What is Study Loans?
Study Loans is a new kind of finance for students seeking assistance in paying for their education.
Helping students reach
their potential.
We provide the funds for approved courses direct to the approved education provider on behalf of the student for loan amounts between $2,001 and $15,000. Our loan terms range from 12 to 48 months and we aim to provide interests rate from 12% to 18%, based on financial and educational data.
Interest rates are calculated on a risk based pricing model that take the students financial situation and the education providers history into consideration. Our aim is to offer competitive interest rates inline with these models, ranging from 12% to 18%.
The interest rates are variable in nature with the rate calculated daily and charged monthly on the outstanding balance of the loan.
Study Loans is a new kind of finance for students seeking assistance in paying for their education.
Study Loans offers loans to people seeking to complete tertiary education in Australia. Study Loans works with a select number of education providers (please see our complete list of approved education providers below).
Students must be eligible to receive funding from Study Loans (check if you're eligible above).
Funds are directly disbursed to the education provider as you (the student) progress through the selected course.
Yes, Study Loans Australia will provide regulated consumer loans. 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.
Loans can be repaid fortnightly or monthly via direct debit from your nominated bank account.
Students pay a monthly interest rate (indicative range of 12% to 18%) along with a loan establishment fee ($200 one-off) and a per unit drawdown fee of $25 per unit.
Yes - at any point you can repay the loan in full. Study Loans has no early repayment fees.
You can apply for funding at the same time as you apply for your chosen course. Please make sure the selected course and education providers are approved by Study Loans.
Study Loans is working with a range of financial institutions to generate funds to provide to students.
The Annual Comparison Rate is a calculation prescribed by regulation 71 of the National Consumer Credit Protection Regulations 2010 and generally comprises both the annual interest rate, plus the known credit fees or charges applicable to the loans.
This gives transparency to the actual cost of the loan so that consumers can compare loan products, and lenders cannot mislead consumers by hiding the true cost of credit in fees.
Our investors believe, as we do at Study Loans, that creditworthy borrowers deserve lower rates than traditional institutions have provided in recent years.
We are therefore able to provide funds to these creditworthy borrowers at more affordable terms.
Subject to suitability and lending criteria, we may approve loans of up to AUD $15,000.
Subject to suitability and lending criteria, we may approve minimum loan size from AUD $2,001.
Once you are approved, all funds will be sent directly to your training provider. Funds are released to the education provider on a per unit basis. The timing is determined by your progression through the course.
We work hard to make the process as straightforward and simple. Please see the 8 steps of our application from start to finish. Alternatively, approved education providers will also be able to assist in your application.
The federal government offers income-based repayments. For more information on Federal Student Loans, please click go to http://studyassist.gov.au/sites/StudyAssist/
Contact your chosen education provider to apply or get in touch if you have more questions about Study Loans.