Jan 23, 2024
When we talk about Australia as a study destination there are umpteen reasons to applaud it. Since it is one of the prime destinations and indeed a sought-after study destination for international students. To give you a clear idea, we are putting it into numbers – the recent stats say that global students pursuing their higher education in Australia were nearly 746,080 for 2023. And every year there is almost a hike of 30% to 40% in students.
Though studying in Australia is a dream of numerous students, only a few can achieve it. The reason behind this is the big price tag leading to not having enough funds to spend on their education. However, every problem has a solution, and we are here to give you some of the best ways to help fulfill your aspirations.
So, if you are ready to commence your voyage to study in Australia, in this article we will delve into a lot of aspects to fund your education. So, without any further ado let us dive in.
Before delving into funding options, let's first familiarize ourselves with the expenses associated with acquiring an education in the country. To enhance clarity, we have simplified the costs below.
|List of Expenses
|AU$20,000 to AU$45,000 Per Annum
|AU$22,000 To AU$50,000 Per Annum
|AU$190 and AU$440 per week
|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
|AU$30 to AU$60 per week
|AU$80 to AU$150 per week
Now you might be feeling a little overwhelmed by looking at the above cost of study, but fret not! Because in your next step, we will bring you some of the best solutions to fund your education.
Now here comes the solutions to the problem, below are some of the most popular options we are about to explore so that you can make your dream come true of studying in Australia.
Self-funding can certainly be a way out since it involves utilizing personal savings or income to cover educational expenses, offering financial independence and flexibility without the burden of debt. But the challenge is that you cannot keep your savings intact, so to find another way out let us jump to our next type.
If we talk about scholarships, it ranges from 10% to 30% which is based on factors like educational institutions and courses. This provides financial aid based on academic curriculum, reducing the overall cost of education. Though it might give you a sigh of relief, the catch is it is quite difficult to enable these scholarships due to their competitive nature. So, let us explore something else.
This can be a one-stop solution for many international students. Education loans bridge financial gaps in education. You can use loans to cover your cost of education in Australia since this option looks quite reasonable and easy to proceed with. Thus, let us move ahead and talk about the types of loans.
There are two types of education loans to study in Australia which are secured and unsecured loans, but for a broader understating let us glance at it below.
A secured education loan for Australia requires collateral, such as property or assets. This lowers the lender’s risk, resulting in potentially lower interest rates and more favorable terms for the application.
An unsecured education loan for Australia doesn’t require collateral security. While it may offer more accessibility, interest rates tend to be higher, reflecting the increased risk for the lender. However, one of the drawbacks of taking an unsecured loan is that if the applicant’s profile has ambiguities, then the visa outcome might be delayed or rejected. However, this is subjected to each profile on a case-to-case basis. Some universities that accept unsecured loans which include, the University of New South Wales, the University of Queensland, Monash University, the University of Adelaide, etc.
Now that you have become an aware applicant and have got a good understanding of the cost of education, and funding options – study in Australia with scholarships, Self-funding, and our sought-after route that is education loans, let us move ahead and look at the process to secure a loan.
Here is the concluding step toward your dream to come true of studying in Australia.
Research various financial lenders, comparing interest rates, terms, and repayment options to find the best fit for your needs.
Assess your eligibility based on academic background, chosen course, and financial stability. Collect required documents, including academic records, admission letter, income proof, and identification, for the loan application.
Fill out the loan application accurately, either online or in person, providing the necessary information
Patiently wait for the lender's decision, considering your eligibility, documentation, and creditworthiness.
Upon approval, the lender disburses the loan amount directly to the educational institution to cover tuition and related expenses.
Beyond the overwhelming costs, a treasure trove of funding options awaits. Overseas education loans emerge as magical keys, unlocking doors to turn academic dreams into vibrant realities. After all, where there's a will, there's always a savvy way. Thus, if you want to turn your dream into reality, we stand with you at KC Overseas. We will not only assist you to ensure that you reach your dream destination to study abroad but also provide you with end-to-end assistance including an education loan.
ELAN Overseas Education Loans, a fintech division of KC, will help you find the most suitable loan options for your preferred loan type. This will save a lot of your time, energy, and research, and guess what we all do for free! So don’t think for a second because time is precious so reach out to us, we are hoping to see you very soon. Good luck!