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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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What type of loan are you looking for?
Personal loan for school fees – Afford the best of education
Is your child going back to school? Put textbooks, uniforms, and school supplies aside for a moment because you usually only cover these smaller costs once school fees is paid. But if the cost of this major expense is taxing your budget, our guide can help you find the right personal loan for school fees.
Personal loan for school fees: How much can I borrow and for how long?
Loan amounts and repayment periods are usually specific and unique for each Aussie lender. Generally, borrowing limits fall between $1,000 and $50,000 for unsecured personal loans. Secured personal loans can offer as much as $100,000. The range for loan terms lies somewhere between 1 and 7 years. Your borrowing power mainly depends on your income, credit score, and overall ability to repay the debt.
Once you have determined how much you need, you can use BestFind’s calculator to estimate your repayments. This tool shows how the loan term influences the size of your repayments. A longer term typically offers smaller repayments, but you’ll end up with more borrowing costs. On the other hand, paying off your loan early saves you on interest.
What do I consider when comparing personal loans for school fees?
Compare and consider the following factors to find the best personal loan for you and your family’s educational needs:
- Interest rate – Look at variable rate and fixed rate loan options separately (apply the filter in the comparison table above. Which loan type do you prefer, and what’s the lowest available rate you qualify for?
- Fees and charges – Check for standard upfront and ongoing fees plus any other fees you may have to pay.
- Repayment frequency – Some lenders offer weekly, fortnightly, and monthly repayment options so you can tailor your debt to your situation.
- Extra repayments – Can you make early repayments, and are there any early repayment fees? The best offers typically provide this feature free of charge.
- Redraw facility – This feature enables you to access your extra repayments when cash flow gets low.
How to apply for a school fees loan
Our comparison table features top Australian lenders that offer personal loans for school fees. Get in touch with them and apply by clicking the matching “Go to Site” button.
Lending criteria also differ with each creditor. However, general requirements limit eligibility to Australian citizens or permanent residents who’re at least 18 years. Additionally, you should have a good or excellent credit history plus a regular income.
During the online application process, the following documents and details may also be required:
- Driver’s licence or other valid ID
- Recent bank statements and payslips
- Employment details
- Additional financial details, for instance, details of your assets and liabilities
Personal loans for school fees FAQ
Can I apply if I have bad credit?
Yes, bad credit personal loans are available though they often come with higher rates and steeper fees. The lender will also require solid proof of a reliable and sufficient income to ensure you can afford the loan.
Can I use the funds for other purposes?
Personal loans have many uses, so you won’t be limited to paying school fees. You can also cover other education costs, such as textbooks and learning equipment. You can even pay for car repairs, dentist bills, or home renovations!
How can I avoid paying a higher interest rate?
Shop around and compare financial products to spot the best deal. If possible, investigate lenders offering joint application personal loans so you can get potentially better terms.
Will I get approved if I’m self-employed?
Some Australian lenders provide finance to the self-employed but with tighter lending criteria. Generally, you need to submit more documents such as tax returns that date back a few years.
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