Education and study loans for what HELP does not cover

What is an education or study loan?

An education loan is borrowing used to pay for learning. That includes tuition, but also everything that surrounds it: a laptop that can run the software, textbooks, a bond on a room near campus, placement travel and the living costs that creep up when you are studying instead of working full time.

Australia has a well-known government system for study fees. It does not pay for everything, and it does not suit every course. That is where private finance comes in, as a way to cover what the government loan leaves behind or to fund study that sits outside it.

What do government study loans cover?

The Study Assist website explains that FEE-HELP is a loan that can pay all or part of tuition fees at a university or approved higher education provider. It does not cover accommodation, laptops or textbooks. A 20 per cent loan fee applies to some full-fee undergraduate study, with exceptions for postgraduate and certain other courses. Eligibility rules apply to citizenship or visa status and to the course and provider.

Government loans are repaid through the tax system rather than with set monthly payments, which makes them very different from a private loan. Always check the current rules on Study Assist before deciding what you need to borrow.

When does private finance make sense?

Situation	Why a government loan may not fit
Short courses and licences	Many are not eligible courses
Private or non-approved providers	Provider may not offer HELP
Laptops, tools and uniforms	Equipment is not tuition
Accommodation and relocation	Not covered by tuition loans
Overseas study	Rules and eligibility differ
Study beyond a loan limit	A limit applies to HELP borrowing
School and boarding fees	Government study loans do not apply

Who borrows for study?

• Career changers retraining while still paying a mortgage
• Tradies and contractors upskilling or adding a licence
• Parents paying private school, boarding or tutoring fees
• Students needing equipment and a bond for a room
• Professionals funding a short, high-value qualification
• People supporting a partner’s full-time study

What do lenders look at?

Purpose and cost. An enrolment letter or fee schedule helps a lender understand the amount and timing.

Income. Because repayments start soon after the loan does, lenders look closely at current income. If study will reduce your hours, tell us early. The serviceability guide explains how this works.

Credit history. Past issues do not always end the conversation, but they shape which lenders are suitable.

Guarantors and security. A parent, partner or asset can strengthen an application. Read about what a guarantor is and the guarantor and family guarantee loans page.

Which structure suits study?

Option	Where it fits	Things to weigh
Government study loan	Eligible tuition	Repaid through the tax system; loan fees may apply
Unsecured personal loan	Equipment, short courses, living costs	Fixed repayments begin soon
Secured personal loan	Larger amounts or weaker credit	An asset is held as security
Parent or guarantor-backed loan	Students with little income	The guarantor takes on responsibility
Line of credit	Staged costs across a course	Needs discipline; see personal line of credit

How Ownright approaches study finance

Education should open doors, not leave you with repayments you cannot manage. Trevor Scott and the team begin with the practical questions: what the course costs, how long it runs, what you will earn while you study and what you hope to earn afterwards. We then look for lenders and structures that fit that timeline, and for parents and guarantors, we explain what the commitment really involves.

Because Ownright is not tied to a single lender, we can look beyond a bank’s standard personal loan. That helps when your situation is unusual, such as self-employed income, a thin credit file or a course that sits outside the usual categories. We work Australia-wide, including for students who must relocate to study (see relocation loans).

An illustration

Illustrative scenario only. A tradesperson enrols in a part-time diploma that is not eligible for a government loan. Fees are paid in instalments and a new laptop is needed. A broker might look at a personal loan sized to the first year with the option to review later, rather than borrowing for the whole course upfront.

Mistakes to avoid

• Assuming all courses and providers are eligible for government loans
• Borrowing for the entire course when fees are paid in stages
• Forgetting living costs, placements and equipment
• Committing to repayments that only work if study goes exactly to plan
• Guaranteeing a loan without understanding what it means

Documents to have ready

• Enrolment confirmation or fee schedule
• Photo ID
• Recent payslips or tax returns
• Bank statements
• Details of any HELP debt balance you already carry

The documents checklist covers the rest.

Can I study and still be eligible for a loan?

Often, yes. Part-time work, casual income and savings all count, and for some borrowers, the income of a partner or guarantor completes the picture. If your income is irregular, our casual income loans page may help. If your credit history is a worry, check how to improve your credit score before applying.

How do I work out how much to borrow?

Start with the full cost of the course across its length, then subtract what government loans will cover, any scholarships or employer support and your own savings. What remains is the shortfall. Add equipment, travel and living costs, then look at when each cost falls due. Fees paid per semester or per unit do not need to be borrowed all at once, which often lets you borrow in stages and keep early repayments lighter.

What if study will reduce my income?

This is one of the most important questions. If you plan to drop hours or leave work, lenders will usually assess your new income, not your old one. Applying before you reduce hours, if the timing works, can help, but only if you are confident you can keep up repayments. A partner’s income, a guarantor or a secured loan are other routes. We talk through the trade-offs honestly, because the aim is a loan you can carry, not just one you can obtain.

Ready to fund the next step?

Sounds like you’re looking for education and study finance. We’re the lending experts in bridging the gap between what government loans cover and what study really costs, so click the button below and see if you qualify.