Student loans in the United Kingdom

Student loans in the United Kingdom
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British undergraduate and PGCE students can apply for a loan through their local education authority (LEA) in England and Wales, the Student Awards Agency for Scotland (SAAS), or their local education and library board in Northern Ireland. The LEA, SAAS, or education and library board then assesses the application and determines the amount that the student is eligible to borrow, as well as how much tuition fees, if any, the students' parents must pay. The family's income; whether the student will be living at home, away from home, or in London; disabilities; and other factors are taken into account. 75% of the full loan (around £3,000) is available to all students in England and Wales, with only the final 25% being means-tested (taking the total available up to as much as £4,000). There is also extra money (currently roughly another £1,000) if you go to university in London, where it is deemed the extra cost of living necessitates a higher loan. Scotland has a slightly different assessment method where more of the loan is means-tested with a minimum loan of only £840. However much you get, it is paid in three installments during each year of the student's course (one per term). Special rules apply for some courses and for part-time courses.

Loans are provided by the Student Loans Company and do not have to be repaid until students have completed their course and are earning £15,000 a year (£10,000 until April 2005). The interest rate is updated annually and is tied to inflation (currently 3.1%), making the loan interest-free in real terms. The loan is normally repaid using the PAYE system, with 9% of the graduate's gross salary over £15,000 automatically being deducted to pay back the loan. There is no particular schedule for clearing the debt, but, if it has not been cleared 25 years after repayment began, or the student turns 65 years old, the remaining debt will be cancelled. For students beginning courses before 1998, the arrangements for repaying and deferring are different. Although Scottish students have their tuition fees covered by the SAAS during their time of study, much of this is actually repaid in a Graduate Endowment.

The Higher Education Act 2004 will make significant changes to the loans system in England, Wales and Northern Ireland from 2006. Upfront tuition fees will be abolished, with the fee being added to students' loans for them to pay back after their course is finished. However, instead of the tuition fee being fixed at around £1,150 for all universities (which, due to means-testing, not all have to pay), universities will be able to charge variable fees of up to £3,070. For students who have already started their courses and, as such, are still paying the upfront fees, can now add these fees to their loans if they want. Critics claim these top-up fees will create tiers of "expensive" and "cheap" universities and make university financially inaccessible to many students. As a result, there have been national demonstrations and protests by students' unions.


[edit] External links
Directgov student finance section
http://www.gomestic.com/Personal-Finance/Graduating-and-your-loans--overdrafts-.26161

Retrieved from "http://en.wikipedia.org/wiki/Student_loans_in_the_United_Kingdom"
Categories: Articles lacking sources from April 2007 | All articles lacking sources | Education in the United Kingdom | Student loan systems by country
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Student loans in the United States

Student loans in the United States
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Student loans in the U.S.
Regulatory framework
Higher Education Act of 1965
US Dept of Education
FAFSA Cost of attendance
Distribution channels
Federal Direct Student Loan Program
FFELP
Loan products
Perkins · Stafford
PLUS · Consolidation Loans

Private student loan

While included in the term "financial aid" higher education loans differ from scholarships and grants in that they must be paid back. They come in several varieties in the United States:

Federal student loans made to students directly: No payments while enrolled in at least half time status. If a student drops below half time status, the account will go into its 6 month grace period. If the student re-enrolls in at least half time status, the loans will be deferred, but when they drop below half time again they will no longer have their grace period. Amounts are quite limited as well.
Federal student loans made to parents: Much higher limit, but payments start immediately
Private student loans made to students or parents: Higher limits and no payments until after graduation, although interest will start to accrue immediately. Private loans may be used for any education related expenses such as tuition, room and board, books, computers, and past due balances. Private loans can also be used to supplement federal student loans, when federal loans, grants and other forms of financial aid are not sufficient to cover the full cost of higher education.
Contents [hide]
1 Federal loans
1.1 Federal loans to students
1.2 Federal student loans to parents
1.3 Disbursement: How the money gets to student or school
2 Private student loans
2.1 Private student loan types
2.2 Private student loan rates and interest
2.3 Private student loan fees
3 Discharge of student loans
4 Criticism of US student loan programs
5 References
6 External links



[edit] Federal loans

[edit] Federal loans to students
See Federal Perkins Loan, Stafford loan, Federal Family Education Loans, Ford Direct Student Loans, and Federal student loan consolidation

Federal student loans in the United States are authorized under Title IV of the Higher Education Act as amended.

The first type are loans made directly to the student. These loans are available to college and university students and are used to supplement personal and family resources, scholarships, grants, and work-study. They may be subsidized by the U.S. Government or may be unsubsidized depending on the student's financial need.

Both subsidized and unsubsidized loans are guaranteed by the U.S. Department of Education either directly or through guarantee agencies. Nearly all students are eligible to receive them (regardless of credit score or other financial issues). Both types offer a grace period of six months, which means that no payments are due until six months after graduation or after the borrower becomes a less-than-half-time student without graduating. Both types have a fairly modest annual limit. The limit effective for loans disbursed on or after July 1, 2007 is as follows: is $3,500 per year for freshman undergraduate students, $4,500 for sophomore undergraduates, and $5,500 per year for junior and senior undergraduate students, as well as students enrolled in teacher certification or preparatory coursework for graduate programs. Subsidized federal student loans are offered to students with a demonstrated financial need. Financial need may vary from school to school. For these loans, the federal government makes interest payments while the student is in college. For example, those who borrow $10,000 during college will owe $10,000 upon graduation.

Unsubsidized federal student loans are also guaranteed by the U.S. Government, but the government does not pay interest for the student, rather the interest accrues during college. Those who borrow $10,000 during college will owe $10,000 plus interest upon graduation. For example, those who have borrowed $10,000 and had $2,000 accrue in interest will owe $12,000. Interest will begin accruing on the $12,000. The accrued interest will be "capitalized" into the loan amount, and the borrower will begin making payments on the accumulated total. Students can choose to pay the interest while still in college; however, few students choose to exercise this option.

Federal student loans for graduate students have higher limits: $8,500 for subsidized Stafford and $12,500 (limits may differ for certain courses of study) for unsubsidized Stafford. Many students also take advantage of the Federal Perkins Loan. For graduate students the limit for Perkins is $6,000 per year.


[edit] Federal student loans to parents
See PLUS loan

Usually these are PLUS loans (formerly standing for "Parent Loan for Undergraduate Students"). Unlike loans made to students, parents can borrow much more — usually enough to cover any gap in the cost of education. However, there is no grace period: Payments start immediately.

