Important disclosure

Compare Student Loans & Education Loans

Higher education can be a lofty expense for many students. If you need help getting past the cost barrier, compare student loans below to find a funding option with the right qualifications.

How much do you need and for how long? Let our student loan repayment calculator do the homework so you can study on personalised terms.

Calculate your repayments

Loan Amount

$10,000

Term

3 months

OurMoneyMarket

Low-Rate Personal Loan - Excellent Credit - Zero Fee

EST Monthly Repayment
EST Monthly Repayment
6.57%
Advert. Rate (p.a)
Comparison rate
OurMoneyMarket are a multi-award winning Aussie finance provider offering simple, fixed, low-rate loans from $2,000 to $75,000, plus free extra repayments and free early exits. Apply online to get a quote in minutes and funds as soon as the next day.
Plenti

Unsecured Personal Loan - Exceptional Credit

EST Monthly Repayment
EST Monthly Repayment
6.57%
Advert. Rate (p.a)
Comparison rate
Borrow from $5,000 to $50,000 with a low interest personal loan. Choose a loan term between 3 - 7 years with $0 monthly fees. Get a rate estimate in as little as 60 seconds with no impact on your credit score.
Now Finance

NOW Finance Unsecured No Fee Personal Loan

EST Monthly Repayment
EST Monthly Repayment
6.75%
Advert. Rate (p.a)
Comparison rate
Pay ZERO fees on all loans with NOW Finance. That's right - no establishment fee, no monthly fees, no early payout fee on all loans between $8,000-$50,000. What's more, get your guaranteed, tailored interest rate in two minutes without impacting your credit score. Comparison rate can vary from 6.75% to 26.95% p.a.*
Liberty

Unsecured Personal Loan - Excellent Credit

EST Monthly Repayment
EST Monthly Repayment
7.24%
Advert. Rate (p.a)
Comparison rate
Loans for free thinkers. Starting out or starting over? Get fast access to the funds you need.
OurMoneyMarket

Low Rate Personal Loan (Fixed, Secured) - Very Good

EST Monthly Repayment
EST Monthly Repayment
6.49%
Advert. Rate (p.a)
Comparison rate
OurMoneyMarket are a multi-award winning Aussie finance provider offering simple, fixed, low-rate loans from $2,000 to $75,000, plus free extra repayments and free early exits. Apply online to get a quote in minutes and funds as soon as the next day.
OurMoneyMarket

Low Rate Personal Loan (Fixed, Unsecured) - Good

EST Monthly Repayment
EST Monthly Repayment
7.49%
Advert. Rate (p.a)
Comparison rate
OurMoneyMarket are a multi-award winning Aussie finance provider offering simple, fixed, low-rate loans from $2,000 to $75,000, plus free extra repayments and free early exits. Apply online to get a quote in minutes and funds as soon as the next day.
Harmoney

Unsecured Personal Loan - Excellent Credit

EST Monthly Repayment
EST Monthly Repayment
5.76%
Advert. Rate (p.a)
Comparison rate
Get what you want, without breaking the bank. Fast, easy & 100% online. Borrow up to $70,000 unsecured. No hidden fees or early repayment penalties. Harmoney's unsecured interest rates range from 5.76% p.a. to 24.03% p.a.
OurMoneyMarket

Low Rate Personal Loan (Fixed, Unsecured) - Average

EST Monthly Repayment
EST Monthly Repayment
8.49%
Advert. Rate (p.a)
Comparison rate
OurMoneyMarket are a multi-award winning Aussie finance provider offering simple, fixed, low-rate loans from $2,000 to $75,000, plus free extra repayments and free early exits. Apply online to get a quote in minutes and funds as soon as the next day.
Liberty

Secured Personal Loan - Excellent Credit

EST Monthly Repayment
EST Monthly Repayment
6.52%
Advert. Rate (p.a)
Comparison rate
Loans for free thinkers. Offering the certainty of fixed repayments at a rate just for you.
Plenti

