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

Welcome to australia.edu

Educate yourself about Student Loans

Completing university is a very tough process. You must work hard and spending a lot of time studying, therefore you do not need the extra stress that lack of finances can bring. You are investing in your future with a university education and there is a lot of evidence which suggests that getting a degree will give you many job opportunities and the potential to earn much more during your career.

Fortunately, the Australian government and many banks offer various loan programs to assist you in your finances and supporting yourself during your university studies. A number of these programs allow you to defer your payments until you have graduated or completed your studies and some of the programs even defer the interest until you have completed your course of study. You need to assess all your options and your financial situation in order to pick the student loan that best fits you.

It is pretty easy to get a student loan. Lending institutions understand that most college students will probably not have a solid money situation or consistent stream of revenue; therefore the loans that you receive are based on your future income potential after your study. Some of the loan programs will require you to have a co signer or guarantor who will support the repayment terms if you are unable to pay it. The guarantor is typically a parent or guardian.

The best option for student loans are government programs because they typically offer the best loan repayment terms. The reason for this is because the government is not trying to make profits off of your loan as a bank would. If you receive a government student loan, repayments will not be necessary and you will not build up interest until you file a tax return that show that you are making over 40,000 dollars per year. This is the best type of government student loan because it gives you the lowest cost option for funding your study.

Not everyone is qualified to get a government student loan and even those that are qualified may notice that they are not given enough money to cover all of their educational expenses. These are the people who will need to dive into private student loans in order to cover their expenses. A bank or lending institution will offer you a student loan that is typically below the general personal loan, making it an appealing offer for most students.Furthermore, many of these programs will permit you to put off payment on the loan for some time, generally after you complete your study, and many times even longer than that. As a result, you are given time to enter the job market and begin your career without worrying about paying off your loans. The one down side to these loans is that you will be accruing interest starting from the date you take out the money and the amount of interest that piles up can be significant.

As a result, just a slight difference of a half of a percentage point could potentially make a large difference in the amount you will eventually be obliged for. It is strongly recommended that you do some research for the loans that will be the most suitable for you.

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