Long-Term Loans

Long Term Loans are available to assist enrolled students with study related expenses and meeting unexpected costs. Generally, these interest-free loans are used to assist with accommodation and living costs (including rent or board), course related costs and any other necessary expenses.

The following information forms part of the terms and conditions of a long term loan. The full terms and conditions are outlined in the student loan contract and guarantee. These are provided to you if your loan is approved and are discussed during your appointment with an advisor.

Interest rates and loan amounts

Loans are interest free. Students can apply for up to $5000, subject to approval.


Long Term Loans require a suitable guarantor. A guarantor is a person who undertakes to repay the loan if the borrower is unable to repay the amount.

The applicant will be required to nominate a guarantor who is:

Who can be a Guarantor?

Who cannot be a Guarantor?


Applications for Long Term Loans are assessed by the Student Loans Fund Committee on the basis of financial need. Particular consideration is given to:

Repayment terms

Loans are repaid in monthly instalments by BPay, cheque or money order by the due date as set out in the repayment schedule.

Student and guarantor are Australian Citizens or permanent residents of Australia

A monthly repayment schedule will be determined by the Committee. The repayment of the loan commences after the completion (or withdrawal) from the applicant's current course. Early voluntary repayments can be made at any time.

The maximum loan amount is $5000.

Student and guarantor are not Australian citizens or permanent residents of Australia

It is recognised that international students who have been in Australia for only a short time may have difficulties finding an Australian guarantor. In such cases an appropriate guarantor from the student's home country will be considered. Repayment may commence immediately, and the loan must be fully repaid by the agreed date prior to the completion (or withdrawal) from the current course.

The maximum loan amount is $3000 (some exceptions apply).

Early Repayment

In some cases, the Committee may approve a loan on the condition that an early repayment date is set (for example, by a date later in the current year).

Application Outcome

You will receive email notification about the outcome of your loan application within 3 business days after the Committee meeting. If your application is approved, you will be emailed loan contracts that you will need to complete and return to Financial Aid. Scanned and faxed copies are not accepted.

If your application is unsuccessful, you may appeal the decision by providing additional information to the Committee in writing to finaid-info@unimelb.edu.au, and request a reconsideration of your application.

Collecting cheque for amount approved

You will receive email notification once the cheque for the loan is ready for you to collect. Please allow 3 business days from the time your contracts are received by the Financial Aid Office.

If you are unable to collect the cheque in person, please contact the Financial Aid Office.

Need more information?

Read the Frequently Asked Questions

How to Apply

To apply for a long term loan, students are required to:

  1. Students must complete the Long Term Loan application form.
  2. Provide a copy of each of the following from your guarantor:

If the loan is for study related travel expenses, the applicant must also complete a travel budget. Please submit this form with the Long Term Loan application.

  • Book a Stop 1 adviser for a financial aid appointment and bring your application and supporting documents with you.