+61.8.9355 5822 |   enquiries@pplfinanceservices.com.au

Student or Study Loans

addminsion open page banner

The Australian government and many banks offer various loan programs to assist you in your finances and supporting yourself during your university or tertiary institution 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.

Most 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.
 
It is also suggested that you only take out only the amount of money that you sincerely need and nothing more.  Although you do not want to be left hungry, you also do not want to be living extravagantly off of money that you will have to pay back.
 

About PPL Finance Services

We offer access to a broad range of finance services, through a network of carefully selected alliance relationships with service providers that have the experience and the level of expertise required to provide guidence, assistance and innovative advice to best serve and protect the interests of our members. Learn more...

Keep in Touch

  This email address is being protected from spambots. You need JavaScript enabled to view it.
  +61 8 9355 5822
  +61 8 9355 5833
  Suite1/160 Burswood Road, Burswood Western Australia

 

View our Location

Latest News

02
Mar2016

Getting a home loan approved...

Your home loan will probably be the largest loan you ever take out. So it pays to...

03
Mar2016

Saving money in a Bank...

Bank accounts are an effective place to save money. Forget stashing your cash in the sock draw,...

05
Mar2016

Start your retirement planning, sooner...

When do you want to retire? What lifestyle do you want in retirement? Do you want to...

06
Mar2016

Saving on Home Insurance

      Home insurance protects your home against unexpected events like fire, natural disasters, vandalism, theft etc. The insurance...

10
Mar2016

What is the right retirement...

In Australia your employer will pay a percentage (legislated by governement) of your wage into a superannuation...

11
Mar2016

How to save when buying...

It is an exciting time the day you decide to buy your first car. For many it...

11
Mar2016

Three smart ways to use...

A lot of people deal with their own share of financial burdens primarily because of the not-so-smart...

14
Jul2016

Make Better Financial Decisions by...

Frugality is not about saving money. We all know, saving money is a big part of living frugally,...

«
»