An overview of eligibility criteria for student loans for Australia

1. An overview of eligibility criteria for student loans for Australia

2. Do you aspire to study at one of the prestigious universities of Australia? We are sure you do and that is why you searched “student loans for Australia” on Google and stumbled on this article to learn about how to finance your higher studies in Australia. For a few decades now, education loans have been helping students like you to pursue architecture, applied sciences or various other fields in Australia. In this article, we will lay down the eligibility criteria for students who want an education loan for their higher studies in Australia.

3. To get an education loan, the student and the co-borrower would have to fulfil the following eligibility criteria: • Student eligibility criteria • The student must: • Be an Indian citizen. • Be above 18 years of age. If the student is not above 18 years old then the parents or the guardian would have to apply for a loan on behalf of the student. • Display good academic history. • Have an admission proof for a college approved by the lender. • Have applied for a course that has a high scope of job opportunities. • Co-borrower eligibility criteria • The co-borrower must: • Be an Indian citizen. • Have a reliable income source. • Have a good credit score. • Be either a parent or a guardian (Spouses of married people can be considered as co-borrowers as well) • Once the student fulfills all the eligibility criteria then comes the requirement of the student and his or her co-borrower’s documents if the student wants to apply for student loans for Australia.

4. Student documents required • The student documents usually required are: • A filled education loan application form. • Few passport-sized photographs. • Identity proof (AADHAR card/ PAN card/ Passport/ Driver’s license) • Residential proof (Electricity bill/ Gas bill/ Water supply bill) • Academic mark-sheets and certificates • Competitive exam mark-sheets (GRE/TOEFL/ GMAT) • Admission proof of the university approved by the lender • A log of potential expenses that will be incurred while studying the course

5. Co-borrower documents required • The co-borrower’s documents generally required are: • Few passport-sized photographs. • Identity proof (AADHAR card/ PAN card/ Passport/Driver’s license) • Residential proof (Electricity bill/ Gas bill/ Water supply bill/ Property tax bill) • The details of the different loans held presently by the co-borrower. • If the co-borrower is a salaried employee then they need to submit these documents additionally: • Salary slips of last 3 months. • Income tax returns. • Salary account statements of the last 6 months. • If the co-borrower is self-employed then they need to submit these documents additionally: • Qualification certificate (B.E certificate if the co-borrower is an engineer). • Address proof of the business office. • Income tax returns. • Bank account statements of last 6 months.

6. So, this was an overview of the eligibility criteria for student loans for Australia. We hope that after reading this article, you have more granular knowledge about the eligibility criteria to finance your higher education in Australia using an education loan. We wish you all the best! • Related Article: -An overview of the eligibility criteria to get an education loan for Canada