Parents should be aware that THEY are responsible for repayment on these loans, not the student. This is not a 'cosigner' loan with the student having equal accountability. The parents have signed the master promissory note to pay and, if they do not do so, it is their credit rating that suffers. Also, parents are advised to consider "year 4" payments, rather than "year 1" payments. What sounds like a "manageable" debt load of $200 a month in freshman year can mushroom to a much more daunting $800 a month by the time four years have been funded through loans. The combination of immediate repayment and the ability to borrow substantial sums can be expensive.

Under new legislation, graduate students are eligible to receive PLUS loans in their own names. These Graduate PLUS loans have the same interest rates and terms of Parent PLUS loans.

Parents should also be aware that legislation raised the interest rate on these loans significantly — to 8.5% on July 1, 2006.


[edit] Disbursement: How the money gets to student or school
There are two distribution channels for federal student loans: Federal Direct Student Loans and Federal Family Education Loans.

Federal Direct Student Loans, also known as Direct Loans or FDLP loans, are funded from public capital originating with the U.S. Treasury. FDLP loans are distributed through a channel that begins with the U.S. Treasury Department and from there passes through the U.S. Department of Education, then to the college or university and then to the student.
Federal Family Education Loan Program loans, also known as FFEL loans or FFELP loans, are funded with private capital provided by banking institutions (i.e., banks, savings and loans, and credit unions). Because the FFELP loans use private capital as their source, students who use FFELP loans are able to take advantage of payment options that are similar to those available to customers who take out a home loan or a consumer loan. For example, some institutions will allow a discount for automatic payments or a series of on-time payments. In 2005, approximately two-thirds of all federally subsidized student loans were FFELP.
According to the U.S. Department of Education, more than 6,000 colleges, universities, and technical schools participate in FFELP, which represents about 80% of all schools. FFELP lending represents 75% of all federal student loan volume.

The maximum amount that any student can borrow is adjusted from time to time as federal policies change. A study published in the winter 1996 edition of the Journal of Student Financial Aid, “How Much Student Loan Debt Is Too Much?” suggested that the monthly student debt payment for the average undergraduate should not exceed 8% of total monthly income after graduation. Some financial aid advisers have referred this as "the 8% rule." Circumstances vary for individuals, so the 8% level is an indicator, not a rule set in stone. A research report about the 8% level is available at [1] Follow links to --> Reports and presentations --> How Much Student Loan Debt Is Too Much?


[edit] Private student loans
These are loans that are not guaranteed by a government agency and are made to students by banks or finance companies. Advocates of private student loans suggest that they combine the best elements of the different government loans into one: They generally offer higher loan limits than direct-to-student federal loans, ensuring the student is not left with a budget gap. But unlike to-the-parent government loans, they generally offer a grace period with no payments due until after graduation. This grace period ranges as high as 12 months after graduation, though most private lenders offer six months.


[edit] Private student loan types
Private loans generally come in two types: school-channel and direct-to-consumer.

School-channel loans offer borrowers lower interest rates but generally take longer to process. School-channel loans are 'certified' by the school, which means the school signs off on the borrowing amount, and the funds for school-channel loans are disbursed directly to the school.

Direct-to-consumer private loans are not certified by the school; schools don't interact with a direct-to-consumer private loan at all. The student simply supplies enrollment verification to the lender, and the loan proceeds are disbursed directly to the student. While direct-to-consumer loans generally carry higher interest rates than school-channel loans, they do allow families to get access to funds very quickly — in some cases, in a matter of days. Some argue that this convenience is offset by the risk of student over-borrowing and/or use of funds for inappropriate purposes, since there is no third-party certification that the amount of the loan is appropriate for the education finance needs of the student in question.

Direct-to-consumer private loans are the fastest growing segment of education finance and, as such, a number of providers are introducing products. Loan providers range from large education finance companies to specialty companies that focus exclusively on this niche. Such loans will often be distinguished by the indication that "no FAFSA is required" or "Funds disbursed directly to you."


[edit] Private student loan rates and interest
Private student loan rates are lower than non-specialized private loans (e.g., "signature" loans) but slightly higher than government loan rates. That may be changing, as pending legislation would raise government student loan rates to similar rates as private student loans. Consumers should be aware that some private loans require substantial up-front origination fees. These fees raise the real cost to the borrower and reduce the amount of money available for educational purposes.

Most private loan programs are tied to one or more financial indexes, such as the Wall Street Journal Prime rate or the BBA LIBOR rate, plus an overhead charge. Because private loans are based on the credit history of the applicant, the overhead charge will vary. Students and families with excellent credit will generally receive lower rates and smaller loan origination fees than those with less than perfect credit. Money paid toward interest is now tax deductible.


[edit] Private student loan fees
Private loans often carry an origination fee. Origination fees are a one-time charge based on the amount of the loan. They can be taken out of the total loan amount or added on top of the total loan amount, often at the borrower's preference. Some lenders offer low-interest, 0-fee loans, but these are usually available only to those with high credit scores (800 or more). Each percentage point on the front-end fee gets paid once, while each percentage point on the interest rate is calculated and paid throughout the life of the loan. Some have suggested that this makes the interest rate more critical than the origination fee.

In fact, there is any easy solution to the fee-vs.-rate question: All lenders are legally required to provide you a statement of the "APR (Annual Percentage Rate)" for the loan before you sign a promissory note and commit to it. Unlike the "base" rate, this rate includes any fees charged and can be thought of as the "effective" interest rate including actual interest, fees, etc. When comparing loans, it may be easier to compare APR rather than "rate" to ensure an apples-to-apples comparison. APR is the best yardstick to compare loans that have the same repayment term; however, if the repayment terms are different, APR becomes a less-perfect comparison tool. With different term loans, consumers often look to 'total financing costs' to understand their financing options.

Eligible loan programs generally issue loans based on the credit history of the applicant and any applicable cosigner/co-endorser/coborrower. This is in contrast to federal loan programs that deal primarily with need-based criteria, as defined by the EFC and the FAFSA. For many students, this is a great advantage to private loan programs, as their families may have too much income or too many assets to qualify for federal aid but insufficient assets and income to pay for school without assistance.

Additionally, many international students in the United States can obtain private loans (they are ineligible for federal loans in many cases) with a cosigner who is a United States citizen or permanent resident.

