Study Loans

Main points to consider about a loan from Study Loans

However, if your credit history isn't that great, this doesn't stop you from being eligible for funding. It just means that your repayments might be a bit higher than they would be if you had a good credit history.

Features that come with a loan from Study Loans

Some of the features of this loan include:

• Competitive fees. With a monthly management fee of $2.50, a drawdown fee of $25 per unit and a one-off establishment fee of $200, which is explained before you sign this loan, you're immediately aware of the fees you'll be paying before you start your course.
• Funds released in tranches. As you continue on with your education, the funds are released per unit or per cluster of units, known as a tranche. Tranche is just a fancy word for "payment milestone".
• Frequency of repayments. This loan offers weekly, fortnightly or monthly repayment options which are deducted from your nominated bank account. However if you miss a repayment, there is a $25 fee. You can also make top-up payments through BPAY at no extra cost.
• Varied loan terms. The loan terms are available from 1 to 7 years, so can suit a variety of budgets.
• Interest rates. With this loan you pay a monthly interest rate, which is in the range of 9.75%-15%. This rate is calculated based on a risk-based pricing model that takes into account the individual student's financial circumstances. The rate is calculated daily and applied monthly.
• Loan amounts. Amounts you can borrow start from $2,001 and end at $50,000.
• Variety of education providers. In order to apply for this loan, you must go through one of the partner education providers. Although this might seem limiting, there is a range of education providers you can choose from, such as the Jigsaw Training Group, Auscare Group and the Academy of Makeup.

How to apply for a loan

You need to choose your education provider from its list of Education Partners, decide what course you'd like to take, and apply for a loan through the education provider at the same time as you apply for the course.

In order to see if you are able to apply for a loan, you need to click on "Go to Site" and check the following pre-qualification criteria:

• • Be at least 18 years or older
  • Be an Australian citizen or permanent resident
  • Have a working mobile phone number and email address.
  • Need a loan to fund your education
  • Earn at least over $50,000 per year.

  If you meet these basic criteria, you are able to submit an application through your chosen education provider, and it will be considered by Study Loans to ensure that you are a suitable candidate for a loan.

  The loan offered by Study Loans allows people to further their education with a low interest rate loan. However, consider whether this option is right for you and your needs.

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