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$2,001
$6,300
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$15,000
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Flexible personal loans for students between $2,000 to $15,000. Adjustable terms to fit your situation with a repayment period of 2 to 7 years.
An unsecured loan for education offers more flexibility as you do not need to use a valuable asset as security to be approved for a loan.
The application process for student loans is quick and straightforward as long as you meet your lender’s eligibility criteria.
The establishment fees for student loans should not exceed 20% of the total amount borrowed.
The maximum monthly fees associated with student loans will not exceed 4% of the total loaned amount per month.
All charges to be imposed in the event of borrower default and late payment should not exceed 200% of the total loaned amount.
Private student loans can have lower interest rates if backed by a parent guarantor. It is also not indexed to inflation but accrue interest
Additional Fees for Student Loans:
Loan Disbursement Fees: Some lenders charge processing fees for disbursing funds.
Deferred Repayment Costs: Some private lenders allow students to defer payments until graduation, but interest still accrues.
Here at Friendly Finance, we aim to provide you the hassle-free experience in acquiring the funds you need.
It will take you less than 5-minutes to accomplish, and the process is 100% online. Skip the inconvenience of multiple loan applications. We’ll do the heavy lifting for you!
Once your application is received, we will search the market for your lender match and you will be notified immediately when they decide that they can offer you a loan.
Always review the details of your contract before signing. You have to make sure you understand all possible fees associated with your student loan.
It might be tough to choose the correct student loan, so make sure to compare your options when looking for private student loans. Alternatively, you can also use Friendly Finance to help you find the most suitable lender and terms for your financial situation.
Loans to students work very similarly to other personal loans. They give customers access to a fixed amount of credit in one lump sum. They require monthly repayment, with other fees and interest accrued along the way.
Student loans sometimes have more lenient eligibility standards since they recognise that most students wouldn’t meet the typical criteria for personal loans. They are often more forgiving when it comes to a candidate’s income and credit history. This means you can get one even if you just work part-time and have never had a loan before. Some lenders also accept parental guarantors for student loans.
Am I eligible for a student loan?
- You are at least 18 years of age.
- You are a permanent resident or a citizen of Australia.
- You have a regular income.
- You have an internet banking account.
Student Loans: Frequently Asked Questions
Don’t see what you had in mind? You can reach out to us via our contact form or email us at info@friendlyfinance.com.au
Are student loans a good thing?
Yes. In general, loans to students are good debt since they offer financial support for students who would be unable to attend college. Most student loans also carry low fixed interest rates and offer flexible repayment options that can accommodate the borrower’s situation.
What are the dangers of student loans?
You can be at risk of falling into financial debt if your repayments become too costly for you to afford. Additionally, deferring payments will mean paying more interest charges.
How much can I borrow for student loans?
Most lenders offer students flexible personal loans ranging from $2,000 to $15,000.
Is it hard to get student loans?
No, it can be easy to get student loans. You can apply online, or you can call one of your lender’s representatives and they can walk you through the process and make sure you get what you need. Personal loans are simple to apply for, and the process will only take you a few minutes. If approved, you may be able to get the loan amount the same day or the following working day, depending on the lender’s criteria and the requirements you presented.
How many years do you have to pay off a student loan?
A student personal loan is flexible and may be repaid within 2 to 7 years in fixed monthly instalments. You can also decide between a fixed interest rate and a variable interest rate.
I’m an international student in Australia – can I still get a loan?
Yes. If you’re an international student, you can only get a loan from your university or private banks. The eligibility criteria will depend on the financial institution you’re getting the loan from.
The eligibility criteria for getting a university loan:
You need to have an Australian visa.
You should not be in the first and final semester.
You should be a full-time and regular student at the university. If you’re enrolled in a distance education course, you will not be eligible for a loan.
You need to have a solid academic record. You need to get at least 18 credits every semester or 36 credits per academic year.
You need to be able to finish your course on time and earn good grades.
The eligibility criteria for getting a student loan at a private bank:
You need to have an Australian visa.
You need to be an Australian resident.
You need to have an account with an Australian bank.
You need to have a regular source of income.
You need to enroll at one of the universities approved by your bank.
You need to have a strong financial standing to be able to return the loan on time.
You need to provide security in the form of land or building, or a bank deposit made in the student’s or parent’s name.