The terms for alternative loans vary from lender to lender. A common suggestion is to shop around on ALL terms, not just respond to "rates as low as..." tactics that are sometimes little more than bait-and-switch. Examples of other borrower terms and benefits that vary by lender are deferments (amount of time after leaving school before payments start) and forebearences (a period when payments are temporarily stopped due to financial or other hardship). These policies are solely based on the contract between lender and borrower and not set by Department of Education policies.

Federally subsidized consolidations are not available for alternative student loans, though several lenders offer private consolidation programs. Borrowers of privately subsidized student loans may face the same restrictions to bankruptcy discharge as for government based loans: New legislation makes clear that these loans are, like federal student loans, not dischargeable under bankruptcy. Even before the legislation was passed, however, private student loans that were guaranteed 'in whole or in part' by a nonprofit entity are non-dischargeable in bankruptcy (and most private loans, regardless of the lender, were indeed guaranteed by a nonprofit).


[edit] Discharge of student loans
US Federal student loans and some private student loans can be discharged in bankruptcy only with a showing of "undue hardship." Bankruptcy Code Section 523(a)(8) determines what loans can and can not be discharged. The undue hardship standard varies from jurisdiction to jurisdiction, but is generally difficult to meet, making student loans practically non-dischargeable through bankruptcy. While US Federal student loans can be discharged for total and permanent disability, private student loans cannot be discharged outside of bankruptcy.


[edit] Criticism of US student loan programs
"In 1997, under intense lobbying from student loan companies, The Higher Education Act (HEA) was amended, and defaulted student loans became among the most lucrative and easiest to collect type of debt. These amendments allow for huge penalties and fees to be attached to defaulted student loan debt, take away bankruptcy protection for student borrowers, disallow refinancing of the debt, and also provide for draconian collection and punitive measures to be taken against student borrowers, including wage garnishment, tax garnishment, withholding of professional certifications, termination from employment, Social Security garnishment, and others. According to Harvard professor Elizabeth Warren in a Wall Street Journal piece by John Hechinger, 'Student-loan debt collectors have power that would make a mobster envious.'" [1]


[edit] References
This article does not cite any references or sources. (February 2007)
Please help improve this article by adding citations to reliable sources. Unverifiable material may be challenged and removed.

^ http://www.studentloanjustice.org/problem.htm

[edit] External links
U.S. Dept. of Education
Nursing Student Loans
Retrieved from "http://en.wikipedia.org/wiki/Student_loans_in_the_United_States"
Categories: Articles lacking sources from February 2007 | All articles lacking sources | Education in the United States | Student loan systems by country
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Student loans in New Zealand

Student loans in New Zealand
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The New Zealand state provided student loans and allowances are available to tertiary students who satisfy the funding criteria. Full-time students can claim loans for both fees and living costs while part-time students can only claim training institution fees.

A non-refundable means-tested student allowance for living expenses can be claimed by students who are over 25 years old or whose parents have a low income. This criteria has caused anger among student bodies who point out that it excludes many self-sufficient adults from help due to parental income levels, and also that by age 25 most people have completed tertiary education.

Loans are repaid by a 10% tax surcharge on income, once the student graduates and is employed. There is a minimum income level, roughly equivalent to the unemployment welfare benefit payment rate, that is exempt from assessment.

From 2001, all full-time students have been exempt from interest while studying, and from 2006 all borrowers resident in New Zealand have been exempted interest.

Loan recipients who leave New Zealand are assessed on their worldwide income for repayment purposes, with a minimum annual payment being required. Loan repayents are suspended on request for those on no /low income overseas, however interest still accumulates. From March 22nd 2007, the government is introducing a three year 'loan repayment holiday' for those overseas. In practice this is a uniform extension of the previous ability to waver repayments until a later date. As before interest accumulates during this period.

In recent years, large student loan debts have meant that a majority of graduates have sought higher paying overseas work instead of remaining in New Zealand. This has led to skill shortages ('brain drain') in some professions as local employers have been unwilling or unable to match international salaries. Medical-related professions have been particularly hard hit due to recent graduates, having high loan debts, and health employers, having tightly controlled government funding.

The loan system has changed and modified since its inception in 1992. Initially it provided bulk payments to students and charged lower than market interest rates from initial drawdown. This led some entrepreneurial students to use this money for investment purposes benefiting them but leading to a widespread perception of student excesses. In 2001 a growing debt mountain caused the new Labour government to stop interest payments while students studied and in 2006 they rode to election on the promise of stopping interest for all those remaining in New Zealand.

There is a lot of anger and frustration over the NZ loan system, especially from early generations of borrowers (1992-2001). These students consider themselves the 'guinea pigs' of the loan system, who were charged compounded interest from initial drawdown and then watched as future generations had interest removed completely. This generation suffered from a lack of education about the consequences of debt, and a lack of role-models to look to for advice. It is no coincidence that some of the hardest hit by previous versions of the loan system were from the poorer families the system was suppossed to 'enable'.

The student loan system has succeeded in turning New Zealand into a highly educated economy. However it has also led to a capitalist minded workforce who frequently leave their home country in order to pursue the better career and loan repayment options available overseas.


[edit] External links

Student loans in Germany

Student loans in Germany
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German universities are usually free for students (although many Federal States of Germany plan to introduce a student fee of about €1000 per year in 2007). Giving out student loans is seen as a means to pave the way to higher education for lower class children whose parents can't afford to fund their children's education otherwise. The federal law that regulates student loans is called "Bundesausbildungsförderungsgesetz" (Federal Education and Trainings Assistance Act) or "BAföG" for short, and student loans are usually referred to simply as "BAföG" by students (as in "I'm getting BAföG"). Eligible groups include high school students, part-time and full-time university students, second path education students (i.e., those starting to study after having been in the workforce), and students of schools for professional training.

Contents [hide]
1 Eligibility dependent on parent income
2 Eligibility independent from parent income
3 External links
4 External links



[edit] Eligibility dependent on parent income
The eligibility for student loans is (usually) dependent from parent income, as parents are required by law to fund their children's education (including higher education), and therefore students could theoretically sue their parents for funds for their education (although this is rarely done for obvious reasons). For low-income families, BAföG loans take over when these obligations can not reasonably be met by parents.

BAföG-loans are usually given out half as zero interest loan (to be repaid only after the receiver exceeds a certain income level after graduation) and half as grant money to university students. High school students get the full amount as grant money if they are eligible. The current maximum amount per month (for a university student) is 527 Euros. This can be lowered gradually if student or parent income or student assets exceed certain amounts. Thus the amount paid out can be lower than the maximum amount and even loans of 1 Euro per month are given out if the calculation returns that amount. Such low grants seem nonsensical at first, but they are usually accepted by students (loans can be refused by the student), because eligibility for a BAföG loan (even of 1 Euro per month) makes the student eligible for some other benefits like cut-rate telephone service or waiving of public television licence fees (which otherwise are paid by everyone who owns a working TV set).

