Study Loans is an alternative financing option providing flexibility for students to pay for their post-graduate education.
How does the loan work?
You may borrow up to the full cost of the course or up to a maximum of $50,000 (whichever is lower) and access the loan funds as you need to pay your course fees. This means you only pay for what you have borrowed with payments starting lower and as you access more funds your payments increase.
Am I charged for any funds that are unused?
No, there are no interest or payments required on any undrawn funds.
Who can borrow with Study Loans?
Australian Citizens and Permanent Residents who have demonstrable income to service the loan repayments
What happens if I defer my education?
You are only required to maintain payments on what you have borrowed and other drawdowns may deferred until you wish to recommence your studies and access the remaining funds.
When do I have to start repaying the loan?
Your payments start once you have activated your first drawdown on a weekly, fortnightly or monthly (based on your application preference).
How long do I have before I need to make my first drawdown?
Your offer is valid for 90 days after our approval. If you do not make your first drawdown within this period, we will need to reassess your application.
How long do I have to fully drawdown on my loan?
Once you have made your first drawdown you may draw on the remaining funds anytime during your loan term.
How do I access the funds?
You will have access to a secure and personal Student Portal where you can upload the colleges invoice. We will pay the amount of the invoice directly to the college on your behalf.
How many drawdowns can I have?
There is no limit on the amount of drawdowns you can have.
Are there any fees associated with the loan?
There are no application fees.
There is a $200 establishment fee which applies only when the application is approved and activated. Then, $25 per subsequent drawdown request.
Can you decline a drawdown request?
Yes, if your account is in arrears we can decline a drawdown request but will work with you to rectify your account should your financial circumstances change.
Is Study Loans regulated by ASIC?
Yes, Study Loans provides regulated consumer loans under our Australian Credit Licence 498589. In doing so, it must comply with the National Consumer Protection Act 2006 (Cth), the National Credit Code and must meet ASIC's requirements in relation to consumer lending.
How do repayments work?
Loans can be repaid weekly, fortnightly or monthly via direct debit from your nominated bank account. To help you stay organised, we'll also send you a reminder the day before repayments are due to come out of your account.
Is it possible to only borrow a portion of the course cost?
Yes, you can decide how much you would like to borrow towards the cost of the course, anywhere between $2,001 and $50,000.
Can I borrow for other related study costs such as travel, living expenses or books?
No, you can only borrow towards the costs of the course.
Can I repay my loan early?
Yes - at any point you can repay the loan in full. Study Loans has no early repayment fees.
Will you run a credit check on me?
Yes, at the application stage, we will run a credit check on you.
Do you offer loans to international students?
Unfortunately, not at this time. It is something we are working on and hope to be able to offer in the near future.
Study Loans Australia Pty Ltd (ABN 13 618 345 314) Australian credit licence 498589
whose registered office is at Level 5, 570 St Kilda Road, MELBOURNE VIC 3004.