Plenti - Personal Loan - Very Good Credit

EST Monthly Repayment
EST Monthly Repayment
12.49%
Advert. Rate (p.a)
Comparison rate
Borrow from $5,000 to $50,000 with a low interest personal loan. Choose a loan term between 3 - 7 years with $0 monthly fees. Get a rate estimate in as little as 60 seconds with no impact on your credit score.
Liberty

Secured Personal Loan - Good Credit

EST Monthly Repayment
EST Monthly Repayment
10.34%
Advert. Rate (p.a)
Comparison rate
Loans for free thinkers. Offering the certainty of fixed repayments at a rate just for you.
Liberty

Unsecured Personal Loan - Good Credit

EST Monthly Repayment
EST Monthly Repayment
11.49%
Advert. Rate (p.a)
Comparison rate
Loans for free thinkers. Starting out or starting over? Get fast access to the funds you need.
Bankwest

Flexible Personal Loan

EST Monthly Repayment
EST Monthly Repayment
10.99%
Advert. Rate (p.a)
Comparison rate
Whatever it is you’re dreaming about, a Bankwest Flexible Personal Loan puts you in control. Pay it off early, make additional repayments and redraw additional repayments you’ve made all at no extra cost!
St.George Bank

Unsecured Personal Loan (Fixed)

EST Monthly Repayment
EST Monthly Repayment
12.99%
Advert. Rate (p.a)
Comparison rate
Whether you're taking control of your finances, planning a special event, or making a large purchase, our Unsecured Personal Loan may be the right solution.
St.George Bank

Unsecured Personal Loan (Variable)

EST Monthly Repayment
EST Monthly Repayment
12.99%
Advert. Rate (p.a)
Comparison rate
Whether you're taking control of your finances, planning a special event, or making a large purchase, our Unsecured Personal Loan may be the right solution.
Westpac

Westpac Unsecured Personal Loan

EST Monthly Repayment
EST Monthly Repayment
11.99%
Advert. Rate (p.a)
Comparison rate
A personal loan can help you to get what you’ve always wanted. Plan ahead with a flexible loan term of between 1 and 7 years. Apply for between $4,000 and $50,000 (conditions apply). Make extra repayments to pay your loan off sooner (prepayment fee may apply). Choose a repayment frequency to suit when you get paid - weekly, fortnightly or monthly.
NAB

NAB Variable Rate Personal Loan

EST Monthly Repayment
EST Monthly Repayment
12.69%
Advert. Rate (p.a)
Comparison rate
1-7 years flexible loan term, borrow from $5,000 up to $55,000 and redraw additional repayments you've already made
NAB

NAB Fixed Rate Personal Loan

EST Monthly Repayment
EST Monthly Repayment
12.69%
Advert. Rate (p.a)
Comparison rate
Borrow from $5,000 up to $55,000 for 1 to 7 years flexible loan terms
Wisr

Platinum Unsecured Personal Loan

EST Monthly Repayment
EST Monthly Repayment
11.40%
Advert. Rate (p.a)
Comparison rate
Wisr provide personalised low rates for applicants with good credit. Borrow between $5,000 and $50,000 with transparent terms and easy online application.
People's Choice Credit Union

Unsecured Personal Loan

EST Monthly Repayment
EST Monthly Repayment
13.99%
Advert. Rate (p.a)
Comparison rate
As a member owned organisation, our first priority is to help you. We continually focus on providing high levels of personalised service and value for money products – such as our Personal Loans– there to help you make those life-changing purchases.
Plenti

Plenti - Personal Loan - Good Credit

EST Monthly Repayment
EST Monthly Repayment
14.49%
Advert. Rate (p.a)
Comparison rate
Borrow from $5,000 to $50,000 with a low interest personal loan. Choose a loan term between 3 - 7 years with $0 monthly fees. Get a rate estimate in as little as 60 seconds with no impact on your credit score.
The Mac

Personal Loan Unsecured

EST Monthly Repayment
EST Monthly Repayment
15.99%
Advert. Rate (p.a)
Comparison rate
Whether you're dreaming of far away destinations or of revolutionising the world with your next big invention, our Unsecured Personal Loans are a flexible and simple solution from an ethical and trusted team.
Arab Bank

