Discover top international student loan options in the Australia

Australia is preferred as a study destination for Indian students but it is a comparatively expensive country to study in. Indian students fly to Australia to avail world-class education every year as it is a hub of education and resources.

Many banking and non-banking institutions offer loans for Indian students wanting to study in Australia. To check if you’re eligible to get a study loan for Australia, you need to tick out these eligibility standards:

1. Be an Indian citizen.
2. Have a decent academic history.
3. Already be enrolled at one of the universities in Australia recognized by the bank.
4. Be admitted into a programme that prepares them for a job after finishing their studies

Note: The listed criteria are basic ones for Indian students going to Australian universities but to apply for a particular university, it is best to check their respective eligibility criteria.

The banks that offer student loans check your ability to repay the loan after completing your education. To do that, they confirm that you are a legal student who has been accepted into a reputed university in Australia.

1. Offer letter from a recognized Australian university
2. Application form
3. Documents of education expenses
4. Identity proof
5. Address proof
6. PAN Card
7. Bank statements of the applicant and co-borrower
8. Statement of assets of the applicant and co-borrower
9. Proof of income

Note: Make sure to check the list of papers needed with the bank, as the requirements can vary based on the bank's rules for student loans in Australia

Many loan programs now help with more than just tuition fees for studying in Australia—they can cover various expenses in Australia like:

1. Tuition fee
2. Travel expenses
3. Accommodation expense
4. University fees
5. Living expenses
6. Laptop
7. Other expenses (study tours, thesis, project work etc)

In India, there are generally two types of student loans for studying in Australia:

1. Secured Education Loans: To apply for a secured education loan, you need to have collateral like apartments or government bonds.
2. Unsecured Education Loan: Students who do not have any collateral as a guarantee can apply for an unsecured education loan but the interest rates for this may be higher.

The cost of studying in Australia depends largely on the degree, the course, and the university chosen. Here are a few approximate estimates:

1. Undergraduate Degree: AUD 20,000 - AUD 45,000
2. Postgraduate Degree: AUD 22,000 - AUD 50,000
3. Doctoral Degree: AUD 18,000 - AUD 42,000
4. Vocational Education and Training: AUD 4,000 - AUD 22,000
5. English Language Studies: AUD 300/ week

Australia may be an expensive option for studying but it does have world-class universities for international students. Here’s how Indian students are constantly opting to study in Australia.

1. Make sure that you have clarity on the service charges and prepayment penalties.
2. Students can opt for moratorium periods which are sabbaticals that are almost the length of the course. They can pay back the interest of the loan during this time so that the burden of paying the loan back is lightened later.
3. Apply for the loan when it is needed and not a year before the studies begin.
4. Students can claim tax benefits on the education loan under Section 80E of the Income Tax Act.

Looking to soar to your dream country and set the stage for a prosperous career while managing your entire study abroad journey in Australia? Lorien is the perfect partner for your abroad aspirations. Here's why:

1. We help you get loans that can finance up to 100% of your university fees.
2. We charge ZERO fees for our services
3. We help you navigate necessary cosigners for Indian banks & no cosigner provisions for international banks at low interest rates.
4. We help you compare the best education loans possible
5. We keep track of your loan application and bargain for the best price.

Australia is widely chosen by Indian students for higher education because of its world-class study options. While they offer a number of courses, here are the most chosen ones.

1. Business and Management
2. Engineering
3. Information Technology
4. Health Sciences and Medicine
5. Hospitality and Tourism Management
6. Education
7. Environmental Sciences
8. Creative Arts and Design
9. Social Sciences and International Relations

Indian students who wish to pursue higher education in Australia need to submit a few documents. The specific requirements can vary for each student, but here is a list to take note of:

1. Proof of Enrolment
2. A valid passport
3. Visa application fee
4. Genuine Temporary Entrant (GTE) statement
5. Academic & work experience documents
6. Evidence of English proficiency skills (like IELTS)
7. Evidence of tuition fee and living expenses
8. Evidence of expenses for dependents
9. Evidence of return airfare
10. Health Insurance Policy (OSHC)
11. Passport sized photos