As per the Public Sector Banks (PSBs) in the past 10 years, almost 4,61,017 students have availed education loans. After knowing this limit of the number of students taking advantage of loans to study abroad. Indore scholars have discussed about the loans and various grants. Therefore, in this article, study abroad consultants in Indore have shared the list of education loans that help to study in Australia. But, first, let’s find out how much it costs to live and study there.

How Much Money Will You Need to Study in Australia

Australia is a dream study country for students that provides top notch education, various courses and many more. However, several of them stated that studying there is costly. Besides, this scholar takes education loans to study in this nation as they get lots of opportunities that will help in their career growth. Initially, before you begin to research the various student loans, you need to understand the cost to study and live in the host country. Thus, below is the idea of the degree price for UG and PG courses and other various expenses.

1. AU$27,000-AU$50,000 for bachelor’s degree
2. AU$22,000- AU$60,000 for master’s degree
3. It is expected that every student pays AU$21000 per year for living, food, transport and other living cost.

Types of Education Loans Eligible in Australia

To study abroad you need to prepare yourself financially to manage your tuition fees and other expenses. This education loan will help you to get admission to colleges in Australia. Also, these loans aim to provide some relief so that students can get the quality education they aspire to study in the host country. Therefore, Indore advisors have shared top education loans for the students to have an idea of student loans that can be used to study in this nation. So let’s embark on this.

Take a Loan from Indian Nationalised Bank

First of all, get help from nationalised banks from India that provide education loans to students. They are 90% secure and provide all the required benefits. The major merit of choosing this loan is it has lower rates of interest, and no other price charged on this rate. However, it has a lengthy process of application and in several cases, the request may get delayed due to some unforeseen situation. You can get this grant from the Bank of Baroda by following some of the legal papers and eligibility criteria. Therefore, getting help from this bank for further studies will help to lessen the load of financial occurs while study abroad in nay nation.

Private Loans

Experts of Indore suggest that the process of getting a private loan is faster than getting it from a local bank in India. Besides, it provides better follow-ups and a devoted relationship manager that help to solve all your queries related to loans. Also, it is considered to be the simplest, form of loan for global students who want to study abroad in a country like Australia. In this case, they have to take the loan from the bank or lender and later you can repay it over an agreed statement after some time. Also, private banks help out the most. Further, in India Axis Bank and ICICI Bank are the private banks to whom you can get help in this. However, it is an unsecured loan, in which they are not required to submit assets in exchange for the loan amount. Still, its interest rates are believed to be higher than nationalized ones.

University Loan

In Australia, multiple universities offer loans to students to help them manage their finances while studying here. This is accessible by both local and foreign aspirants. Most of them offer long and short term loans that can assist them in any emergency or can pay for huge expenses. Also, they offer the same amount of budget in that grant it is suggested that better to check with them to know all about the benefits and eligibility. Thus, here is the list of colleges that offer student loans.

• The University of Melbourne provide loans up to AU$5000
• The University of Sydney offer AU$2000 loan
• Monash University gives loans from AU$750-AU$3000 which need to be repaid within 6 or 12 months.

Alternative Ways to Pay for Studies in Australia

After arriving in this nation you must be thinking about how you can bear your own budget. Thus, study abroad consultants in Indore have brought the best idea to overcome this problem. There are lots of prospects that can help you manage your tuition fees and earn some experience and revenues both at a time. Therefore, in this section, you will find the other option to pay for your studies.

Apply for Scholarship

Initially, the foremost option is scholarships which help in reducing the burden of tuition fees. Several colleges in Australia provide this schemes to students. It is given to the merit students and needs one for those who have monetary issues. Don’t worry there are common schemes that are accessible for students who don’t have good academic grades. Thus, some of them only cover education fees and some help in managing other expenses such as living and travelling.

Part Time Job

Another option is to do part time job in Australia. In this nation, colleges allow you to do jobs that help you manage your other expenses. It is a big opportunity for students who are beyond just getting an education. Thus to do this, first research the part-time job available here. It could be an online job, or in university as a librarian. You can do an internship that will give you experience to help you in your placement. However, you are allowed to work only for 20 hours per week. Therefore, it is the best idea to pay your study fees and earn some amount.

Conclusion

To sum up, education loans help students manage their academic and personal expenses. Different types of loans are private or nationalized. Besides, it can be taken from a bank like the Bank of Baroda which grants loans to study Australia to scholars. Moreover, you can do a part-time job or use a scholarship to bear expenses like tuition fees and living costs. Therefore, taking education helps in every monetary way that helps them to study here. Also, platforms like Gradding.com provide various options of student loans that perfectly fit your budget to help in study abroad like in this nation.