Educational Expense Loans

Name: Educational Expense Loans
Creator: Savvy
Published: 2020-12-16T18:02:15+10:30

Home > Personal Loans > Educational Expense Loans

It won't affect your credit score.

Written by , updated on October 4th, 2023

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Types of personal loan

Unsecured personal loans

With an unsecured personal loan, you can potentially borrow as much as $75,000 without the need to attach any valuable assets, such as your car, as security. These loans are the most widely available and often the quickest, with same-day approval possible.

Secured personal loans

Secured personal loans, on the other hand, make use of collateral. This lowers your risk profile in the eyes of a lender, potentially lowering your interest rate and expanding your borrowing power beyond what you may be able to get through an unsecured loan.

Variable rate personal loans

Variable interest rates remain open to fluctuation during your term. This means you can benefit from decreasing rates and save on your loan if the market heads in that direction, although you’ll also pay more if rates start rising.

Fixed rate personal loans

Fixed interest rates are locked at the beginning of your loan and remain constant throughout your repayments. This acts as a valuable protection against interest rate increases, as your loan will be unaffected, but you’ll miss out on potential drops as well.

Debt consolidation loans

If you’re paying off multiple debts at the moment, particularly those with high interest (such as credit card debts), consolidating them into one payment can not only make them more convenient to manage but also potentially save you money overall.

Travel loans

Looking to take off on a holiday with your family but want to pay it off at your own speed? Travelling can be expensive, so you can distribute the cost of your next trip over a period you’re more comfortable with by taking out a personal loan to pay for it.

Wedding loans

There are so many costs that go into making your dream wedding a reality, from venue hire to catering to dresses and suits and so much more. By taking out a personal loan, you can start planning the big day you want, even if you can’t pay for it upfront.

Renovation loans

Home improvements are desirable for a range of homeowners to help keep their living space fresh and interesting, not to mention increase its value. You can get past the financial hit of renovations with a personal loan paid in instalments.

Self-employed loans

Personal loans aren’t limited to PAYG employees, though. If you’re running your own business, you can still be approved for financing by submitting tax returns and other alternative documents instead of payslips and utilise your funds however you wish.

Student & education loans

There’s a variety of expenses which come with being a student, ranging from the cost of your courses, textbooks and computer to your accommodation. Taking out a personal loan can make these costs more manageable by spacing them out.

Green loans

Some lenders offer green personal loans, which are designed to be used for energy-efficient appliances and products such as solar panel and air conditioning installation in your home. You can qualify for lower interest rates and fees with this loan.

Common questions about your education loan answered

Will I be able to borrow the full costs to fund my studies?

Yes – our lenders offer full funding for various costs for the period in which you need to complete your studies.

Do you provide finance for international students?

Unfortunately, you're unlikely to be able to receive a loan as an international student, as student visas generally aren't accepted for financing.

Can I get financing for short courses?

Yes – our lenders offer finance options that range from one up to seven years for short courses, bachelor’s degrees right up to your masters or doctoral degree.

Will my loan come with a fixed or variable rate loan?

Your loan will have a fixed rate, which means it'll never fluctuate. This ensures that they're better when it comes to budgeting, as you can be more certain of the cost of your loan further into the future.

Will I be able to pay for a laptop with a loan?

Yes – because these loans are unsecured, they're designed to take care of not only the cost of your course itself but also computer and technological expenses that will be used for your studies.

Can I make early repayments?

Yes – our lenders offer financing that allows you to make early repayments without being penalised. This can help you save hundreds of dollars, if not more, over the life of your loan.

How often can I make repayments?

You can choose to make your repayments weekly, fortnightly or monthly to help lower the amount you owe.

Can I still get financing if I have bad credit?

Yes – we have some specialist lending partners who can offer loans to people with bad credit and work towards solutions that fit their current situation.

Personal loans by city

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Your helpful guides on educational loans

Avoid busting your budget

No one wants to prolong the process of having to pay off their loan once they have graduated. Therefore, having plans for how you will manage the amount you owe is the first step. A budget is one of the many ways you can use to implement while you are still studying and once you have graduated to cut down on costs that would generally be spent on things that you do not really need and putting the money into your savings account to help pay off your loan. You should consider using budgeting tools to create goals and track savings.

Using your credit card

Some Australians will choose to use their credit card to pay off small educational expenses such as purchasing a computer, books, or other technological equipment that will help them with their studies. A 0% interest rate credit card can help lower initial costs if paid off on time. However, using your credit card to swipe for unnecessary costs that could have been saved up for can increase your chances of defaulting which can negatively impact your credit report and affect future borrowing.

How to manage debt?

One of the biggest expenses that some Australian students will have to deal with is paying off their student loans after they graduate. What can ease your way into managing your student loan is staying within your financial means once you graduate. There are many bills that will be required of you, especially if you purchase a car, get married, or building towards owning a house one day. Consider choosing something that is within your current financial reach that will still allow you to pay off your loan.

The perks of a saving account

Let’s face it. Paying off your educational expenses while still studying can be difficult but getting into the habit of saving while still studying can help you better manage your expenses once you have graduated. By saving the spare cash that you usually use to treat yourself into a savings account will eventually help you build up enough savings that can reduce the amount that you owe. You can also consider making your payments automated to help improve your saving habits.