Generally, BAföG loans are independent from student achievement or grades at least for two years. After that, a certain minimum grade level has to be met and proof of participation in required, but ungraded courses, needs to be provided to stay eligible. Change of field of study is allowed once during the first two years without becoming ineligible. For university studies, every field of study has predefined a maximum study duration (usually around five years), after which the student becomes ineligible for BAföG. Further funds can be granted as low-interest loan for another two years if certain criteria (like reasonable likelihood that the student will graduate during that time) are met.

Other than with BAföG you can also finance your studies with Bildunskredit from KfW, Bildungsfonds, or a Scholarship.


[edit] Eligibility independent from parent income
In some cases, like most notably if the student has worked full time for a number of years before returning to student status, BAföG eligibility is calculated independent from parent income, because parents' obligation to fund their children's education ends once the children enter the workforce full-time. In those cases, only student income and assets are consulted for BAföG eligibility and amount calculation.


[edit] External links
German Student Loans Program Information - BAfoeG




[edit] External links
Information about Studienkredite in Germany.
Information about Bildungsfonds. An alternative to BAföG.
Retrieved from "http://en.wikipedia.org/wiki/Student_loans_in_Germany"
Categories: Articles lacking sources from April 2007 | All articles lacking sources | Education in Germany | Student loan systems by country
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Student loans in Denmark

Student loans in Denmark
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Student grants and student loans in Denmark are administered by the Danish State Educational Grant and Loan Scheme Agency, a Danish government agency. All students above age 18 are entitled to a free grant regulated partly by the income of their parents if they are below age 20. The basic rate for students living on their own and older than 20 is 4,724 DKK (about $810) a month. If needed, the student may supplement this with a student loan of 2,418 DKK (about $415) that has to be repaid when the student has completed his or her education. Thus a student will normally receive about 56,688 DKK (about $9,735) a year in grants with an optional 29,016 DKK (about $4,985) in loans, making a total of 85,704 DKK (about $14,720). High schools and universities are free for students, requiring no tuition or similar fees.

Retrieved from "http://en.wikipedia.org/wiki/Student_loans_in_Denmark"

Student loans in Canada

Student loans in Canada
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Contents [hide]
1 Government Loans
2 History
3 Students in professional programs
4 Loan Administration and Repayment
5 Repayment Assistance
6 External links
7 Footnotes



[edit] Government Loans
Canadian citizens, permanent residents of Canada, and protected persons (including convention refugees)[1] are normally eligible for loans provided by the federal government, through the Canada Student Loans Program (CSLP), in addition to loans provided by their province of residence.

Loans issued to full-time students are interest free while a student is in full-time studies. Students receiving a CSL for the first time on or after August 1, 1995 are eligible for up to 340 weeks (approx 6.5 years) of interest-free assistance. Students in doctoral programs are eligible for an additional 60 weeks, up to 400 weeks (approx 7.5 years). Students with permanent disabilities and students who received their first CSL prior to August 1, 1995 are eligilbe for up to 520 weeks of assistance (10 years).[2]

Funding is available for part-time students through the CSLP (provincial student loans are not available). Part-time students must make interest payments while in study and begin payments of principal and interest when they cease to be a part-time student. Grants may supplement loans to aid students who face particular barriers to accessing post-secondary education, such as students with permanent disabilities or students from low-income families.

Students must apply for the Canadian and provincial loans through their provincial government. The rules for what determines your province of residence vary, but normally it is defined as where you have most recently lived for at least 12 consecutive months, not including any time you spent as a full-time student at a post-secondary institution. In most cases, the province of residence is the province one lived in before becoming a post-secondary student.

Canada Student Loans (CSL) of up to $210 per week of full-time study or 60% of the student's assessed need (the lesser of these) can be issued per loan year (August 1–July 31). Loans issued through provincial programs will normally provide students with enough funding to cover the balance of their assessed need. Part-time loans of up to $4,000 can be made, but a student cannot be more than $4,000 in debt on part-time loans at any one time. All Canadian students may also be eligible for the Canada Millennium Scholarship Foundation Bursary (CMS Grant), and other grants provided by their province of residence.[3]

For example, students in British Columbia may be eligible for a maximum of $14,300 combined loan and grant funding per year.


[edit] History
Prior to 1964, the national student loan program was known as the Dominion-Provincial Student Loan Program. This program was a matching grant partnership system between the federal and provincial governments. It was started in 1939 and ended with the start to the CSLP in 1964.

Some text from the Department of Human Resources and Social Development Canada:

The CSLP was created in 1964. Since its inception, the Program has supplemented the financial resources available to eligible students from other sources to assist in their pursuit of post-secondary education. Between 1964 and 1995 , loans were provided by financial institutions to post-secondary students who were approved to receive financial assistance. The financial institutions also administered the loan repayment process. In return, the Government of Canada guaranteed each Canada Student Loan that was issued, by reimbursing the financial institution the full amount of loans that went into default.
In 1995, several important changes were made to Canada Student Loans. First, the Canada Student Financial Assistance Act was proclaimed, replacing the existing Canada Student Loans Act (which still remains in force to this day) reflecting the changing needs of the parties involved in the loan process, including the conferred responsibility of the collection of defaulted loans to the banks themselves. The Government of Canada developed a formalized "risk-shared" agreement with several financial institutions, whereby the institution would assume responsibility for the possible risk of defaulted loans in return for a fixed payment from the Government which correlated with the amount of loans that were expected to be, or were, in default in each calendar year. During this period, the weekly federal loan amount was increased to a maximum of $165.
On July 31, 2000, the risk-shared arrangement between the Government of Canada and participating financial institutions came to an end. The Government of Canada now directly finances all new loans issued on or after August 1, 2000. The administration of Canada Student Loans has become the responsibility of the National Student Loans Service Centre (NSLSC). There are two divisions of the NSLSC, one to manage loans for students attending public institutions and the other to administer loans for students attending private institutions. Defaulted Canada Student Loans disbursed under this new regime are now collected by the Canada Revenue Agency which, by Order in Council dated August 1, 2005, became responsible for the collection of all debts due under programs administered by Human Resources and Social Development Canada.
Due to the close nature of the Canada Student Loan Program (CSLP) and the provincial student loan programs, the changes in 1995 and 2000 were largely mirrored by the provincial programs. As a result of these changes, students who attended school before and after these transition years may find that they have up to 6 different loans to manage (pre-1995 federal & provincial; 1995-2000 federal & provincial; and post-2000 federal & provincial). The extent to which this is possible depends largely on a student's province of residence.

