Take control of your education with a loan from Study Loans.
If you’re considering further education, you may want to look into a loan from Study Loans. The application process for this loan is easy to follow and allows you to choose from a variety of courses offered by approved Education Partners. You have to go through these education partners to be approved for the funding offered by Study Loans. The range of courses on offer is broad so there’s a good chance you will find a program that meets your further education needs.
Main points to consider about a loan from Study Loans
Study Loans is a private financial broker that aims to help you focus on your education without worrying about the financial burden. The loans are provided through a variety of financial institutions that offer lower rates to creditworthy borrowers.
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”.
- Fortnightly or monthly repayments. This loan offers 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 0.50 year(s) to 4 year(s), so can suit a variety of budgets.
- Interest rates. With this loan you pay a monthly interest rate, which is in the range of 12-18%. 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 $15,000.
- 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 $20,000 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.