Unsecured Personal Loan - Variable

EST Monthly Repayment
EST Monthly Repayment
15.60%
Advert. Rate (p.a)
Comparison rate
You can use your personal loan for things like purchasing a new car, consolidating your debts, renovating your home, paying for university studies or to go on your dream holiday!
Regional Australia Bank

Personal Loan

EST Monthly Repayment
EST Monthly Repayment
15.99%
Advert. Rate (p.a)
Comparison rate
All-purpose Personal Loan for quick and easy funds when you need them.
Plenti

Plenti - Personal Loan - Average Credit

EST Monthly Repayment
EST Monthly Repayment
18.45%
Advert. Rate (p.a)
Comparison rate
Borrow from $5,000 to $50,000 with a low interest personal loan. Choose a loan term between 3 - 7 years with $0 monthly fees. Get a rate estimate in as little as 60 seconds with no impact on your credit score.

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Minimum and maximum loan periods vary between 6 months and 10 years. Comparison interest rates vary between 6.55% and 20.89% p.a. Total interest repayments vary between $1,387 and $4,165 over the life of the loan. *Comparison rate is based on an unsecured loan of $10,000 for a term of 3 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. These rates can change without further notice. All rates quoted are per annum. For more information regarding fees click on "View fees & additional info +" for each product or contact the provider.

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students sitting on university stairs

Student loans in Australia – Invest in your future potential

If you’re looking to secure your future in Australia, the hefty costs can sometimes weigh heavily on your student experience. Parents and guardians may not always be able to help you juggle the study expenses or handle cash flow issues. However, a student personal loan levels the playing field and enables you to stand on your own two feet, whether you’re a fresher or headed towards post-grad.

But before you take this route, use our student loans guide to educate yourself about available options and how to choose the right one for you.

What are student loans, and how do they work?

Due to personal loans having a plethora of uses, they can also double as a student loan. In this case, the borrowed money is simply fashioned to pay for expenses associated with higher education. That means your student loan will come with all the features common to personal loans.

For instance, once you borrow the amount you need, you’ll have to make repayments over a specified period. You’ll also need to pick up the tab for borrowing costs, including interest and other fees and charges such as establishment fees.

What can I use a student loan for?

Aussie students generally spread their lump sum over the following study and living expenses:

  • Tuition fees or course fees
  • Textbooks and other course material
  • Various learning equipment, including computers
  • Accommodation and rentals
  • Groceries and other household items
  • Utility bills

It’s generally best not to splash out on non-essentials, such as alcohol or expensive clothing, since each penny you spend tips you further into debt.

Secured vs unsecured student loans

Most student loans are unsecured. That means you’ll be able to borrow money without using any personal assets to guarantee the debt. Alternatively, you can apply for a secured loan which earmarks your car, property, or high-value asset for repossession if you default. It’s fairly standard to have higher rates for unsecured personal loans since they pose more risk to the lender than secured personal loans.

Fixed rate vs variable rate student loans

Student loans can also be classified by interest rate type. Taking out a fixed-rate loan means the lender charges you the same rate regardless of what’s happening to market rates. With a variable rate loan, the lender may take their cue from market rate changes and slash or inflate your rate accordingly.

On the whole, fixed rates are great if you want to avoid unplanned increases to your repayments. But you can also opt for a variable rate on the off chance that market rates will dip as predicted. That way, you can bag a lower rate and more savings.

Other types of student loans available in Australia

  • Guarantor or joint applicant loans. You can enlist the goodwill of a family member or friend when you need help securing a loan, particularly if you have a low or bad credit score. The lender only approves if the guarantor agrees to assume responsibility for the entire debt should you fail to repay. With joint applications, you have a co-borrower who shares the funds with you, and you’re both responsible for repayments from the get-go.
  • Peer to peer loans. P2P loans are a form of marketplace lending where you shop around for a loan from private individuals (investors) as opposed to banks or credit unions.
  • Car loans. With a secured or unsecured student car loan, you can stump up for a new set of wheels for extra convenience when out and about.
  • Specialised loans. Some Australian lenders offer unique financial products designed specifically for medical students, including those studying dentistry. These usually come with lower costs once you prove your medical student status during the application process.

