What Are Your Options for Education Loans?

By November 17, 2021 December 20th, 2021 Personal Loan

Whether you’re a parent paying to put your child through school, are a school leaver wanting to attend university, or a mature-aged student wishing to further your education, it all comes at a price. While you might be able to do some very short online courses free of charge, any educational course that is in-depth or nationally recognised is going to come with a sizeable price tag attached.

If you don’t have the money in the bank to cover the cost of the course and any associated expenses, you’re likely going to have to borrow the money. This article is going to take a look at some Education Loan options for Australia, so you’re aware of what’s available.

Take Out a Personal Loan for Education Expenses

Personal Loans are one of the most versatile loan options available from banks and lenders in the private sector. With a Personal Loan, you have options regarding what the borrowed funds can be used for. With the majority of lenders, using a Personal Loan to cover the cost of education is generally considered acceptable.

Some lenders may even tailor special loans specifically for educational purposes. Take some time to study up on Personal Loans for education and ask the lender questions if you’re unsure of anything.

Another advantage of taking out a Personal Loan is you only need to borrow the amount you need. For example, if you have half of the tuition fee in savings, you’ll only need to borrow enough to cover the remainder.

If you want quick decisions and rapid turnaround times for loan approval, apply for a loan with a private lender.

Student Loans From the Australian Government

Many university students take advantage of student loans offered by the Federal Government. There are a number of different options and you can view a detailed guide to a student loan here. These loans are available through the Higher Education Loan Program (HELP) and include:

  • HECS-HELP
  • FEE-HELP
  • OS-HELP
  • SA-HELP

The first two student loans are the most common, with the third option being for students who need financial assistance in order to study abroad.

If you decide to apply for a government student loan, be sure to read all the details of these loans, so you know what’s required of you and what you’re signing up for.

Apply for a Scholarship

If you can land yourself a scholarship, you may not end up having to pay anything towards tuition fees. Many Australian universities offer a limited number of scholarships each year, so it’s definitely worth looking into to see if you qualify to apply.

Universities are not your only option when it comes to scholarships, as some non-profit organisations and businesses also offer private scholarships to students that they find impressive and who have a bright future.

While scholarships are not easy to get and there are always limitations on the number of scholarships available at any given time, it’s something that every student should at least look into before making any firm decisions.

Family Funding for Education

If you really want to study and further your education, is there a family member or close friend who would be willing to contribute to the cost of your education? Their contribution may be a gift, or given on the premise that you will repay the sum once you have completed your studies and commence paid employment. If you think this is an option for you, don’t be afraid to at least ask. The worst your family member can do is say no.

Talk To Cashify About Funding Your Education

Cashify has been helping everyday Australians realise their educational goals through offering Education Loans at competitive rates, with fast turnaround times, from application to a decision. To learn more about how we can help you, simply send us a message!

Disclaimer: Please note this content is of general nature only and does not take into account your personal objectives, financial situations or needs. For advice tailored to your financial situation, it is advised that you seek guidance from an accountant or financial advisor. The information contained in this article is correct at the date of publication.