Long Term Loans up to a maximum of $5,000 are available (upon approval) to assist currently enrolled students with study-related expenses and meeting unexpected costs.
|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 adviser. Avoid delays and take the time to read this information thoroughly.|
- Currently enrolled University of Melbourne students. This does not include students on a leave of absence.
- The maximum amount a student can have outstanding to the University of Melbourne Student Loan Fund is $6,000 (Example: $5,000 long-term loan and $1,000 short term loan).
If you are unsure of your eligibility, please contact Student Financial Aid for clarification.
Loans from the University of Melbourne Student Loan Fund are currently interest-free.
Purpose of loan
Basic Living and Study Costs: Student Loans are generally approved when students can demonstrate that a loan is needed to assist them to complete the course successfully. Loans may be approved to cover course costs and general living expenses, such as books/equipment, rent, bond, gas/electricity, medical/ dental and general living expenses.
Cars: Applications for car loans may be approved in exceptional circumstances. For example, students who clearly cannot utilise public transport or are residing in an area not well serviced by public transport, and ownership of a car appears essential.
Travel: If applying for a loan for travel purposes, you must complete the Travel Budget section of the application form. Various avenues of financial assistance may be available for study-related travel through individual Faculties and the Melbourne Scholarships Office. You should also visit the Overseas Study website to research travel funding options.
Other Purposes: Loans for other purposes will be considered, particularly if they are course related, unexpected, and seriously impact your financial situation.
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 provide a guarantor who is:
- over 21 years of age, and
- a citizen or permanent resident of Australia, and
- financially able to guarantee the repayment of your loan (i.e. has a suitable income or assets). Proof of the Guarantor's income or assets will be required.
Note: An overseas guarantor or non-citizen may be considered (maximum loan of $3,000 applies)
Who can be a Guarantor
Who cannot be a Guarantor
- Additional contacts are people in regular contact with either you or your guarantor.
- The guarantor cannot be the additional contact for you and vice versa.
- You and your guarantor cannot have the same additional contacts.
Permission to travel overseas
You must have the written permission of your guarantor and apply in writing to the Loans Approval Group if you wish to travel overseas while you owe any money to the Student Loans Fund. Please Note: This is not required where your loan has been approved for travel purposes.
Overdue or outstanding loans
Short-term loans can be consolidated into long-term loans. an In most cases, if you have any outstanding debt to the University of Melbourne Student Loan fund - it will automatically be deducted from any approved long-term loan amount. This will be discussed at your appointment with the Financial Aid adviser.
How applications are assessed
Applications for Long Term Loans are assessed by the Student Loans Approval Group based on financial need, with consideration given to:
- personal income and expenditure
- how the loan will assist the applicant to participate in their studies
Loans are usually repaid in monthly instalments by BPay, cheque or money order, with due dates set out in a loan repayment schedule.
Student and guarantor are Australian Citizens or permanent residents of Australia: A monthly repayment schedule will be determined at the time of approval. 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. Maximum loan amount of $5,000 applies.
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. The loan must be fully repaid by a set date prior to the completion (or withdrawal) from your current course.The maximum loan amount is $3000 (some exceptions apply).
Early Repayment: In some cases, a loan may be approved with an early repayment date set (for example, by a date later in the current year).
The University of Melbourne Student Loan Fund has been assisting students for 95 years. It is a recycling fund designed to help as many students with financial problems as possible. The amount available to lend to students each year is directly related to loan repayments from past loans. Please remember this when it is your turn to repay your loan.
How to apply
- You must complete the Long-term Loan application
- If your loan is for travel you must complete the travel budget section on pages 7 & 8
- Provide a copy of each of the following from your guarantor:
- Proof of identity photo ID (such as a driver's license, passport), and
- Proof of current residential address (e.g. driver's license, utility invoice), and
- Proof of guarantor’s residency status (e.g. passport - include PR visa if applicable, birth certificate/extract), and
- Proof of income (e.g. council rate notice, pay slip, Australian Tax Assessment Notice, letter from an accountant).
Please ensure that all pages of supporting documents have your family name and student ID clearly written on them.
- Book a Financial Aid appointment with an adviser. Bring the completed application and supporting documents with you to submit your application. If you are unable to attend in person, please contact the Financial Aid Office
The outcome of your application
- Loan applications are assessed weekly (usually Thursday afternoons).
- You will receive email notification about the outcome of your application within 3 business days of the Loans Approval Group meeting.
- Notification will be sent to your @student.unimelb.edu.au email.
- If your application is approved, you will be emailed your loan contracts with important instructions on how to complete the required paperwork.
- If your application is unsuccessful, you may appeal the decision by providing additional information to the Loans Approval Group in writing to firstname.lastname@example.org, and request a reconsideration of your application.
- The Loans Approval Group may require additional information or supporting documents. You will be contacted if this is the case.
Returning your contracts
Stop 1, 757 Swanston Street
Financial Aid - Stop 1
Collecting your loan cheque
- You will receive email notification once your loan has been processed.
- In most cases, there will be the cheque for you to collect. Please allow 3 business days from the time your contracts are received by the Financial Aid Office / Stop 1.
- You can only cash student loan cheques at the NAB on the Parkville campus otherwise you will need to deposit it into your own bank account and allow three business days for the funds to clear.
If you are unable to collect the cheque in person, please contact the Financial Aid office.