A review of the Canada Student Loans Program was announced in Budget 2007. Changes resulting from the Review are expected to be announced in Budget 2008. [4]


[edit] Students in professional programs
Most charter banks in Canada have specific programs for students in professional programs (e.g., medicine) that can provide more funds than usual in the form of a line of credit, sometimes with lower interest rates as well. Students may also be eligible for government loans that are interest free while in school on top of this line of credit, as private loans do not count against government loans/grants.[5]


[edit] Loan Administration and Repayment
The Canada Student Loan (sometimes referred to as the National Student Loan) is administered by National Student Loan Service Centre [6] under contract to Human Resources and Social Development Canada (HRSDC). Students have the choice of opting for a fixed interest rate of prime interest rate + 5%, or a floating interest rate of prime interest rate + 2.5%.

Based on the HRSDC student loan calculator [7], and assuming a prime interest rate of 4.5%, a standard 10-year (114 month) repayment period, and a loan of $30,000:

- if the Floating Interest option is selected, monthly payments will be $361.02 (principal and interest), resulting in total payments of $41,156.77 ($30,000 principal + $11,156.77 interest) over the life of the repayment.

- if the Fixed Interest option is selected, monthly payments will be $400.50 (principal and interest), resulting in payments of $45,657.54 ($30,000 principal + $16,657.54 interest).


[edit] Repayment Assistance
CSLP offers a number of programs to assist students who find themselves facing financial difficulty during repayment. Among these programs are:
- Interest Relief [8], which is designed to help students meet repayment obligations if they are temporarily unable to make payments on their government student loans because of unemployment or low income. Interest Relief is granted for periods of six months, up to a maximum of 30 months. Some exceptions, such as Canadian residency, may apply. Students may also be eligible for a further 24 months of Extended Interest Relief. Once approved for Interest Relief, students are not required to make payments on either the monthly interest or the outstanding principal of their loan(s) (the federal and/or provincial government will pay the interest on a student's behalf).

- Debt Reduction in Repayment [9] is designed to help students facing long-term financial difficulties manage the repayment of their Student Loan(s). DRR lowers the principal amount of a loan, thereby reducing the monthly loan payment to an affordable level based on family income. A student can receive up to three reductions (totaling up to $26,000) on their Canada Student Loan principal during their lifetime, depending on financial circumstances.

- Revision of Terms [10] is a feature that provides students with the flexibility to manage loan repayment in a way that is responsive to individual situations. It can be used to decrease the monthly payments by increasing the repayment period (from the standard 10 years up to 15 years) should a student find the standard terms difficult to maintain. It can be used to increase loan payments by reducing the repayment period, allowing more rapid repayment of a loan.

- Permanent Disability Benefit [11] allows for the reduction of loans for students who are experiencing exceptional financial hardship due to a permanent disability. The eligibility criteria varies based on date of loan negotiation and lender. A recent Access to Information request indicated that over 60% of applicants to this program were denied loan forgiveness.


[edit] External links
Canada Student Loans Program (federal)
Provincial/Territorial Student Loan Offices
Canada Student Debt Website -provides support for people with student loan problems.
Coalition for Student Loan Fairness - A coalition of groups requesting changes to the Canada Student Loan Program, focussing on repayment issues.
Canadian Federation of Students
Ontario Undergraduate Student Alliance Issue Briefing
StudentAid BC - Ministry of Advanced Education - Province of British Columbia

[edit] Footnotes
^ Determining Eligibilty for Canada Student Loans. Retrieved on 2007-06-29.
^ How long can I apply for and receive student financial assistance? - Page 9. Retrieved on 2007-10-28.
^ Ontario Undergraduate Student Alliance Issue Briefing on Student Financial Assistance. Retrieved on 2007-08-09.
^ CSLP Review. Retrieved on 2007-10-25.
^ Building the Third Pillar: Reforming Ontario's Student Financial Aid System. Retrieved on 2007-08-09.
^ The National Student Loan Service Centre. Retrieved on 2007-05-21.
^ HRDC Student Loan Calculator. Retrieved on 2007-05-21.
^ HRSDC - Interest Relief. Retrieved on 2007-06-29.
^ HRSDC - Debt Reduction in Repayment. Retrieved on 2007-06-29.
^ HRSDC - Revision of Terms. Retrieved on 2007-06-29.
^ HRSDC - Permanent Disability Benefit. Retrieved on 2007-06-29.
Retrieved from "http://en.wikipedia.org/wiki/Student_loans_in_Canada"
Categories: Education in Canada | Student loan systems by country

NextStudent Private Student Loans

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Consolidate Private Student Loans to Save Time and Hassle
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More About NextStudent Consolidation Loans
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» Before and After
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» Top Questions about NextStudent Consolidation Loans
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Related Terms
» Student Loan Consolidation
» Federal Student Loan Consolidation
» Private Student Loan Consolidation
» Consolidate Student Loans
» Consolidate Student Loan
» Consolidate Private Student Loans





Student Loan Consolidation
style="font-style:italic;">
Student Loan Consolidation Could Save You Hundreds of Dollars
The rates on federally guaranteed loans (which change annually) dropped July 1, 2004 to the lowest levels in the history of the program. This means that student loan consolidation rates are as now low as 3.125% when you take advantage of NextStudent's benefit and incentive plans.
Student Loan Consolidation Is Good Money Management
Consider these benefits of student loan consolidation:

Near record-low interest rates (currently 3.5% or at as low as 3.125% with discounts) fixed for the term of your loan can save you thousands
Lower your monthly payment burden by as much as 60%
1% interest rate reduction after you make your first 36 consecutive on-time payments
Retain all federal borrower benefits
Flexible repayment options
No fees, charges, or prepayment penalties
No credit checks or co-signers required
Student Loan Consolidation Saves You Time
After graduation, consolidation loans can help ease the burden of repayment by bundling all your student loans into a single loan with one lender and one repayment plan. Students and parents are each eligible for student loan consolidation.
Student Loan Consolidation Allows You to Better Manage Your Cash Flow
By consolidating multiple student loans into one lower monthly payment, you gain the freedom to better manage your monthly budget, and invest more of your earnings for the future.
Take 2 Minutes to Apply Online or call us toll-free at (800) 299-4639
You May Qualify for Student Loan Consolidation if You:

Are no longer enrolled more than half time in school
Are in repayment or in a loan grace period (normally 6 months after leaving school)
Have not previously consolidated your loans

Consolidating Federal Student Loans Keeps Graduates on Course
Although many people have achieved the dream of completing their college education, many of them face an unfortunate downside following graduation: paying back the inevitable student loan.

