpose and international student short term Loan

General Purpose Loan                                                                          

This loan is for the overseas students and the total amount is up to $ 4,000 for an academic year. The students are eligible for this loan if they have taken admission in any approved courses. The minimum credit points should be 18 for a semester and 36 points for a complete academic year. The candidate must also show an excellent academic record in order to be eligible for general purpose loan. One most important condition in order to become an eligible candidate is that the student must be unable to bear the expenses of his education because this loan is provided to those candidates who are not financially stable. The candidate must also demonstrate that he needs this loan for the conduction of his course and is unable to get loan from any other means.

This loan is not given to those candidates who are in charge of any expense or fine irrelevant to the course.

Repayment                                   

This is an interest free loan which has to be repaid before the completion of the course. But if the student fails to repay the loan then his degree is with held.

International Student Short Term Loan                                                              

This loan is also for international students in the emergency or when it becomes urgent for the student to take loan. The loan is provided only once and its total amount is $ 1500. All international students can apply for this loan on the condition if they are full time students of a university.

This loan has to be repaid within two months after 4 weeks the loan is released. This is also an interest free loan only if the candidate repays it within two months or within the deadline given on the agreement of the loan.

But if the students becomes unable to repay the loan within the given deadline, then the loan amount rises at the srate of 2.5% monthly starting from the date the loan was released.

Both types of loans can be applied through an application form which is available online. These loans are very helpful in overcoming the burden of student expenses.