Once you have made the decision to apply to a university or other higher education or tertiary institute in Australia, the next stage is to consider how you will finance your studies. Should you choose to apply for any type of loan or grant, there are a number of ways to complete an application. Nowadays, most applications are made online, although it is still possible to download paper forms from the internet, or request them directly from your University or Educational institution.
It is important to note that the Australian government has a separate website StudyAssist via which students can obtain the necessary information regarding student finance and assistance available for tertiary study; you should only use this website if you are an Australia resident and seeking finance assistance locally or for study abroad. All forms for funding assistance must be obtained from your provider (University or Tertiary Institution). All applications for any loan assistance will require you to have a valid Tax File Number (TFN) and must be lodged on or before the census date. If you do not have a tax file number you will need to make application to the Australian Taxation Office prior to submitting any application for student finance assistance.
However, if you apply online you will still have to post identification documents and proof of income to your Local Education Authority, both when you first apply and if your personal circumstances change over the course of your degree. The Student Loans Company (SLC) also requires students to make a separate application for each subsequent year of study. This means that after you have received loan payments for your first year you must re-apply as a 'continuing' student.
Most prospective students in Australia take out a loan with an approved Australian education provider. Due to the high level of demand in terms of applications, it is advisable to apply for your loan several months prior to the start of your course, even if you have not yet had your place on the course confirmed. The deadline for applying for a student loan for the forthcoming academic year is usually towards the end of June. Applications can be made after this time but it is likely that your loan payments will be delayed, perhaps for several months. In the case that your course placement is rejected, or you decide against going to university altogether, there is no financial penalty for cancelling your application for a loan.
Students from remote and regional areas who wish to study in the city can also apply for student income support. These support benefits are provided through Centrelink and are also available to those students who find they require maintanance and living support whilst undertaking study. All applications must be made via a Centrelink directly. Childcare assistance is also available to those studying to better improve their chances of employment
For more information about applying for a student Loan, see:
> The StudyAssist website - www.studyassist.gov.au
> Providers that offer Commonwealth Assistance