Too often it is not just one loan looming over students, many of whom have yet to settle into the sometimes overwhelming realities of the workforce and daily life.

NextStudent, one of the nation’s premier education funding companies, can be the proverbial light at the end of the tunnel by helping students consolidate their multiple federal loans. From Stafford Loans and Perkins Loans to PLUS Loans and HPSL Loans, NextStudent’s Federal Student Loan Consolidation Program equals convenience.

"Although the 2.77 percent interest rate on federal loans was at an all-time low between July 1, 2004 and July 1, 2005, the lowest the rates ever had hit in history, now is still a good time to consolidate," said Andrew Ernstrom, education finance adviser at Phoenix-based NextStudent.

Currently the interest rate is in the 5 percent range and is expected to again increase in July 2006. The cap on the program is 8.25 percent, but projections for the next increase are between one or two points.

"Everyone knew the rates were going up about 2 percent this past July 1," Ernstrom said. "So there was a mad dash nationwide to get everyone’s loans consolidated," which allowed borrowers to take their variable rate loans and then lock them into a fixed rate.

Historically during the past 40 years interest rates averaged closer to 7 percent.

An important aspect of consolidation includes the six-month grace period. "Make sure to consolidate while you’re in the six-month grace period because you get a cheaper interest rate," he said. The rate increases .6 percent when the grace period ends.

Students have been gung-ho about federal loan consolidation. "The only reason people wouldn’t consolidate is because they don’t think the rates will go up, but all the trends out there say they will, so it makes sense to do it now," Ernstrom said. The interest rates for student loans are set up off of the 91-day Treasury bill. Since May 30 when the rate was reset, the rate increased about .92 percent. "If the rates were reset today, everyone’s rates would be .92 percent higher. And by next July who knows how high it could go," he said.

NextStudent’s Federal Student Loan Consolidation Program extends loan payments up to 30 years, depending on a borrower’s balance. As many people originally take out loans on a 10-year repayment plan, consolidation offers the same interest rate on the same amount of money but at a longer term, making the payment much more affordable. There are no prepayment penalties for the program, so borrowers can pay off loans at their own pace and have the benefit of a longer term if needed. Consolidation can decrease some payments up to 60 percent.

Even if students already have consolidated, NextStudent can help further lower their interest rate with reconsolidation, which allows borrowers to reset their forbearance and deferment rights, take advantage of new industry discounts and also can lower their payment.

"In the past students who had consolidated did not have the opportunity to consolidate again unless they took out new student loans," said Katie Carpenter, education finance manager at NextStudent. "In the past few months the Department of Education has allowed all previously consolidated loans to be reconsolidated," she added.

In turn, consolidation is the answer not only for students paying back their loans but for lenders. According to the Oct. 23, 2005 article titled "College loan plan raises questions" at NCTimes.com (North County Times) by J. Stryker Meyer, "A General Accounting Office report noted that people who consolidate their loans are three times less likely to default on their student loans."

NextStudent believes that getting an education is the best investment you can make, and it is dedicated to helping you pursue your education dreams by making college funding as easy as possible. Learn more about Student Loan Consolidation at http://www.NextStudent.com.




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Related Terms
» Student Loans
» Federal Stafford Loans
» College Student Loans
» College Loans
» Loans for College
» College Loan



Stafford Student Loans for Undergraduate and Graduate Students
With low interest rates, flexible repayment plans, and no application fees or credit checks, Federal Stafford Loans offer both undergraduate and graduate students an affordable self-help option for financing the costs of your degree. Repayment on your Stafford student loans can be postponed while you’re in school, so you won’t have to worry about making payments as long as you’re still enrolled at least half time. Stafford loans are awarded to eligible students both with and without consideration of financial need, which means you can qualify regardless of your or your parents’ financial situation.

Stafford loans come with several student-friendly benefits:

Low, fixed 6.8% interest rate
No credit check and no co-signer required
No payments due while you’re in school at least half time
Flexible repayment options that could help lower your monthly payment
Eligible for student loan consolidation, which could give you up to 30 years to repay


What’s the difference between subsidized and unsubsidized Stafford loans?
Subsidized Stafford loans are awarded on the basis of financial need. Any interest that accrues on your subsidized Stafford loans while you’re in school, in deferment, or in a grace period, is paid by the government.
Unsubsidized Stafford loans are non–need-based, so eligible students can qualify for unsubsidized Stafford aid regardless of their own income or their parents’ income. Interest will accrue on your unsubsidized Stafford loans even when you’re not making payments (while you’re in school, in deferment, in forbearance, or in a grace period), and you’ll be responsible for paying that interest once repayment begins.
What are my repayment options?
The standard repayment term for a Stafford loan, either subsidized or unsubsidized, is 10 years. After you graduate or drop below half-time enrollment, you’ll have a six-month grace period before you need to begin repaying your Stafford loans.

Once you’ve left school, your Stafford loans will also be eligible for student loan consolidation, which could give you up to 20 more years to repay and which could cut your monthly payments nearly in half.

Whether you choose to consolidate or not, there are no prepayment penalties, in case you want to pay off your Stafford loans before they’re due. And if you’re having trouble making your monthly student loan payments, you have several repayment plans and options available to you that could help make repayment more affordable or that could allow you to temporarily postpone making payments altogether.
How much can I borrow in Stafford loans?
Graduate students can take out up to $20,500 in Stafford loans each year (only $8,500 of this amount can be subsidized), up to a maximum of $138,500 in cumulative Stafford loan debt, which includes any undergraduate Stafford loans you may have received.

Undergraduates qualify for different Stafford loan amounts each year, depending on your year in school and on whether you’re classified as a dependent or independent undergraduate.


