Study loans made simple
Rates sharper than your pencils
Study loans that are made for you.
With more flexible features and fewer fees, we’ve designed a study loan that is tailored to your needs and not the other way around.
Fit for purpose
Textbooks, tutoring and fees are your tools for educational success. Affordable study loans allow you to invest in yourself, sooner.
No early repayment fees
We don’t punish you for paying off your loan faster. Our loans have no early repayment fees, so you can save more.
Flexible loan terms
We offer flexible loan terms from 6 months to 5 years so you can tailor your repayments to suit your needs.
Borrow between $2,001 and $45,000 to finance your education costs; course fees, textbooks, tutoring, and more.
Fixed & variable rates
Our loans can match your long or short term goals with fixed (3 years and over) or variable rates (2 years and under).
We reward your good credit score with an even better interest rate so you save more each and every month.
Fast online approvals
Get your personalised estimate back in 1 minute, complete an application in 5 minutes, your loan approved in 24 hours.
Australia’s most loved study loan.
Over 1,885 borrowers have rated us 4.8/5 on ProductReview. Here’s what those happy customers have to say about our study loans.
The sign-up process was painless, and managing the loan via the RateSetter portal is a breeze. I’d definitely recommend RateSetter to anybody, and the bonus is that you don’t have to deal with a bank.
I found this organisation had the best customer service. NO extra cost incurred and I would rate them 10 out of 10. I would recommend my friends and family to this organisation for their excellent service.
My experience with RateSetter has been exceptional. The whole process was simple, painless, speedy and efficient. Much less stressful than any other loan. I could not have asked for a better service.
We have now dealt with RateSetter several times. The ease of loan application, the prompt customer service, with excellent interest rates keeps us coming back. RateSetter, a pleasure to deal with!
Extremely satisfied with the service, no surprises or hidden costs, of course, you always want a better interest rate but they listen when others don’t so well done. I’m impressed by the service.
RateSetter were such a pleasure to deal with. From submitting a query to getting my loan approved, the whole process took less than a week. Thanks so much to the RateSetter team for being amazing!
Getting a study loan is as easy as 1, 2, 3.
Get your rate
Discover your personalised interest rate in 1 minute (without impacting your credit score) with our quick and easy online RateEstimate.
Apply in minutes
Finalise your application in 5 minutes, then complete our simple online identity verification and bank statement upload process.
Enjoy your funds
After your loan has been approved and funded, you will receive your funds on the next business day. It really is as simple as that.
You’ve got questions we’ve got answers.
What is a study loan?
A study loan is a form of unsecured personal loan that you can use to finance your education. Study loans provide you with the cash you may need for course fees, textbooks, tutoring, and more.
The Australian Federal Government reports that tertiary and further education can range from $4,000 per year for TAFE study to $120,000 per year for a top MBA program. Suffice to say, education can be expensive—but it’s often also a rewarding investment in yourself and your future. So, if you’d like to learn a new skill or acquire a useful qualification but don’t have the necessary funds, a study loan offers a manageable way forward.
A study loan works just like a personal loan. That is, you borrow a specific amount of money and then pay it back with interest over an agreed term. To qualify you’ll need to submit an application and provide us with information to verify your identity and financial circumstances (such as a bank statement). As part of this process the lender will take into account your borrowing history, employment status, credit score, and other factors.
What can I use my study loan for?
You can use a study loan for a number of different purposes, including:
- High school / Primary school fees
- Postgraduate fees
- MBD fees
- TAFE or private college fees
We’ll pay funds into your nominated bank account on the next business day following your loan acceptance. This gives you the flexibility to manage and pay for your study costs any way you like.
How much does a study loan cost?
If you’re considering a study loan, you may be unsure of how much it will cost. Most study loans comprise of three main factors that impact the total cost over the life of the loan:
- the interest rate (this may be fixed or variable)
- a one-time establishment fee
- ongoing fees (such as account maintenance fees, late payment fees, and other charges)
These costs are often combined to create a comparison rate that represents the total price of a loan. This allows you to compare different study loans to find the one that best suits your needs.
For an overview of fees and charges (including interest rates) associated with RateSetter’s study loans, see the table below:
|Term||1 yr||2 yr||3 yr||4 yr||5 yr|
|Credit Assistance Fee||from|
|Monthly fees||$0|| $0||$0||$0||$0|
|Early Repayment Fees||$0||$0||$0||$0||$0|
Comparison rates for 1, 2 and 3 year loans are based on an unsecured personal loan of $10,000 over a 36 month term. Comparison rates for 4 and 5 year loans are based on an unsecured personal loan of $30,000 over a 60 month term. Comparison rates shown assume a customer with an excellent credit history. Rates current as at 4am, 25 June 2019. Warning: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.
Am I eligible for a study loan?
RateSetter provides secured and unsecured personal loans to Australian-residents. You can borrow for any worthwhile purpose, including purchasing a car, home improvements, consolidating debt, planning your dream wedding or travel. Save time before applying by making sure:
- You are aged 21 or over
- You are an Australian citizen or permanent resident
- You have a regular source of income that you can demonstrate
- You have a good credit history
To see if you may qualify for a RateSetter study loan, you can get a RateEstimate, it only takes 1 minute and won’t affect your credit score. If you request a RateEstimate, we will ask you a few questions so we can calculate an initial estimate of your borrowing potential, and the rates, fees and charges that may apply to your loan.
In making a final decision, we consider a number of factors, including your credit file as provided to us by Equifax or Illion, our credit bureau partners. If you would like more information regarding your credit file, you should contact Equifax and Illion directly.
What do I need to apply?
To apply for a RateSetter study loan, you will need to complete our identity verification process successfully. To complete identity verification you will need to provide one or more of the following documents:
- Australian State or Territory-issued drivers licence
- Australian or foreign passport
- Address verification document such as a utility bill or tenancy agreement
These details can either be entered on our website during the application process and automatically verified online or you can upload as part of the application process.
When assessing your application, we are looking for evidence of how suitable a loan is to your current circumstances. Among other things, we’ll assess your:
- Employment stability;
- Repayment history;
- Credit bureau information; and
- Other details you communicate to us.
You will also be asked to verify your income and expenses, and may be asked to provide supporting documentation such as bank statement information or payslips. The documents you will need to provide will be displayed to you during the application process.
Representative example: Based on $10,000 loan with a 36 month term for a borrower with a excellent credit history at a comparison rate of 7.70% p.a. the estimated total amount payable including all applicable fees is $11,567. RateSetter loan repayment terms range from a minimum of 6 months to a maximum of 5 years. Interest rates range from 5.92% p.a. (comparison rate 7.53% p.a.) to 19.46% p.a. (comparison rate 20.38% p.a.). Rates are subject to change depending on the rates offered by lenders in our Lending Markets. Rates stated as at 4am, 25 June 2019 and are subject to change. RateSetter credit criteria and terms and conditions apply.