Some tertiary institutions offer financial assistance to students who are experiencing financial difficulties that may jeopardise their studies. This form of financial assistance is often referred to as a student loan. Usually loan amounts are capped and can only be used for unforseen expenses such as housing related needs, course costs and the payment of any expenses that would enable you to complete your course of study. Student loans are interest free but some intuitions require you to provide a guarantor for the full amount loaned. Late payments can incur penalties.
Most institutions require students to provide proof of financial hardship and will not grant loans for the payment of tuition fees, enrolment fees, credit card debts, fines, course and recreational travel. However loan schemes do vary considerably between tertiary intuitions. Some institutions also have loan schemes available for students to purchase computers and assistive software. To find out if your tertiary institution offers student loans contact student services.
Many financial institutions offer tertiary students the opportunity to take out student loans. These loans vary between lenders and can be up to $20,000. The terms and conditions are often demanding so it is important that you research these conditions. Some lenders will defer repayment of a student loan up to 5 years or until the student has started full time employment or within three months of graduating. The interest rates on student loans can very high and students have three years to pay back the full amount after the deferral period has expired. Each of Australia's big four banks Commonwealth Bank, ANZ, National Australia Bank and Westpac offer student loans.