School Fee Personal Loans

Compare personal loan offers here with Savvy to find the best deal to help you pay for school fees and more.

Written by 
Savvy Editorial Team
Savvy's content writing team are professionals with a wide and diverse range of industry experience and topic knowledge. We write across a broad spectrum of finance-related topics to provide our readers with informative resources to help them learn more about a certain area or enable them to decide on which product is best for their needs with careful comparison. Meet the team behind the operation here. Visit our authors page to meet Savvy's expert writing team, committed to delivering informative and engaging content to help you make informed financial decisions.
Our authors
, updated on October 4th, 2023       

Fact checked

At Savvy, we are committed to providing accurate information. Our content undergoes a rigorous process of fact-checking before it is published. Learn more about our editorial policy.

Personal Loans Banner

The benefits of taking out a personal loan to help pay school fees

Access competitive interest rates

Our lenders offer deals for both secured and unsecured loans, helping you compare a wide range of offers so you can lock in the lowest available rate.

Get approved for as much as $75,000

Personal loans can be taken out to cover big or small outstanding expenses, with maximum loan amounts available for as much as $75,000 or as little as just $2,000.

Set your repayment length and schedule

You play a major role in determining how affordable your loan is for you, with terms of one to seven years and weekly, fortnightly or monthly pay schedules able to be chosen

No-fee loan options

We can connect you with lenders who won’t charge you either ongoing fees (up to $10 per month) or an establishment cost (up to $595) on your personal loan.

Fast and simple application process

The application is a rapid one, with only a simple form to fill out and documents to supply your lender before you can be approved within 60 seconds.

Consolidate other debts

Your loan doesn’t have to be used solely to help pay for school fees, with any of your other outstanding debts able to be covered under your personal loan also.

Types of personal loan

Why compare personal loans through Savvy?

How to save money on your personal loan

Frequently asked questions about school fee personal loans

Can I only borrow to cover one school term’s fees at a time?

No – personal loans can be used for whatever you like, so you’re able to be approved up to your maximum borrowing power. This means that it doesn’t actually have to correlate to the exact cost of one term’s worth of school fees if you want to borrow more or less. If your maximum borrowing power is $35,000 and this is set to encompass both of your kids’ school fees for the year, you can take it out and pay for them at your leisure.

Does the school find out if I’ve used a loan to pay its fees?

No – there’s no obligation from you or your lender to alert the school that their fees are being paid with a personal loan. The school isn’t involved in the loan process at all, with all dealings taking place between you and your lender. Once you’ve been approved for financing, the money is yours to use how you wish, like you would with any other funds in your account.

What is a school fee payment plan?

Some lenders may offer specialised school fee loans known as payment plans. These are designed to help you break down the cost of fees into more manageable instalments in the same way that a standard personal loan would. Some of these will also come with no interest charged over a certain period (typically up to 12 months). However, they don’t offer the same flexibility that personal loans can in terms of their potential usage and will more often than not pay the school on your behalf, meaning that they’ll be made aware of this plan.

What happens if my partner and I split whilst paying a joint loan?

Because both you and your partner are listed as co-borrowers on a joint personal loan covering educational expenses, the expectation will still be on both of you to continue your repayments. If one borrower disappears and becomes uncontactable, your lender will pursue the remainder of your loan’s funds through you.

How quickly can I receive my loan funds?

From the moment you submit your application, you can receive an outcome in just 60 seconds confirming whether your application was successful. From there, your lender will send through your final loan contract for you to sign off on, after which the funds can be transferred to you. This whole process will take as little as 24 hours from start to finish, giving you fast access to your funds when you need them.

Am I still able to be approved if I’ve just started a new job?

Yes – although it depends on the nature of your job. If you’re moving from one full-time job to another on similar pay, for example, you can be immediately approved. However, lenders will require casual workers to have been in the same position and working consistent hours for at least six months prior to their application, while self-employed business owners may be required to produce evidence of their trading over the past 12 months to two years.

Is my personal loan application process 100% online?

Yes – you’re able to not only compare your options with Savvy on your smartphone, but also go on and complete your application. This is done through digital forms and online copies of your required documents. Even your final loan contract can be digitally signed and sent off. All of our lenders are highly safe and secure when it comes to protecting your personal information, utilising encrypted data systems to store all your required details.

Helpful personal loan guides

Still looking for the right personal loan?

Personal loans come in all shapes and sizes, so read more about the ways you can use them, as well as how they might work for you.