The following are details of some alternative sources of finance, to help you meet the costs of life as a student.
Bond Loan Scheme
The Department of Human Services administers a no-interest loan scheme for those who have difficulty paying a bond on a rental property. The scheme is not available to international students. The Department of Human Services website provides details.
Bank & Credit Union Loans
Some banks and credit unions offer special loans for students. It is important to be aware of how much you will actually be repaying. Your debt will grow as interest accumulates. Make certain that you actually need the loan, and that you can afford to repay it. It is also important to ‘shop around’ carefully for the best deal for you. For more information about borrowing money and the costs involved, visit the Australian Securities and Investments Commission’s website.
The Sir Edward Dunlop International Students Emergency Fund (SEDISEF) is a community-based fund which provides short-term loans to international students in universities and TAFE institutes in Victoria, Australia. Loans of up to $500 (for a period of 4-6 months) may be provided to cover crises and unexpected expenses which threaten a student's ability to continue their studies. These include accommodation needs (such as bond payments) delays in accessing funds from their home country during times of civil unrest, economic or political instability, illness or accident.
Applications and enquiries about the fund should be directed to Student Financial Aid.