5-step process to get an education loan to study in Australia

 

Have you dreamt of flying to Australia for your higher education but are worried about the finances?

Look no further as education loans are ever-ready to fund your higher education in Australia. Australia is known for its exuberant education system that helps the world grow, and sustain that growth for a long time. Australia is also known for its diverse culture, and its infrastructure. Students from different parts of the world travel to Australia to pursue higher studies. In this article, we will tell you about the 5-step process to get an education loan to study in Australia.

 




  1. Know your eligibility t get an education loan

The first step the student has to do to get an education loan to study in Australia is check whether they satisfy lenders’ eligibility criteria. They should know all the criteria thoroughly, and gather documents that prove their eligibility as per those criteria. Then the student has to use an education loan eligibility calculator to calculate the maximum loan amount they are eligible to get. The student has to put appropriate information in the 4 fields of the calculator, and press the calculate button. They then get the speculative maximum education loan amount in the result.

 

  1. Compare different lenders based on the kind and quality of services they provide

The student has to compare different lenders by reading reviews about them on the internet. They should shortlist a few lenders based on these reviews. They should learn about the maximum money the lenders offer to provide, the expenses they will cover, the interest rate they will levy, the moratorium period they will offer, the repayment tenure and EMI value they will set, and so on. Also know whether the lenders provide value-added services like doorstep loan service, fast-track loan approval, proof of funds, pre-visa loans, pre-admission loans, and so on. Based on these factors select the most suitable lender for financing your study in Australia.

 

  1. Apply for an education loan

Then the student has to fill the education loan application form of the lender. While doing so, they should provide correct bits of information, and also submit relevant authentic documents to the lender. They have to submit the application form either online on the lender’s website or offline at the lender’s office.




 

  1. Wait for the sanction and disbursal of the education loan amount

The lender will then process their application. They will verify the authenticity of the information, and the documents provided to them. After the verification process, the lender sanctions the education loan, and disburses its first installment.

 

  1. Finance your higher education in Australia

Using the money disbursed by the lender, the student has to pay the course fee of the first semester of their higher education in Australia. They also have to open a savings account in an Australia-based bank, and deposit 1 year’s living expenses in it, and get a health insurance policy for themself as well.

 

So, this is the 5-step process to finance your study in Australia. All the best!

 

 

 

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