Student Loans
Obtaining a student loan can make student life so much easier to purchase the equipment you need to study with, however it is 'real money' so keep in mind that at some stage you must pay back the loan!
Student Loans:
There are several ways to obtain a student loan, they are:
Government Funded Student Loans:
The Australian government offers student loans to help students pay for their studies. These are called HECS (Higher Education Contribution Scheme) and HELP (Higher Education Loan Program). These are repayable when you submit your tax return. The compulsory repayments may vary depending on what you have earned in the financial years after your studying has finished. Your college may be able to advise you in these loans, or to research online see the Australian Tax Office website.
Bank Provided Student Loans:
Banks will provide students with small loans however repayments and interest are generally payable on the loan immediately. As an overseas student with no banking history in Australia you will find it very difficult to obtain a loan via a bank. It's advisable to open a student bank account first and then after a 6 months banking history approach the bank for the purpose of a student loan.
See: Student Help - Bank Accounts.
Bank Provided Credit Cards:
Generally a credit card will have a lower interest rate than a bank account with an overdraft limit. Also many credit cards have an interest-free term. So as long as you have some form of income a credit card can help with small expenses.
See: Student Credit Cards.
College Loans / Sponsorships:
Its probably your best option to seek financial support from the college where you are studying, they may not provide loans directly but may have several other ways to help you. So ask if they can provide you with any financial assistance such as allowing you to paying course fees over an agreed period of time or ask if they can advise you on government funded student loans and how to apply for them via the college. Some colleges have the ability to offer students sponsorships too, see: Student Sponsorships.
...look, if you are studying for any lengthy period of time, we advise you see Temp Employment so you can at least pay part of your own way.
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