Student loans

What is it?

In addition to the flexible payment options for each AIE course, students may like to investigate the options available through various financial institutions across Australia. AIE is nationally accredited as a Registered Training Organisation and students enrolled in a full time course should qualify for most tertiary student loan packages.

Some packages that are available include:

National Australia Bank Tertiary Student Loan This loan package offers students deferred payment options for loan amounts up to $20 000. More information and application criteria can be found on theNAB website.

Commonwealth Bank Campus Loans

Low interest and deferred payment options are available through the Commonwealth Bank Campus Loan. More information and application criteria can be found on theCommBank website.

Forbearance

If you are willing but unable to make loan payments due to certain types of financial hardships, your lender may grant you a forbearance, a period during which your monthly loan payments are temporarily suspended or reduced.

Your lender is required to grant you a forbearance if you are in any one of the following situations:

• You are serving in a medical or dental internship or residency program, and you meet specific requirements
• The total amount you owe each month for all the student loans you received is 20 percent or more of your total monthly gross income (additional conditions apply)
• You are serving in a national service position for which you received a national service award
• You are performing teaching service that would qualify for teacher loan forgiveness
• You qualify for partial repayment of your loans under the U.S. Department of Defense Student Loan Repayment Program
• You are a member of the National Guard and have been activated by a governor, but you are not eligible for a military deferment

Loan Forgiveness, Cancellation, or Discharge

Your loans may be forgiven, canceled, or discharged if you are a teacher, military personnel, nurse, childcare provider, individual performing certain public service, or person with total and permanent disability. If you think you qualify, contact your loan servicer.

1. You may also be eligible for a discharge through bankruptcy, if you can prove to the court that repaying your student loan would cause undue hardship. This court proceeding is adversary, and your creditors may be present to challenge your request. You would have to meet all three of these criteria to prove undue hardship:
2. if you are forced to repay the loan, you would not be able to maintain a minimal standard of living
3. this hardship will continue for a significant portion of the loan repayment period; and

• 1. you made good-faith efforts to repay the loan before filing bankruptcy (usually this means you have been in repayment for a minimum of five years).
  Meeting these criteria is extremely difficult and rarely allowed, and although you may file for bankruptcy on your own, you are strongly advised to hire a bankruptcy attorney, preferably one with experience in student loans. If your loan is discharged through bankruptcy, you will not have to repay any portion of your loan, and all collection activity will stop. You also will regain eligibility for federal student aid if you had previously lost it.

ANZ bank

ANZ has a range of loans available, including graduate loans. More information is available on theANZ website