5 Smart Ways To Use A Personal Loan For Education Costs

Overview

• Purchasing Textbooks and Online Learning Resources
• Buying a New Laptop / Upgrading Your Tech
• Creating a Productive Study Space At Home
• Managing Your Transport and Placement Costs
• Paying Student Services and Amenities Fees
• Is A Personal Loan For Education Expenses Right For You?
• Make Your Red Tree Finance Personal Loan Work Harder As You Study
• FAQ

Whether you’re studying at university or taking a course with a Registered Training Organisation (RTO), you’ll most likely be required to purchase educational resources to guide you through your learning. These expenses can add up quickly and take you by surprise. 

Textbooks and E-books

As any tertiary education student will tell you, textbooks and e-books are expensive. Some books can cost hundreds of dollars. You may find second-hand copies at a cheaper price – many universities and educational institutions will run a second-hand textbook sale at the beginning of each semester. 

In doing that, however, you risk buying an outdated version of the book that may have since been updated and reprinted. If your essential reading list includes multiple textbooks that you’re unable to find current copies of at a cheaper price, you may struggle to cover the cost. A cash loan may provide you with the necessary funds to get the resources you need before the semester begins. 

Software Licences and Subscriptions

In addition to textbooks and e-books, you may find yourself needing to pay for software licences (e.g. Microsoft and Adobe programs) and subscriptions to online journals and cloud storage providers. You may be lucky enough to get them cheaper with a student discount. However, if you have several you need to pay for, the costs can still add up. Applying for an online loan with Red Tree Finance can give you the money you require to cover these expenses.

No matter where or what you’re studying, chances are you’ll need a laptop for assessments, online tutorials and other aspects of your education journey. You may already have a laptop, but if it’s on the older side and continually crashes or cannot meet the requirements of the course software, it may be time for an upgrade. 

An instant loan can help you buy a brand new laptop, whether it’s your first, an upgrade of your existing system or simply a second monitor for added convenience.

It can be easier to study at home when you have a dedicated space that is conducive to learning and productivity. To create a productive, work-friendly space for study, you may want to consider additions and improvements to your room:

• A proper work desk with an ergonomic chair
• Shelves or some form of storage solution to help you organise your textbooks
• Improved lighting and added power points
• Distraction-blocking, noise-cancelling headphones

Setting up this space can take a little effort – and a little cash. While you block out a weekend before you start your studies to get your study area just right, a Red Tree Finance weekend loan can help out with the cash requirements to make it happen.

In many tertiary education courses, such as education and nursing, students are required to go on a placement to apply their education in a real-life setting. These placements can often last for weeks and, in some cases, send students to regional parts of Australia. 

While a placement is not a holiday, a holiday loan can often cover the costs of the student’s travel and accommodation expenses. Red Tree Finance loans range from $2250 up to $5000 and can help you focus more on getting the best out of your placement experience, rather than worrying about the costs.

Whether you’re studying at university or TAFE, you’ll be charged a Student Services and Amenities Fee (SSAF) that covers all the non-academic services you might take advantage of while you’re studying. The SSAF covers things like:

• Sporting and recreational activities
• Employment and career advice
• Library and IT access
• Childcare services
• Counselling

This is a compulsory payment and will often vary depending on whether you’re a full-time or part-time student.

Is a Personal Loan for Education Expenses Right for You?

If you meet the eligibility criteria and are considering a Red Tree Finance secured loan for your non-tuition education expenses, it’s a good idea to consider these factors first.

Check Your Budget

It’s important to determine whether you’ll be able to meet your loan repayment obligations by looking in detail at your current income and expenses. A loan calculator will tell you how much your repayments will be over the term of the loan and how much you will pay in total (including interest). 

Know Your Credit Score

Before you apply for a loan, find out what your credit score is. This score is an important determining factor in the outcome of your loan application. Most students fresh out of school will likely not have built up a credit rating. But if you’re a mature-aged student going back to education, request a credit report to discover your current rating before you submit your application. 

A stronger score may result in your loan being approved, while a weaker credit rating can have the adverse effect. 

Understand the Loan Rates and Fees 

Responsible lending is not just something that Red Tree Finance values; it’s mandated law under the National Consumer Credit Protection Act 2009. Integral to our commitment to transparency is ensuring that borrowers have full awareness of our loan rates and fees. Before you apply for your loan, make sure you understand the interest rate and fee structure so there are no surprises.

Make Your Red Tree Finance Personal Loan Work Harder As You Study

If you use it in the right way, a personal loan from Red Tree Finance can help you manage the non-tuition costs of furthering your education. Whether you’re buying textbooks for university, upgrading your computer for your TAFE course or putting what you’ve learned into action while on placement, a cash loan can help you pay the bills and cover other essential expenses. 

If you feel that applying for a personal loan for education costs is the right approach for you, start your Red Tree Finance application today and discover how we can aid the next step in your study journey.

Can I take a personal loan for education?

You can apply for a personal loan with Red Tree Finance that can help you pay for your non-tuition-related study expenses. We have loans available for amounts ranging from $2250 up to $5000 that can help you cover everything from textbooks to tech upgrades and student amenities fees. 

Will my credit score affect my Red Tree Finance personal loan application?

Yes, your credit score or credit rating will be a key determining factor in the outcome of your loan application. A stronger credit score will give you a better chance at an approved loan, while a weaker score may have a negative impact. 

I’ve just finished high school and am going straight into tertiary education. Am I too young to apply for a loan?

Red Tree Finance assesses each loan application individually. However, to apply for a personal loan, you must be at least 18 years old and have been employed on a casual, part-time or full-time basis for at least three months and own a registered motor vehicle in your name. 

If you meet these eligibility criteria and you’re an Australian citizen, permanent resident, or hold a valid Australian visa, we will consider your application.

The information provided in this blog is of a general nature and is provided without considering your specific objectives, financial situation, or needs. It is intended for informational purposes only and should not be relied upon as financial, investment, or other professional advice.Before making any financial decisions or taking action based on the information presented, you are strongly encouraged to assess its appropriateness in light of your individual circumstances. Red Tree Finance does not intend to provide personalised financial advice, and you should seek independent financial, legal, tax, and other relevant advice tailored to your unique situation.