Student Loans

Need a personal loan to cover your study expenses? Compare student personal loans here with Savvy.

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, updated on October 4th, 2023       

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The features and benefits of student personal loans

Centrelink income accepted

Our flexible lending partners can accommodate income derived not just from your job, but also supplementary funds received through Centrelink.

Avoidable fees

There are several fees that can potentially be avoided on your loan, including ongoing (up to $20 per month) and establishment fees (up to $600).

No security needed

You don’t have to worry about providing an asset as collateral for your personal loan, with unsecured financing on offer to give you more flexibility.

No upfront deposit

There’s no obligation for you to pay any lump sums or fees up front; all of your payments begin one week, fortnight or month after you sign off on the loan.

Pay your loan out early

You aren’t required to stick to your repayment schedule, either. You can choose from lenders who offer free additional and early payments to help you save.

Rapid approval

Your personal loan application can receive an instant outcome within 60 seconds, with the funds transferred directly to your account inside 24 hours.

Student personal loans explained

What are student loans?

Student loans are a personal loan designed to meet the needs of students. They are usually intended to pay for things like tuition and textbooks but can also be used for living expenses. 

Student loans also tend to offer a range of benefits over other personal loan types. For example, some lenders may offer lower interest rates and waive certain fees for some student loans. Some will also provide additional features, like redrawing or top ups, for free.

How does a student loan work?

Student loans work much the same as any other personal loans. They provide access to a set amount of credit, which is funded as a lump sum. They require repayment over a series of regular instalments, with fees and interest incurred along the way. 

However, while they're usually the same product as any other personal loan, student loans can differ in one important way: their eligibility criteria. 

Acknowledging that most students wouldn’t meet standard personal loan eligibility criteria, student loans often have more flexible requirements. Specifically, they tend to be less strict about an applicant’s credit history and income. This means that they’re an option, even if you only work casually and haven’t had a loan before. 

To be eligible for a student loan, you will generally need to be able to prove that: 

  • You are at least 18 years old
  • You're an Australian citizen or permanent resident
  • You receive enough income to support your loan's repayments (usually at least $20,000 p.a.)
  • You are currently studying at a recognised education institution (such as a university or TAFE) 

However, the specifics of this will vary from lender to lender.

Types of personal loan

Why compare personal loans through Savvy?

How do I choose the right student loan?

Tips for securing your student loan

Exhibit good financial behaviours

Lenders will want to see that you're financially responsible, save regularly and don’t overdraw your account. This is particularly important if you have no credit history.

Enlist a guarantor

A guarantor is someone who agrees to assume responsibility for your loan if you fail to repay it. This could be a friend or family members and should be someone with a good credit history.

Provide security

Secured loans present less risk to the lender, so are easier to get to get and have lower interest rates. They require you to put up a major asset (like your car), though, which can be repossessed if you miss repayments.

Request a smaller amount

The smaller the amount you’re borrowing, the more affordable the repayments will be. As such, make sure you apply for only the amount you need.

Common questions about financing your big day answered

How much can I borrow?

How much you can borrow will depend on the lender, the type of loan, and your circumstances. While some lenders will offer personal loans up to $75,000, you will need to prove you can afford the repayments. Some lenders will also want to see a breakdown of what you plan to use the funds for.

How do I know if a loan is affordable?

A loan is considered affordable if you can comfortably meet the repayment schedule. As such, you should look at the repayment amount and work out if you can make it work long-term. To be really sure, try saving that amount for a few months and see how it impacts your lifestyle.

Can I access funding to cover me until I complete my studies?

Yes – whether you're doing a year course or completing a long degree, you can take out an amount and use its funds for any study-related reason you like (or non-study-related reasons).

I’m an international student – can I still get a student loan?

Probably not – most lenders will require you to be an Australian citizen or permanent resident to take out a student loan. In general, lenders won't accept applications from those living in Australia on a student visa, so this closes off the ability for you to get a loan in this position.

I’ve never taken a loan out before – can I still get a student loan?

While having a good credit history can help you get a loan, it is possible to find finance without one. In fact, many loan providers are more flexible on their credit history requirements. However, you should make sure you meet all of the lender’s requirements before applying. 

Also, if you are given a loan, make sure you make all of your repayments on time and in full. This will help you build a good credit rating and should make getting loans easier in the future.

Most of my income come from Centrelink – can I still get a student loan?

Most lenders will want to see that you’re receiving some form of income. While many will want to see income from stable employment (e.g. a part-time job), others may accept support payments as income. 

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.