Interest free student loans

The University provides interest free student loans, for study related expenses, to students who are in financial need and are progressing satisfactorily with their studies.

Purpose of student loans

To be eligible, the loan must be for your study-related, such as:

  • study/education related expenses, e.g. textbooks
  • course related equipment
  • study related technology
  • placements and experiential learning costs (i.e. reasonable petrol, train ticket, travel expenses and reasonable accommodation costs due to relocation)

The following will be considered on a case-by-case basis:

  • one off expenses, e.g. bond, rent
  • reasonable living costs associated with your studies
  • out-of-pocket non-elective medical expenses which relate to your studies

Student loans are not available for non-study related expenses, holidays, interstate travel which is not a requirement of your for study, costs incurred before your commencement of study at Deakin (ie. pre-existing debt), expenses incurred by others (eg. child's school expenses) or other personal expenses.

Loan eligibility

To be eligible for an interest-free loan you must:

  • be enrolled in an award course at Deakin University (either part-time or full-time)
  • be residing in Australia
  • demonstrate your ability to repay the student loan
  • not have an encumbrance on your enrolment
  • not have fees owing to any other area of the University
  • not use the loan to pay tuition fees
  • provide a guarantor (if applicable)
  • provide all necessary supporting documentation as detailed on the application form.

Terms of a loan

The following terms apply to a Deakin student loan:

  • maximum loan amount is $2000 at any one time
  • loans of $501 - $2000 must have a guarantor
  • loans up to $500 generally do not require a guarantor except for fist year, first study period students. Students in their first year, first study period of their course are required to have a guarantor and may apply for a maximum of $500
  • students must be at least 18 years of age
  • loans must be repaid within a maximum of two years or 6 weeks prior to the end of the last exam period (or the date on which the borrower ceases to become a student).
  • Applications for a loan may be lodged at any time but applications from students undertaking the final year of their course will not be accepted within six weeks of the last day of examinations in their final trimester, except in special circumstances.

The University reserves the right to refuse a loan if a student has a poor repayment history in relation to previous loans, does not meet all eligibility requirements or the related expense does not meet the purpose for a student loan.

Repayment terms and schedules

Loan repayments are generally due on the first of every month.  Successful loan recipients will be provided with a personal loan repayment schedule detailing payment dates and amounts.

All loans must be repaid on the earliest of the following:

  • the due date shown in the loan agreement
  • the date on which the borrower ceases to be a student
  • the date of any breach by the borrower of any of the terms or conditions upon which the loan was granted or
  • if the borrower becomes bankrupt, the date of bankruptcy.

It is your responsibility to meet your repayment schedule and make sure your loan is repaid.

Guarantor information

A guarantor will become personally responsible instead of, or as well as you, to pay the amount owed and any reasonable expense incurred by the credit provider in enforcing the guarantee. Guarantors are required to sign documentation in the presence of a suitable witness and provide supporting documentation including payslips and ID.


  • A Guarantor must not be a student or staff member of any Australian University and must be over 21, an Australian citizen or permanent resident of Australia and financially secure.

Application process

To apply for a loan, complete the Financial assistance application form.

The application to payment process can take a minimum of one to two weeks. For further information, please call Student Central. Don't forget to provide supporting documentation.

Information for current holders of a student loan

The following information is available for holders of a current student loan:

Payment options

Information about available payment options will be provided to you after your loan is approved and funded.  These include bank transfer, phone and internet banking options and paying in person at any StudentCentral.

Failing to repay your loan

Whilst your loan is interest free, failure to repay a loan carries a range of penalties including the withdrawal of library and IT privileges, withholding of your academic transcript and inability to graduate. An encumbrance will be placed on your enrolment if you do not repay your loan. This means you will not be allowed to graduate or to receive your academic transcript.

Once an encumbrance has been placed on your enrolment it will not be lifted until the loan has been paid or until suitable arrangements for payment have been agreed to. No one wants to have an encumbrance, so if you are finding it difficult to stick to the original repayment schedule, please contact to discuss your options in order to avoid being encumbered.

Altering your repayment schedule

If you are unable to meet the repayment schedule you need to contact our Financial team on to discuss your repayment options. If you have not met the requirements of the loan repayment you may find that an administrative encumbrance has been placed on you file. This means you will not have access to online material, will not be able to borrow from the library and may not be able to use other services provided by Deakin University.

Student grants

A student grant is awarded on the basis of extreme financial hardship where repaying a loan would create further financial distress. Satisfactory academic performance is also taken into account. Student grants are normally awarded on the basis of referral from special student support areas. Following a referral you may be asked to complete a Financial Assistance application form to support your circumstance.

A limited number of grants are made available each year.

Need help?

If you need further information contact Student Central for help.

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