Among the top three study overseas destinations, Australia comes in. In Australia, some of the world-renowned universities are situated because of which every year more than thousands of international students apply to these universities for completing their higher education. Compared to the cost of other countries, the cost of education in Australia is quite expensive. Due to this most international students apply for a study abroad loan to fund their degree in the top Universities of Australia. But, not all students get qualified in getting a loan to study in Australia due to various finance-related issues.
In Australia, the cost of education to Study in Australia is quite expensive. When we talk about pursuing higher education from the best universities in the world then Australia is one of the most expensive countries. While deciding the cost of education then it depends on various factors like the chosen course, chosen institution, duration of the program, etc. The average tuition fee to study at any of the Australian universities usually ranges between AUD 30,000 to AUD 40,000 per year. If the applied university is high ranked then the tuition fees for higher studies in Australia can go up to AUD 50,000 as well.
Different Types of Funding Options Available for Australia
Most of the international students opt for a study loan to fulfil the cost of an international degree to study in Australia. Most of the international students opt for the following ways : self-funding, education loan, personal loan, deposits in savings account and fixed deposits.
- Self-funding: Those international students who are capable of affording the cost of education to pursue their higher education from an Australian University can go for self-funding. In that case most of them use their own finances such as savings or fixed deposits to fulfil the cost of their international degree in Australia. Those parents who have saved money from starting to fund their child’s education in future then it’s one of the convenient options for those students.
- Secured Education Loan: Those International students who can’t afford the cost of education in Australia to finance their higher education can opt for secured education loan for study in Australia. In fact most of the Australian consultants majorly prefer students to get secured education loans from the nationalised banks of their country.
- Unsecured Education Loan: The unsecured education loan can only be availed by those who have a strong financial background with no liabilities on oneself to fund an Australian Degree. students can apply to avail an unsecured education loan from acceptable banks such as nationalised banks, private commercial banks or Regional Rural Banks (RRBs).
- Personal Loan: One of the major advantages of applying for a personal loan is that it is much easier to get as compared to an overseas education loan. Apart from an education loan, a personal loan is also a great way to fund the cost of higher education in Australia. Most of the international Students use it to cover their tuition fees and living expenses.
What are the different phases by which you will have to go through while applying for an education loan in Australia?
While applying for an Education Loan to study in Australia an international student has to go through 4 phases, and it is a crucial part of a student’s study abroad decision. Let us understand the education loan process to study in Australia:
Phase 1: During the first phase an international student has to apply for the chosen course and the university to study in Australia.
Phase 2: After applying for the university then you will receive the confirmation of admission from the respective university of Australia. After the confirmation you need to start arranging funds which will be required by the University. If you can’t afford or arrange the funds then you can apply for an overseas education loan to study in Australia on the receipt of conditional/unconditional offer letters from the university or college.
Phase 3: During the third phase you will Pay the tuition fees to the university and receive the Confirmation of Enrolment from the respective university.
Phase 4: Apply for the process of a student visa.
Amongst these four phases the one of the most important phases is receiving an admission letter from the respective university. After receiving the letter, applicants are required to pay the tuition fees of the first semester to the respective university along with the charges of health insurance. After paying the tuition fees to the University, students will receive the Electronic Confirmation of Enrolment from the University. After receiving eCOE only the student will be able to process an online application for eVISA. An eCOE is accepted during the application of the Visa to study in Australia.
Before applying for a visa, to make sure they will be able to afford the expenses, students are required to show living expenses from an education loan account, or from their parents’ liquid funds in the savings account, fixed deposit with banks. Because international students are required to show the living expenses of a one-year student savings account to study in Australia. As per immigration rules the one year living expenses in Australia is around AUD 21,050. That’s the only reason why students are advisable to apply for an Australian education loan by paying attention to the time span required for the entire process before beginning their study.
Education plays an important role in the life of a student. If you pursue your higher education from the top ranked universities from any part of the world can help you to make your career more safe for you with a confirmation of being employed. Well pursuing higher education from top ranked universities requires more funds which are not affordable by many students. For those students who are unable to afford the funds then for them an education loan to study in Australia is the best option to go for without any doubt. As we have discussed above, the major advantages of getting an education loan to Study in Australia.