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EXPLAIN THE DIFFERENT TYPES OF LOANS FOR A STUDENT TRAINING AND STUDYING IN AUSTRALIA

The secret behind a successful nation is how knowledgeable the citizens are. Having said that, the Government of Australia aids its citizens with numerous kinds of loan for higher education, trade apprenticeships and other training programs. The various kinds of educational loans that Australian Government offers to the students are:

• HELP (Higher Education Loan Programme): The Australian Government assists qualified students with their tuition fees by providing HELP loan. There are a variety of HELP loans available, depending on the student's circumstances. These are:

1. HECS-HELP: This is a loan scheme for eligible students, which will help them to pay their tuition fees. You must submit a valid request for Commonwealth support and HECS-HELP form by the census date (or earlier administrative date) to your university to apply for this loan.
2. FEE-HELP: This is a loan scheme for qualified fee paying students, which will help them to pay their tuition fees, either in partial or full payment. They cannot use the loan for other expenses.
3. OS-HELP: This is a loan scheme for eligible students who want to undertake some of their study overseas. Only the students from Commonwealth supported places can apply for this loan. This loan can be used for a range of expenses like airfares, accommodation, and other travel or study expenses. This loan is for six months’ period.
4. SA-HELP: This is a loan scheme that assists qualified students to pay for all or part of the service fees other than tuition fees incurred in their study. These fees are non-academic in nature, such as child care, employment and career advice, sports and recreational activities, financial advice and food services. You need to lodge your Request for SA-HELP assistance form by the date advised by your university to get this loan.

• SSL (Student Start-up Loan): Full-time students who receive allowances, like Youth Allowance, Austudy or ABSTUDY Living Allowance in their higher education are eligible for SSL. This loan is tax free. You can pay lump sum money at every period when your income exceeds the minimum repayment threshold as repayment through the Australian Taxation Office (ATO) just like you pay for HELP.
• TSL (Trade Support Loans): This is a loan scheme where Australian apprentices are offered loans of up to $20,000 in four years’ time frame. This loan is managed by Australian Apprenticeships Centres and the Department of Education and Training.

To get these loans you either need to be an Australian Citizen or a New Zealand Special Category Visa holder who meets the long-term residency criteria and who will undertake, in Australia, at least one unit of study contributing to your course or a permanent resident visa holder or a permanent humanitarian visa holder.