Scholarships to Study in Australia: Application Process, Types, Grants, Waivers, Loans

Australia is a popular study abroad destination and is home to 6 universities ranked among top 100 universities worldwide according to QS World University Ranking 2022. Every year, thousands of students flock overseas to pursue higher education in Australia. The country enrolls around 700,000 international students from all over the world. Tuition fees for international students will vary between 30,000- 40,000 AUD a year depending on the chosen university and course.

The cost of living in Australia including tuition, room and board, transportation, food, clothing, entertainment, and other living expenses can be a downside for international students aspiring to study in Australia. Students will also need to consider Australian student visa processing fees and the application fees charged by some universities. Check: Student Accommodation in Australia

To ease the finances for international students, Australian government, various public and private establishments and education providers offer a wide range of scholarships to study in Australia. Some scholarships are based on academic merit while others are based on factors such as the home country of the student, chosen subject and financial circumstances. Students also have various other options to finance their tuition fees and living costs including family funding and support, student loans or working up to 40 hours per fortnight, holding a valid Australian student visa. Some of the sources through which international students can apply for scholarships to study in Australia include Universities and Private Banks.

How to Apply for Scholarships to Study in Australia?

Eligibility Criteria to apply for popular scholarships to study in Australia include:

• Good academic score
• Chosen subject and level of education
• Extracurricular activities and volunteering
• Social work and awareness
• Essay or other written compositions
• Scores of an English language proficiency test and other exams to study in Australia.

Note: Eligibility, generally depends on the type of scholarship, the student is applying for.

Students can find suitable scholarships to study in Australia through the university, local organizations, and companies or by contacting an industry expert. International students, after checking the eligibility of scholarships, can contact the administrator of that award for the application procedure.

Scholarships in Australia for International Students

Scholarships to study in Australia generally provide 15-25% of fee remission for international students. Students are advised to submit applications well ahead in time as getting a scholarship is competitive. There are various types of scholarships available for international students in Australia including, Australian Government Scholarships and Australian University Scholarships.

Australian Government Scholarships

The following scholarships are offered by the Government of Australia to the international students:

Australian University Scholarships

Below are the scholarships offered by specific universities in the form of grants and fee waivers:

Education Loans for International Students in Australia

Most scholarships to study in Australia only offer tuition fee discounts, based on merit and need of the international students. Thus students, planning to study abroad, are advised to apply for various education loans for supporting other finances including, but not limited to accommodation rent, food, electricity bills and transportation cost. Some types of education loans in Australia available for international students are mentioned below.

Short-term or Emergency Loans

Australian universities offer interest-free emergency loans to students who are facing immediate financial issues. Students have to repay the loan by decided deadlines, failure in doing so will lead to an interest rate of 2.5%. All full-time students at an Australian university are eligible for this loan worth up to 1500 AUD cash, without any guarantor.

Secured Personal Loan

For getting a secured loan, students need to deposit any asset at the bank as a guarantee. Interest rates can vary and are usually low for secured loans. If a candidate fails to repay the loan, the asset will belong to the bank.

Note: Unsecured loans have high-interest rates and do not require deposition of any asset or collateral.

Long-term or General Purpose Loan

Students can borrow a larger amount up to 4000-8,000 AUD as a general-purpose loan from the university. Banks offering long-term loans can provide even higher amounts than universities. The amount can be used for living expenses, transportation, accommodation, etc.

Note: Universities provide interest-free loans, but banks charge interest rates for education loans.

Medical Student Loan

Students pursuing a medical program in Australia can get a medical loan, after fulfilling the qualification criteria.

Education Loan for Australia: Eligibility Criteria

International students need to submit below-mentioned documents and fulfill the criteria to apply for loans at Australian Universities and Private Banks.

Student Loans from Australian Universities

Students need to fulfill the following criteria to be eligible for scholarships to study in Australia:

• Australian Visa.
• Enrolled as a full-time student at the university.
• Strong academic record.
• Candidates must have a part-time or full-time job in Australia.
• All previous dues should be cleared before applying to Australian Universities for the loan.
• Applicants must complete the course in time.

Student Loans from Private Banks

Students need to fulfill following criteria to be eligible for education loans provided by private banks in Australia:

• Australian Visa.
• Candidates must reside in Australia.
• Applicants need to have an account in a private bank of Australia.
• Students need to have a regular source of income apart from monthly allowance.
• Candidates must submit any collateral documents at the bank.

Education Loan for Australia: Points to Remember

Students need to take note of below-mentioned points before applying for scholarships to study in Australia :

• Education loans must cover medical insurance (OSHC Australia) expenses.
• Education loans should be scholarship adjustable i.e. can be repaid by scholarship amount.
• Conditions for a loan when a student gets a PR-Visa in Australia
• Interest rates and Loan Subsidy norms for Overseas Education

Australia is one of the most popular study abroad locations for international students, as various funding options are available to ease the cost of living in Australia and other expenses. Scholarships for international students in Australia are offered through Commonwealth Programs and Government Schemes, removing the doubts for any scams or false promises. Admission process for universities and scholarships in Australia are mostly similar, hence students can simultaneously apply for both. Some scholarships like Dr. Abdul Kalam Postgraduate Scholarship, available for Indian students, covers up to 50% of tuition fees encouraging them to chase their dream of studying in Australia. To cover any remaining fees and expenses students can apply for various education loans.

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