Study Loans is a new kind of finance for students seeking assistance in paying for their education.
Who can borrow with Study Loans?
Anyone who is:
18 years of age or older (or 16yo and older if a Parent/Guardian applies)
Australian Citizen or Permanent Resident
Earning an excess of $25,000 per annum with a good credit history
What makes Study Loans different?
Unlike a typical personal loan that you borrow all at once. A Study Loan allows you to borrow up to a limit and importantly only use what you need when you need it. This means lower repayments and lower interest.
What is a drawdown?
Let's explain by using an example: If you are approved for a Study Loan of $4,000, it means you are able to borrow up to that full amount to pay for your course.
We release the funds in stages to your college, so you don't pay for your course all at once - and these stages are what we refer to as 'drawdowns'.
Therefore, your repayments will start low and only increase as each drawdown is released - we'll take care of this for you.
Does Study Loans send the money to me?
No Study loans pays your educational provider on your instruction.
Do I need to be employed?
Yes, you must have an income it can be part time, full time, casually or self-employed.
Can I pay the loan off early and are there any early repayment fees?
Yes, you can pay off at any time and no early repayment fees apply.
Are there any upfront fees?
No - Study loans charges a $200 establishment fee added to your approved loan. It only becomes payable when you activate your loan.
How is my interest rate calculated?
Interest is calculated on your individual circumstances and will be documented in your offer.
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.
When and how do I need to apply for funding?
You can apply for funding any time and your offer is valid for 60 days.
Can I choose where I study?
Yes you may study at any TEQSA University or any one of our approved Vocational education partners
What is the minimum and maximum loan size we offer approved borrowers?
Subject to suitability and lending criteria, we may approve loans from $2,001 to AUD $15,000.
Is it possible to only borrow a fraction of the course cost?
Yes, when you speak with your education provider, please advise them how much you can pay upfront and how much you will need to borrow.
What is the application process like?
We work hard to make the process as straightforward and simple as possible.
1) Choose your education provider by going directly to them or to our "Courses" tab.
2) Choose your course and apply directly through us.
Will you run a credit check on me?
Yes, at the formal application stage, we will run a credit check. If you are simply checking what your repayments would be we suggest using our website's calculator or call our support staff for your indicative repayment ranges.
Can a parent or guardian take out the loan on behalf of the student?
Yes - Study Loans now allows a parent or guardian of a child seeking a loan for education to be able to take the loan out in their name instead of the child. This will be beneficial for those students who are currently not earning over $20,000 per annum, but have a parent or guardian willing to take out the loan in their name.
Are my bank details safe with Bank Statements.com.au?
Yes, they are. We are limited to a read-only access of your statements. In no way can we make any transactions or view your passwords. Proviso is independently tested and audited by external security experts and encrypted with bank-level security.
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.
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.
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