Student loans in Australia 2026

Student loans in Australia

Most Australian students fund their degrees through HELP (Higher Education Loan Program), which covers tuition and is repaid via the tax system once your income exceeds the threshold, currently around $54,000 per year. You pay nothing upfront and the debt is indexed to inflation, not charged interest.

HELP does not cover living costs, rent, laptops, textbooks, or other study expenses. That is where personal loans and other options come in.

Personal loans for students

Some lenders offer personal loans specifically for students. Bendigo Bank, for example, has both secured and unsecured student personal loans. SocietyOne also offers a student loan product. Rates on these products are generally lower than standard personal loans, though you still need to meet income and credit requirements.

VET Student Loans

For vocational education, the government offers VET Student Loans to cover approved diploma and higher-level courses at registered providers. Like HECS, repayment starts when your income reaches the threshold.

Before taking a student personal loan

• Check whether NILS ($300-$1,500 interest-free) covers what you need.
• Ask your university about emergency grants or hardship funds.
• Centrelink's Student Start-up Loan offers $1,273 per semester at no interest.
• If you still need more, compare personal loan rates carefully. A low advertised rate can come with significant fees.