Prodigy Finance Offers No-Collateral Loans for Studying in Australia

December 9th, 2024: In 2023, 793,335 international students went to Australia for higher studies. It has over 1,100 institutions and 22,000 courses across various fields. For Indian students, universities like Monash University, Australian National University (ANU), and University of Sydney are popular choices. These institutions offer a wide variety of courses, and some of the top fields include Engineering, Business, and IT.

To study in Australia, you need a Student Visa (subclass 500). The process involves getting a Confirmation of Enrollment (CoE) from an Australian university, showing proof of funds for tuition, travel, and living expenses. According to an article by Top Universities, this comes to about AU$21,041 per year for living expenses alone (around INR 11 lakh). You will also need to submit a Genuine Temporary Entrant (GTE) statement outlining your intention to study temporarily. Additionally, you must provide proof of English language proficiency through a test such as IELTS, TOEFL, or PTE and ensure you have Overseas Student Health Cover (OSHC) for the entire duration of your stay.

The cost of studying in Australia varies depending on the program and university. Living expenses depend on where you study, with cities like Sydney and Melbourne being more expensive. Though the expenses seem high, Australia has several scholarships for international students like Australia Awards Scholarships, Endeavour Awards, and university-specific scholarships. For example, the University of Melbourne offers scholarships worth AU$10,000 to outstanding students.

Prodigy Finance supports students pursuing masters degrees in fields like engineering, business, and IT among others at top Australian universities. With competitive interest rates and no requirement for collateral and co-signer for their student loans, it helps students focus on their studies without thinking about finances.

“With steady year-on-year increase in enrollment rate in its universities, Australia remains a top destination for international students. At Prodigy Finance, we are making it possible for students to take advantage of the incredible education opportunities Australia has to offer. We already have exclusive partnerships with over 18 top-rated universities in Australia and we are working towards adding more.” says Sonal Kapoor, Chief Commercial Officer at Prodigy Finance.

After you finish your studies, you may be eligible for a Temporary Graduate Visa (subclass 485), which allows you to stay in Australia for 2 to 4 years, depending on your qualifications. This post-study work visa gives you the opportunity to gain international work experience in your field.

Although Australia is looking to cap international students to 270,000 in 2025, with proper planning, research, and understanding of the costs, studying in Australia can be a great experience that can lead to future success.