If you are about to start University, then it pays to know about the student loan process. Most students take out some form of student loan during their study to help them pay for their fees and living expenses. If you are unsure about how student loans work, then this guide will be able to help you.
How are loans paid?
Student loans are paid in three instalments each year, usually once each term. The first payment is usually made by cheque, and then after that payments will go straight into your bank account.
How much can I receive?
The amount you will receive depends on where in the country you are going to attend University, as well as the financial status of you and your family. You can opt to get a fixed amount per year, or you can be income assessed and the maximum amount you can receive will be determined. You can take as little or as much of this amount as you want. On average the amount you can receive ranges from 1,500 to 4,500 each year, depending on your financial status.
How do I pay back the loan?
After you have finished University, you will begin paying back the loan. Repayments will start from the April after you...
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