Long-term loans

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.


If you are unsure of your eligibility, please contact Student Financial Aid for clarification.

Interest rates

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:

Note: An overseas guarantor or non-citizen may be considered (maximum loan of $3,000 applies)

Who can be a Guarantor

  • Parents
  • Relatives
  • Friends

Who cannot be a Guarantor

  • Spouse / De Facto
  • Housemate
  • Any debtor to the Student Loan Fund
  • Students (from any institution)

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. 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:

Repayment terms

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

  1. Book a Financial Aid appointment with an adviser. Note: At this time all appointments will be via Zoom, telephone or email. If you are unable to book an appointment please contact finaid-info@unimelb.edu.au.
  2. Complete the long-term loan application (PDF 477.0 KB).
  3. Your Financial Aid Adviser will email you additional information about your appointment, how to prepare for your appointment and instructions about emailing through your application to us.
  4. You will need the following documents to send with your application, so ensure that you have these ready in PDF format.
    • Copy of your student ID
    • Copy of Guarantor’s proof of identity photo ID (eg a driver's license or passport)
    • Copy of Guarantor’s proof of current residential address (eg a driver's license or utility invoice)
    • Copy of Guarantor’s proof of residency status (eg a passport (include PR visa if applicable) or birth certificate/extract)
    • Copy of Guarantor’s proof of income (eg a council rate notice, pay slip, Australian Tax Assessment Notice, letter from an accountant).

The outcome of your application