Academic Level
Dependent
Independent

First Year
$3,500
$7,500 (up to $3,500 subsidized)

Second Year
$4,500
$8,500 (up to $4,500 subsidized)

Third Year and After
$5,500
$10,500 (up to $5,500 subsidized)


How do I apply for a Stafford student loan?
You can apply online—it’s fast, easy and secure. Or giv

Student loans in Australia

Tertiary education fees in Australia
From Wikipedia, the free encyclopedia
(Redirected from Student loans in Australia)• Learn more about citing Wikipedia •Jump to: navigation, search
Higher education fees in Australia are charged to all students, but Australian citizens and (with some limitations) permanent residents[1] are able to obtain interest free loans from the government under the Higher Education Loan Programme (HELP) which replaced the Higher Education Contribution Scheme (HECS). Most students are Commonwealth supported, which means the Commonwealth Government pays a contribution to the fees and students are able to defer payment of the remainder of the fees, which for Commonwealth supported students are called the "student contribution". Some domestic students are full fee-paying (non-Commonwealth supported) and while they are able to obtain subsidised loans from the Government up to a lifetime limit of $100,000 for medicine, dentistry and veterinary science programs and $80,000 for all other programs, they receive no other direct government contribution to the cost of their education. Overseas students are charged fees for the entire cost of their education and are ineligible for any loans from the Commonwealth.

HELP is jointly administered by the Department of Education, Science and Training (DEST) and the Australian Taxation Office (ATO).

Contents [hide]
1 History
2 Domestic Students
2.1 Commonwealth Supported Students
2.2 Full Fee-Paying Students
2.3 OS-HELP
2.4 Loan repayment under the HELP
3 HECS becomes HECS-HELP: changes to the system in 2005
4 Indexation Rate Formula
5 Notes
6 Sources and external links



[edit] History
This article does not cite any references or sources. (February 2007)
Please help improve this article by adding citations to reliable sources. Unverifiable material may be challenged and removed.

In 1940, the Curtin Labor Government decided to increase the size of the universities to conduct more civil and military research. In order to do this, it dramatically increased the number of scholarships it offered to enter university and it allowed women to win these scholarships (they were previously exclusive to men). The Menzies Liberal Government also supported and extended the ability of ordinary Australians to attend university.

In the 1960s, the Federal Government encouraged and funded the states to establish new universities to cater for increasing demand. These universities were to be built in outlying suburbs and offer special research scholarships to encourage students to undertake postgraduate research studies. Many of the universities that were established under this scheme are members of Innovative Research Universities Australia.

In 1967, the Menzies government established the College of Advanced Education sector, by defining a category of non-University tertiary institutions that were to receive some federal funding. They were easier to access and cheaper to attend than Universities, while delivering many University-equivalent Batchelor awards.

During the early 1970s, there was a significant push to reform tertiary education in Australia to make it more accessible to working and middle class Australians and the Whitlam Labor Government abolished university fees in 1973. This decision did not greatly change the socio-economic backgrounds of students attending universities because only 20 to 25 percent of students paid fees as most had Commonwealth scholarships. Another reason for the lack of change was because low high school retention rates had resulted in many young people from disadvantaged backgrounds not completing secondary education and therefore never having the opportunity to choose to attend university.

In 1989, the Hawke Labor Government instituted a programme in the Higher Education Funding Act 1988 called "Higher Education Contributions Scheme" or HECS. It was developed by economist and lecturer at the Australian National University, Bruce Chapman and championed by Education Minister John Dawkins (see Dawkins Revolution). When introduced it was a fee charged to all university students of $1,800, but this fee could be deferred and repaid through the tax system when the student's income reached a certain level.

At the same time, the Colleges of Advanced Education entered the University sector by various means.

The new Howard Coalition Government in 1996 made significant changes to the HECS. It created a three-tier fee system with the courses that the government considered to have most likelihood of generating higher income for students in the future (eg. Law and Medicine) being the most expensive and those least likely to generate higher income (eg. Nursing and Arts) being the least expensive. The government also increased HECS charges by an average of 40 percent and permitted universities to charge full up-front fees to students who missed out on a HECS place at university in return for entry into a course.


[edit] Domestic Students

[edit] Commonwealth Supported Students
The Government allocates a number of undergraduate places to each public higher education provider in Australia that are designated as Commonwealth supported places at university. These places are allocated to students via the tertiary admissions centre in each state or territory but are usually based on secondary school results (through the TER), TAFE qualifications and previous university results. Commonwealth supported places are available to citizens of Australia and New Zealand, as well as some Australian permanent residents. If a student is in a Commonwealth supported place, they only make a contribution towards the cost of their education (known as the student contribution) while the Australian Government contributes the majority of the cost.

Student Contribution

Band Curriculum Areas Contribution For 1 EFTSL[2]
National Priority Education, Nursing $0 – $3,998
Band 1 Humanities, Arts, Behavioural science, Social studies, Foreign languages, Visual and Performing arts $0 – $4,996
Band 2 Accounting, Commerce, Administration, Economics, Mathematics, Statistics, Computing, Architecture, Health Sciences, Engineering, Science, Surveying, Agriculture $0 – $7,118
Band 3 Law, Dentistry, Medicine, Veterinary science $0 – $8,333

The student contribution varies for each course. It is based upon the expected earnings following a students' graduation, not the cost of providing the course. The Government allows higher education providers to set their own contribution up to a maximum level (although since the government underfunds universities per place themselves, the universities almost always charge the highest level allowable[citation needed]). A student can pay the entire contribution and receive a 20% discount or defer payment on the contribution through a HECS-HELP loan from the Commonwealth Government. It is possible to defer payment on some of the contribution and pay part upfront. In cases of part payment, a 20% discount is received on the amount paid. Students who are New Zealand citizens or new Australian permanent residents are ineligible for HECS-HELP loans and must pay the entire contribution upfront and receive no discount.


[edit] Full Fee-Paying Students
Students who do not receive a Commonwealth supported place are able to obtain a full fee-paying place as long as their tertiary entrance rank or other qualifications exceed a certain minimum. Most postgraduate courses do not have Commonwealth supported places available and therefore all students are full fee-paying. Full fee-paying students are charged the full cost of their course, with no direct Commonwealth subsidy.

Full fee-paying students are able to obtain loans under the Higher Education Loan Programme called FEE-HELP loans to cover all or part of their fees. Students who obtain these loans are charged a 20% loan fee on top of the amount borrowed. Students are able to borrow a lifetime maximum FEE-HELP loan of $100,000 for medicine, dentistry and veterinary science programs and $80,000 for all other programs (adjusted for inflation). FEE-HELP loans replaced the Open Learning Deferred Payment Scheme (OLDPS), the Postgraduate Education Loan Scheme (PELS) and the Bridging for Overseas-Trained Professionals Loan Scheme (BOTPLS).