How do I choose the right student loan for my needs?

When it comes to prepping for a student finance application, consider the following notes before making your final selection:

  • Interest rates and fees. As a student, you’re probably familiar with bargain hunting and shopping for the best deals. A low interest rate is your first ticket to paying less. So it pays to look at the advertised rate and the comparison rate, which combines all standard loan costs.
  • Amount. Keeping a tight budget is all well and good, but make sure you’ll be able to borrow enough to at least stay on top of things. On the other hand, don’t rack up debt you don’t need. Fortunately, most lenders only approve you for a loan amount that matches your household income and, therefore, your ability to repay.
  • Term. A flexible loan term helps you with manageable repayments that won’t stress your budget. Find out if the option you’re going for affords you enough repayment time. Generally, terms vary between one and five years.
  • Repayment options and flexibility. Your repayment schedule options vary between weekly, fortnightly, and monthly. Which offer has the most suitable choice for you? Additionally, can you make early repayments, preferably without paying a penalty?
  • Credit provider. Always check if the student loan company you’re dealing with is reputable and above board.
  • Additional benefits. Some lenders offer freebies, discounts, and even financing for overseas or short courses. Others provide funding in instalments as well as online accounts for better debt and money management. These perks can greatly improve your student and borrowing experience.

Am I qualified to apply for a student loan?

Credit providers generally spell out the following eligibility criteria for their student financial products:

  • Minimum age of 18 years, unless there’s a guarantor
  • Australian or permanent residency
  • Minimum annual or monthly income (this varies)
  • A good credit rating

However, it’s best to scope out your preferred lender’s specific requirements to make sure they’ll take your application on board.

Are there any international student loans available in Australia?

If you’re on a learning visa, you might not be able to get your foot in the door of a student loan company. However, you can win approval from some private lenders if you have a valid working or business visa. While it is true that domestic students have more loan options, there are also avenues you can explore as an international student. For instance, you can find out what your university offers in terms of education loans or scholarships.

Student personal loans vs government loans

Aside from Centrelink student loans, Australian students can also benefit from some government loans and subsidies. For instance, there’s the Higher Education Loan Program or HELP for short, which covers the cost of tuition for students. Other programs like the Vet Student Loans also exist, but you’ll need to be eligible. Keep in mind that while government student loans generally have lenient repayment terms, you immediately have to start working on your repayments if you borrow a personal loan from a financial institution.

Should I apply for a student personal loan? – Pros and cons

Funding your studies will likely cost a pretty penny, and this is a universal challenge many students face. As mentioned earlier, a personal loan can break down doors for you, but should you go for it? Review these pros and cons before you take the last step to your application:

Pros

  • It might be the only option if your savings or the Bank of Mum and Dad are not enough.
  • You get to cement your future financial security with quality education you might not have otherwise afforded.
  • They often have competitive rates and flexible repayment terms compared to credit cards and payday loans
  • Even if your income or credit score is not up to the job, you can still apply as long as you find a suitable guarantor.
  • The requirements are less strict, and you’ll likely come across discounts and waivers.

Cons

  • If your qualifying credentials (income and credit rating) are subpar, you might have to pay a higher rate and borrow less.
  • It’s easy to spiral into debt if you choose longer terms or borrow more than you can afford since both these choices incur more interest.

How to apply for a student loan online

  • Compare student loans. Use our product table above as a comparison tool to quickly mark out the best option for your budget and needs.
  • Use our student loan repayment calculator. Enter different amounts and terms until you single out a repayment that clicks with your current budget.
  • Check requirements. This avoids wasting time, and also remember that a rejected application can negatively impact your credit history.
  • Apply. Click the “Go to Site” button for your chosen lender so that you can apply on their website.

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