Being a significant study destination, Australia is an important hub for overseas students. A recent study states that every year there is a hike of 30% to 40% students who is pursuing their higher education in Australia.
These universities are widely recognized as leading providers of top-notch education. Graduates from Australia have a high chance of securing jobs and prominent positions globally. Moreover, they are accepted for undergraduate studies at major international universities. The study destination preference of international students is primarily in Australia, which is the third most preferred choice after the United States and the UK. The credit goes to its prestigious universities that offer quality education, lucrative job opportunities after graduation and an incredible quality of life.
Australian universities are witnessing a growing popularity among Indian students who wish to study abroad. Difficulties in obtaining a student visa to study in the US or UK have led to more students looking for alternatives in places like Australia and New Zealand. Apart from the easy process of applying for an Australian student visa, the country also has a lower cost of living and education. Students who want to study in Australia also get the benefits of a simple work visa and permanent residence.
Despite the increasing costs of overseas education, Australian universities are seeing a rise in the number of international students due to the availability of internationally accredited courses. The easy availability of student loans helps students realize their dream of studying in one of Australia’s best universities.
The desire to study in Australia is prevalent among many students, yet only a few are capable of fulfilling this dream. This is because of the high price, which leaves them with insufficient funds for education. However, every problem has a solution and we are here to provide you with the best ways to help make your wishes come true.
Payment Options
The following are some of the most popular options to help you to achieve your dream of studying in Australia.
1.Scholarships
Scholarships ranges from 10% to 30%, depending on factors such as courses and institutions.Financial assistance is provided based on the academic curriculum, which lowers the overall cost of education. Although this may give you relief, the catch is that these grants are quite difficult to get due to their competition. So let’s explore something else.
2.Self-financing
Self-financing can certainly be a way out, as it means using personal savings or income to cover the cost of education, ensuring financial independence and flexibility without the burden of debt. The challenge, however, is that you can’t keep your savings intact, so go to our next tip for another option.
3.Educational loans
These are a convenient option for numerous international students. A student can easily obtain a loan to cover the expenses of studying in Australia, as this option is quite affordable and user-friendly. So let’s move on and talk about loan types.
The two types of educational loans to study in Australia are secured and unsecured loans. But for a wider understanding, let’s look at it below.
Secured loan
Real estate or property is required as collateral for an education loan in Australia. This lowers the risk of the lender, as a result of which the interest rate can fall and the terms of the application are more favorable. In fact, the Australian embassy mainly prefers to borrow secured student loans from nationalized banks for students.
Unsecured loan
An unsecured education loan for Australia does not require collateral and this may offer easier access, interest rates tend to be higher, reflecting the lender’s increased risk.
The disadvantage of unsecured loans are that any application with unclear visa details may be rejected or delayed. Some of the universities that accept unsecured loans are University of New South Wales, University of Queensland, Monash University, etc.
Students can also take advantage of unsecured student loans from eligible banks such as national banks, private commercial banks or regional regional banks (RRBs) to finance their degree studies in Australia, provided they have a strong financial background and no liability.
Eligibility Criteria for Educational Loans
• The applicant must be at least 18 years old.
• Applicant must be a citizen of India.
• Applicant must have gained admission to a recognized Australian university.
• Courses must be valid.
Expenses for education in Australia
Undergraduate Degree: AU$20,000 to AU$45,000 Per Annum
Postgraduate Degree: AU$22,000 To AU$50,000 Per Annum
Accommodation: AU$190 and AU$440 per week
Groceries: AU$140 to AU$280 per week
Utility Bills (Electricity, Gas): AU$10 to AU$20 per week
Internet and Phone Bill: AU$15 to AU$30 per week
Transportation (Public): AU$30 to AU$60 per week
Entertainment: AU$80 to AU$150 per week
In addition to the huge costs, there are many financial opportunities ahead of you. The main purpose of an education loan is to easily finance higher education and achieve the desired degree and career and this article will help you to navigate study abroad payment options and loans.