Government-Sponsored Student Loans
The Higher Education Loan Programme (HELP) of Australia has designed THREE (3) major kinds of student loans.
Available to students whose course of study is Commonwealth (government) supported, the Australian government subsidizes majority of the cost; the student only pays his portion of the cost known as "student contribution."
- HECS-HELP Student Loans
- FEE-HELP Student Loans
- OS-HELP
A student can also avail of this type of loan from Commonwealth-supported places. In Australia, there are places of study the government subsidizes. A student from that place is eligible just the same.
HECS-HELP (Higher Education Loan Programme) Student Loans aim to help eligible students defray the cost of their "student contribution".
Avail: Eligibility is simple. Your course of study should be Commonwealth-supported.
FEE-HELP Student Loans are designed to help students defray the cost of their tuition, either in full or in part. A student can only borrow up to FEE-HELP's limit and over his lifetime.
In 2006, a student can borrow a maximum of $50,950. This is FEE-HELP's lifetime limit. For undergraduate studies, a 20% loan fee is likewise charged. For courses of study that are not supported by the Australian government, the student pays full tuition fees.
Avail: Eligibility requirements are more strident than HECS-HELP Loans. Fee-Paying student who desire to take up FEE-HELP, should meet ALL the requirements of the program, including residency and citizenship requirements.
The Overseas Study under the Higher Education Loan Programme is a loan program designed for undergraduates taking up overseas study. Only students who are Commonwealth-supported and who study in overseas-fee paying places are eligible.