Both Australia and Canada are regarded as among the most preferred educational destinations by students from around the globe. Each year, thousands of students apply for scholarships to avail themselves of the best of education from these two nations. Let us take a quick look into understanding how you can do the same for getting an Australian and a Canadian scholarship educational loan.
Process of Getting an Australian Scholarship Educational Loan
Procuring a student loan to study in Australia can be a lengthy process, which is why it is advised that you start applying at least six months before your course commences. The steps involved in the process are as follows:
- Start with finding the banks that provide educational loans to international students in Australia along with the requirements and eligibility.
- Follow this up by calculating the cost of study along with the fees for your tuition course.
- Obtain the acceptance letter from the Australian university you choose to study in.
- From the different loan options available in different banks, pick the best available educational loan in Australia.
- After making your choice, you then need to finalize the amount of the loan depending on your expenses and proceed to fill up the loan form.
- Assemble all the necessary documents you might need for getting the bank to grant your loan.
- As soon as the bank grants your loan, thoroughly go through the terms and conditions at least twice before signing.
- Once you agree to all the necessary clauses, the loan amount will be disbursed to your preferred account.
Process of Getting a Canadian Scholarship Educational Loan
Studies have shown that more than 90,000 students go to Canada every year for completing their educational program. There are various specialist education loan providers who offer loans to international students who want to study in Canada.
A great aspect of this is that many of them would allow you to apply for a loan without a co-signer. The primary task at hand is to compare the different loan offers by different banks. So, do your research to find the distinctions among them when it comes to the processing fee, interest rate, loan processing time, expenses covered, and pre-payment terms and duration.
You should ensure that all the necessary documents you need to get the scholarship educational loan in Canada are handy and can be presented at a moment’s notice. Mostly, every bank would ask you for the following documents.
- Loan application form.
- Admission letter from the concerned institution or university that will serve as proof of admission.
- Academic documents including mark sheets and certificates.
- Last year’s bank account statements of the borrower.
- Documents of qualifying exams such as IELTS and GMAT, among others (if any).
- Income proof of the guarantor.
- Resident proof of the guarantor and the student.
- Passport-size photographs of the guarantor and the student.
The types of expenses that are generally covered by these educational loans include the tuition fees of the university or institution, along with the library membership, examination, and lab expenses. Besides, books and supplies, travel expenses, and any study tour and project work expenses are also included in the loan. In addition, it also covers refundable deposits of any accommodation and caution money.
It should be noted that if a loan exceeds a particular amount (depending on the bar set by different banks), then tangible assets might be needed as part of collateral security.
So, there you go! Hopefully, this has given you a fair idea of how to procure scholarship educational loans in Australia and Canada. We can’t stress enough on the importance of reading the contracts, documents, and terms and conditions extremely carefully as a large number of financial risks are in play here.
