This question is not relating to property, but I don’t know where else to ask.
My daughter just finished her HSC and wants to do a course at a private college, costing $15000. She will still be 17 when she needs to enrol and pay.We have a LOC but we only want to use this for property investments.
Is there, to anyone’s knowledge, a loan for students available? Because my husband and I did all our schooling/studying overseas, we don’t know much about what there is for offer in OZ. We know about HECS, but as far as I know this is only available for Uni students? So is there something similar for private college students?Even if you don’t know the answer, but know of somewhere where I can find an answer, I’d be happy to hear about it. Thanks, thanks, thanks!!!
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Hope I haven’t annoyed anyone with this irrelevant question!Hi Celivia,
There are student loans and credit cards that are available. Really you will have to go to the banks directly and have to ask. The banks that i do know that offer studnet loans are Commonwealth, Westpac and National Australia Bank, though the maximum about average a student can borrow is $10,000. Each bank has different rules and procedures, but mainly there is no interest charged on this loan, but once the course is finished they will kick in the interest, though they give you something like 12 months after you finish your course to pay for the loan before they hit you with the interest rate, this will depend on which bank though(Sorry but im not quite sure what the interest rate is, but its some what low like in the 6 – 7% i think[?]).
Though they will do some testing to see if she is eligdable, but the income test will be done on the guarantor of the loan. Not your daughter.
Hope this helps, but i cant really say to much but that is what happened to my friend who was able to get a student loan.
cheers
s.i.sSave on a regular basis
“People forget that by saving just $3 per day and investing it sensibly over a working life, you’ll end up with around $1 million.”Hi.
You dont mention if you have asked the college themselves as they should be aware of any student loan services such as PELS. Failing that ring one of the unis and ask them, or go in and collect their information on student loans – so you know what is available and see if you are eligible for the particular course your daughter wishes to do. Dont forget to check that your daughters course is uni accredited, which may make a difference in the future if she does wish to study at uni.
Education is an investment in it’s own right! Good luck.
Thanks SIS and Sunshine for your great info, I don’t know enough about all this, so I need all the info I can get. [
]I think Austudy is also dependant on the parents incomes, though a high flier in WA who wound up in jail got it for his daughter at the hight of his fame… so i guess a good, scratch that, “great” accountant is what is required [
]As pointed out the local Uni’s or the college should be able to assist !!
been thinking about trusts a lot lately- would they be of benefit ? maybe we do need an accounting thread/forum!![
]REDWING
Celivia,
Please don’t think you annoy anyone with irrelevant questions. You may ask what you like, and hopefully, people will respectfully reply to you :o)
HECS and PELS (for postgraduate courses) have been opened up to some private institutions. Most private institutions are now linked to a university anyway. Presumably, if your daughter did something akin to a degree, then it would be linked to a university. If it isn’t accredited as a degree, then I fear she may have wasted her money. Why I say this is because courses done at public institutions- ie TAFE or Uni, are often considered to be of more value and are accredited by bodies like ANTA. You might want to check this out before she spends her money on a course that won’t get her into the industry of her choosing.
If the course is linked to a uni, then she should be eligible for HECS.
kay henry
Thanks Kay and others, I will thoroughly check this out. She’s also enrolled at Uni, believe it or not at Penrith if it will still be open.[xx(]
Celivia[]
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