[edit] OS-HELP
OS-HELP is a loan scheme to assist some undergraduate domestic students to undertake some, but not all, of their course of study overseas. Students are able to obtain a loan of $5,000 for every six months, but can only receive a total of two loans throughout their lifetime. Unlike other loans in the HELP, the loan amount is paid directly to the student and the terms for the loans are set out by the tertiary providers.

As in the FEE-HELP loan scheme, a 20% fee applies on the amount borrowed.


[edit] Loan repayment under the HELP
HELP debts are repaid through the taxation system and repayment is administered by the Australian Taxation Office. People with a HELP debt are obligated to make compulsory payments each year if their HELP Repayment Income (HRI) exceeds a certain threshold, which for the 2007-08 financial year is $39,825. HRI differs from the usual calculation of taxable income in that it includes any amount that taxable income has been reduced by a net rental loss and includes fringe benefits from employment. Unlike marginal tax rates, the repayment rate applies to all income earned. For example, a person that has a HRI of $39,500 in a financial year does not have to make any compulsory HELP repayment, but a person who has a HRI of $40,000 is compelled to make a payment of $1,600.

The indexation rate is applicable to the part of the debt that has been unpaid for 11 months or more. Thus, indexation is calculated on the opening balance plus any debts incurred in the first half of the current year deducting any compulsory or voluntary repayments.

After the indexation rate is applied to one's account, the new balance must be a whole dollar amount. Any cents in the total are discarded. [3]

The rates for compulsory repayment for the 2007-08 financial year, also compared with previous years, are:

HELP Repayment Income (HRI) compulsory repayment 2006-2008
HRI 2005-06 HRI 2006-07 HRI 2007-08 Repayment Rate
Below $36,185 Below $38,149 Below $39,825 Nil
$36,185–$40,306 $38,149-$42,494 $39,225-$44,360 4% of HRI
$40,307–$44,427 $42,495-$46,938 $44,360-$48,896 4.5% of HRI
$44,428–$46,762 $46,839-$49,300 $48,897-$51,466 5% of HRI
$46,763–$50,266 $49,301-$52,994 $51,466-$55,322 5.5% of HRI
$50,267–$54,439 $52,995-$57,394 $55,323-$59,915 6% of HRI
$54,440–$57,304 $57,395-$60,414 $59,916-$63,068 6.5% of HRI
$57,305–$63,062 $60,415-$66,485 $63,069-$69,405 7% of HRI
$63,063–$67,199 $66,486-$70,846 $69,406-$73,959 7.5% of HRI
$67,200 and above $70,847 and above $73,960 and above 8% of HRI

Students are also able to make voluntary payments to the ATO. These payments attract a 10% discount for repayments over $500. This means that if a person voluntarily repays $1000, the debt is reduced by $1100. If the remaining debt is less than $500 the discount still applies. HELP debts do not attract interest but are instead indexed to the Consumer Price Index (CPI). the 2006 indexation rate is 2.8%. If a person with a HELP debt dies, the debt is cancelled (ie. the debtor's estate is not required to pay the debt).


[edit] HECS becomes HECS-HELP: changes to the system in 2005
As of 2005, the Howard government have deregulated university fees. HECS-HELP (formerly HECS) maintains the same principles of HECS, however have since undergone major changes. The deregulation of university fees permits universities to increase tuition costs for university places (by a maximum of 25%). If a student receives a HECS-HELP loan, the Australian Federal Government pays the loan amount directly to the higher education provider on behalf of the student. "HECS" now refers to pre-2005 debt, and HECS-HELP refers to debt from 2005 onwards.

This deregulation of HECS-HELP has also resulted in a limit in the number of years a student may study in a Commonwealth Supported Place (CSP). As of 2007, all students may only study for a maximum of 7 years full-time in commonwealth supported university places (16 years part-time). This does not include any existing HECS debt (prior to 2005).

Known as Student Learning Entitlement (SLE), Students may only study in a Commonwealth Supported Place for a maximum of 7 years full time.. Once these SLE points are used, students are no longer entitled to CSPs, and must take either a post-graduate FEE-HELP load (if available) or undertake a FULL-FEE place.

An alternative option is FEE-HELP (formerly PELS). FEE-HELP provides eligible fee-paying students with a loan to cover their postgraduate tuition fees. This option is only available for post-graduate students attempting an eligible post-graduate course. In 2007, the FEE-HELP lifelong limit is $80,000, and $100,000 for students studying dentistry, medicine or veterinary science. Students cannot borrow any more than $50,000, even if once debt is repaid. See the official website for details.

Once a student has used up all of their SLE points, they may only study under a FEE-HELP course (capped at $50,000) or as part of a FULL-FEE course. Full-Fee courses are relatively expensive courses where students must pay their all of their tuition costs upfront, which is a significantly larger debt than a standard HECS-HELP loan, usually taken for its lower academic entrance requirements.

FEE-HELP courses are available at a post-graduate level (and occasionally for some undergraduate FULL-FEE places) however they are not available at every institution or in every course. The only remaining option is a FULL-FEE place paid upfront.

Once students have used all of their SLE points, students however cannot enroll in an undergraduate degree again unless it is a FULL-FEE place.


[edit] Indexation Rate Formula
The indexation rate equal to CPI (currently 2.8%) is applicable to the part of the debt that has been unpaid for 11 months or more. Thus, indexation is calculated on the opening balance plus any debts incurred in the first half of the current year deducting any compulsory or voluntary repayments.

After the indexation rate is applied to one's account, the new balance must be a whole dollar amount. Any cents in the total are discarded. [4]


[edit] Notes
^ Holder of a permanent visa (other than a permanent humanitarian visa). Information for pre-2005 HECS students. Government of Australia Department of Education, Science and Training.
^ EFTSL stands for Equivalent Full-Time Student Load. It is a measure of the study load, for a year, of a student undertaking a course of study on a full time basis.
^ ATO (May 2006) Understanding your 2006 HELP information statement, Australian Taxation Office, Australian Government
^ ATO (May 2006) Understanding your 2006 HELP information statement, Australian Taxation Office, Australian Government

[edit] Sources and external links
Going To Uni website
Department of Education, Science and Training website
ATO Higher education loan schemes essentials site
"International student funding comparisons: Australia and New Zealand" by Professor Nicholas Barr. The Guardian, 9 October 2001.
Retrieved from "http://en.wikipedia.org/wiki/Tertiary_education_fees_in_Australia"
Categories: Articles lacking sources from February 2007 | All articles lacking sources | All articles with unsourced statements | Articles with unsourced statements since May 2007 | Taxation in Australia | Education in Australia | Student loan systems by country