Students pay a weekly, fortnightly or monthly repayment, where an indicative interest rate range of 10% to 15% p.a is applied, along with a loan establishment fee ($200 one-off) and a per unit drawdown fee of $25 per unit.
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Study Loans is a Melbourne-based fintech startup company.
Study Loans is a new kind of finance for students seeking assistance in paying for their vocational and tertiary education. We are all about helping people advance in their careers to reach their full potential by providing the necessary funds to pay for their tuition fees during those criterial periods of education. We are Australia’s first dedicated private student loan company. Whether students are looking to save money on student loans, reach that next career goal or invest in their future, Study Loans works to help our customers reach their potential.
Compare The Market
As Australia’s first dedicated student loan provider they aim to provide you with a truly flexible loan product that allows you to pay for your study as you progress through the course. You decide how much you would like to borrow, and they provide the flexibility to access the money as needed. Because you access the money as needed, you only need to repay the amount borrowed, each time you increase your borrowing they will automatically adjust your repayments to make sure they stay up to date, and your loan is repaid on time. They directly pay the education provider – hassle free.
The VET Student Loans program assists eligible students pay tuition fees for approved higher-level (diploma and above) vocational education and training (VET) courses, when studying at VET Student Loans approved course providers.
FEE-HELP is a loan scheme that assists eligible full fee paying students pay their tuition fees at university and other higher education providers. Important note:you must be studying at an approved FEE-HELP provider in order to access a FEE-HELP loan.
Why Study Loans?
Study Loans aim to offer competitive interest rates for students looking to take the next step with their education.
Study Loans can help you fund entire courses, part of your course, and/or be used in conjunction with personal funds, government, or gifts. The choice is yours.
Study Loans uses a competency-based, pay-as-you-go funding method.
Study Loans provides a new way of paying for education with easy understand terms and conditions.
Their Education partners are dedicated to the success of their students.
For Students
Study Loans has been purpose built for students and education providers – they are the specialists in student finance.
They provide the funds for approved courses direct to the approved education provider on behalf of the student for loan amounts between $2,001 and $15,000. Their loan terms range from 6 to 48 months and they aim to provide interests rate from 10% to 15% p.a, based on financial and educational data.
Their interest rates and fees have been set up to ensure full transparency for their vocational education and university students – no giveaways or hidden costs. This ensures students are informed from day one and there’s no surprises along the way. Fees, including a small monthly management fee of $2.50, a drawdown fee of $25 per drawdown payment and a one-off establishment fee of $200, are explained in full prior to approval so all parties are aware of how much is owing and what it is for.
Interest rates are calculated on a risk based pricing model that take the students financial situation and the chosen course. Their aim is to offer competitive interest rates inline with these models, ranging from 9.75% to 14.50% p.a. The interest rates are variable in nature with the rate calculated daily and charged monthly on the outstanding balance of the loan.
Simple repayments for students
Repaying your loan is as easy as setting up a weekly fortnightly or monthly direct debit and if you decide to pay more than the minimum, top up payments can be made using BPAY. If you miss a direct debit payment, a $25 penalty applies each month the account is in arrears. At Study Loans, they don’t believe in punishing students who repay their loans back earlier than expected, so there are no penalties for doing so. In fact, if you manage to get ahead on your repayments and need a break, a repayment holiday can be arranged for up to three months.
FAQs
Funds are directly disbursed to the education provider as you (the student) progress through the selected course.
Yes, Study Loans provides regulated consumer loans under our Australian Credit Licence 498589. In doing so, it must comply with the National Consumer Protection Act 2006 (Cth), the National Credit Code and must meet ASIC’s requirements in relation to consumer lending.
Loans can be repaid weekly, fortnightly or monthly via direct debit from your nominated bank account. To help you stay organised, we’ll also send you a reminder the day before repayments are due to come out of your account.
Yes, at the formal application stage, we will run a credit check. If you are simply checking what your repayments would be we suggest using our website’s calculator or call our support staff for your indicative repayment ranges.
Your approval is valid for 60 days from your formal approval.
Unfortunately not at this time. It is something we are working on and hope to be able to offer in the near future.
For Partners
- UPTAKE IN EDUCATION : There has been a significant growth in the uptake of vocational and tertiary education in Australia, particularly in the non-accredited vocation sector. Australians are seeking out opportunities to develop new skills and undertake studies that provide real job opportunities in a lifelong manner.
- DIMINISHING GOVERNMENT ROLE: Governments have traditionally stepped in to provide students with a range of loans, grants and other mechanisms to provide financial assistance. This traditional role of governments is now beginning to be significantly reduced and diminished in Australia.
- GAP IN THE MARKET: Currently, there are no alternative private solutions dedicated to financing education in Australia. This gap in the market is leaving many students without a secure and viable option for participating in further education.
Their mission is to create a competitive, primary source of finance for students undertaking vocational and higher education in the accredited and non‑accredited education sector.
With a key focus on transparency for the student and responsible lending, their model has been designed to be selective, combining historical and real-time data with financial data. They believe high course completion rates will result in lower levels of student defaults.
Study Loans has partnered with the some of Australia’s leading education providers to offer financing for students across a range of disciplines and studies. Their partners are now able to offer a wider range of financing options for students interested in undertaking further education.
Access and training with their easy-to-use platform is provided to all partner organisations, as well detailed information on the eligibility criteria and process for students and courses. This technology and offering has helped to establish our partners as thought leaders in the education sector.
Study Loans does not offer any incentives or commissions to their education partners.
Study Loans uses rich data sets to ensure the suitability of both the student and education provider, which encourages the best outcome for both parties.
Students are funded on a per unit basis or a cluster of units, on completion, which minimises their financial risk.
15% of the total loan will be held back on each tranche payment from the education provider until the student completes the course as the first line of defence against default. Provided the student gains the full qualification and is up-to-date with the minimum repayments, the 15% will be released to the education providers.
Education Partners
Our Conclusion
Kabbage is a good option for business owners who don’t have perfect personal credit and need cash immediately and don’t mind paying higher rates for the speed. Kabbage focuses on less traditional information like banking, accounting and e-commerce data. With their easy online application that can be completed in minutes, you can be approved for a line of credit and funded within a few days, at most. They offer offers loans of up to $250,000 with repayment terms of six, 12 or 18 months.
Fernando Camacho
He is a crazy shopper, loves drinking in pubs and clubs, shopping trendy outlets online, grocery shopping to his door and catching Uber. Also dabbles in setting up online stores through eBay, Amazon marketplaces and has a marketing and commerce background.