Financial aid long-term loans 2025

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This is a preview of the Long-term loan application v1 form. When you’re ready to apply, click Fill Out Now to begin.
 

LONG-TERM LOAN

Long-term loans are useful to assist for a range of unexpected expenses, when other sources of financial support are not available or limited.

A long-term loan will only be approved for:

  • Course-related expenses (excluding tuition fees) such as IT equipment, course equipment, texts; and/or
  • Living expenses such as bond, rent, or bills.

A long-term loan is a secured loan, which means a guarantor is required to cover payment of the loan. The University will only accept a guarantor who is over 21 years of age, and who is not:

  • A student at the University or any other tertiary institution
  • Your partner
  • Sharing accommodation with you 
  • In debt to the University
  • In receipt of Centrelink payments

Eligibility

To be eligible to apply for a student loan, you must have a current enrolment at the University of Melbourne.

You cannot apply for a loan if you are:

  • On a Leave of Absence
  • Enrolled in a Community Access Program or cross-institutional study
  • Residing overseas (except for outbound Study Abroad or Exchange students)
  • Under 18 years of age

How much can I borrow?

The maximum loan amount is up to $5,000.

  • If your guarantor is not an Australian permanent resident/citizen, or is not living in Australia, you can borrow up to $3,000.
  • If your guarantor is an Australian permanent resident/citizen and lives in Australia, you can borrow up to $5,000.

When do I have to repay the loan?

If you are not an Australian citizen, or do not have permanent residency status, or if your guarantor is residing overseas, you must repay the loan before course completion.

If you are an Australian citizen or permanent resident, you may repay the loan after course completion.

Loan repayments are made via BPay. They can be made in full or by instalments to the University based on your loan contract.

How do I apply?

Complete the form and submit the following required documents.

  1. Your student ID
  2. Guarantor’s photo ID (eg a driver's license or passport)
  3. Guarantor’s proof of current residential address (eg a driver's license or utility invoice)
  4. Guarantor’s proof of residency status (eg a passport/PR visa or birth certificate/extract)
  5. Guarantor's proof of income (eg a council rate notice, pay slip, or letter from an accountant - evidence must be dated within the last 8 weeks).

What happens next?

If your application for a loan is approved, you will be emailed your loan details with instructions on how to accept the loan. Once received, payment will be made to your nominated bank account. If your application is not approved and you wish to appeal the decision, please email student-loans@unimelb.edu.au outlining the reasons for your appeal. You will be contacted within five working days of submission.

 

Still not sure?

Email Financial Aid at student-loans@unimelb.edu.au.