When it comes to pursuing higher education, Australia is considered to be the leading study overseas destination. Every year, thousands of aspirants apply to the Australian universities for both undergraduate and post-graduate level courses. The cost of education in Australia is quite expensive comparative to the destinations like Canada, New Zealand and Ireland. Hence, naturally a huge number of students opt for a foreign education loan to fund their higher education from the Australian university.
The cost of an international degree in Australia is on the higher side. The average tuition fee falls in the range of AUD 25,000 to AUD 35,000 annually. This also depends on the chosen university, program, and the duration of the course.
What is the eligibility criteria to apply for an Australian Education Loan?
In order to apply for an education loan to study in Australia, students are required to meet the following eligibility criteria:
• An applicant must be the citizen of India and should have secured an admission to the recognized Australian University.
• An applicant should have applied for the course that is recognized by the financial institution.
What are the expenses covered in an Australian Education Loan Process?
• Tuition fees for the chosen course
• Accommodation expenses while studying in Australia
• Caution deposit money
• Traveling charges
• Study tours and project work during the academic year
• Purchase amount of books, laptop, and stationary
• Other reasonable expenses that would be required to successfully complete the course
The majority of the students availaing for an education loan for studying in Australia are unaware about the overseas education loan process. In an Australian Education Loan Process from a bank, there are four phases.
Phase 1: Aspirants are required to apply at the chosen university in Australia.
Phase 2: After receiving the confirmation of admission from the university, aspirants are required to begin with arranging of funds.
Phase 3: Students willing to apply for an education loan, must approach the financial institution on the basis of conditional or unconditional offer letter from the university.
Phase 4: Now, its time for the payment of tuition fees to the university and get the eCOE from the university.
Phase 5: Students are required to proceed for the visa process.
Out of all, the most crucial phase comes after receiving the admission letter from the respective university as students must deposit the tuition fee for first semester and the required health insurance charges. On making the payment to the university, students receive the eCOE i.e, Electronic Confirmation of Enrolment and further they are required to process for VISA via online application.
Apart from the tuition fees, study overseas aspirants are also required to showcase the living expenses for one year to the student savings account. According to the immigration rules in Australia, the living expenses for one-year i.e, A$ 21,041. At the time of applying for visa, students are also required to show the living expenses.
We understand that an overseas education loan process is quite daunting and tiring, hence we recommend getting in touch with loan experts at elan loans. Our team of experts will assess your financial profile and assist you in availing a loan for higher education abroad to study in Australia.