Student loans

The RMIT Student Loan Fund provides interest-free loans to RMIT students who are experiencing severe financial difficulties due to unforeseen circumstances. Find out what we offer and who is eligible to receive a loan.

Amount

• First year, first semester students are eligible for a loan up to $500.
• Second semester to final year students are eligible for a loan up to $1000.

Note: you will not be charged interest on a student loan.

Eligibility

To be eligible for a student loan, you must:

• be experiencing severe financial difficulties
• have paid your fees
• have no outstanding debts to RMIT
• be over 18
• be currently enrolled in an award program at RMIT.

Note: inbound Education Abroad or Open University Australia students are not eligible to apply.

What you can get a loan for

You can get a student loan to pay for:

• accommodation and essential living expenses
• essential medical expenses
• household costs e.g. utility bills*
• essential program and study-related costs
• laptops / notebooks.

You cannot get a student loan for:

• tuition fees or enrolment fees
• student services and amenities fee (SSAF)
• recreational travel
• fines
• credit card debts
• purchasing vehicles.

* Note: If you are having trouble paying your utility bills and are in receipt of a Centrelink health or pension concession card, the Utility Relief Grant managed by the Department of Human Services may be able to assist.

How to apply

Download a Loan Application form (PDF 456 KB 8p) and lodge it at the Hub on your campus.

Students are encouraged to discuss any financial difficulties with a Student Wellbeing Adviser before applying for a student loan.

Assessment

Assessment is based on your financial reason for the loan, need(s) for the loan and your ability to repay the loan. A loan application will not be considered until all other available options of financial assistance have been considered.

Repayments

You must:

• repay your loan with 12 months (please note: how long you are given to pay off the loan will depend on your circumstances)
• repay your loan in monthly installments by the due date
• repay the loan in full immediately if you defer or take a leave of absence from your studies.

Note:

• final year students must repay the loan by 30 September
• If you fail to meet your monthly repayment plan, you may be denied the use of University facilities and services. Debt recovery action will be taken by an agency external to RMIT.
• If you have overdue charges to RMIT, for example, loan payments, library charges, tuition fees, administrative fees, material fees or enrolment fees, you may be charged a $250 penalty for each due date not met - please see RMIT’s Approved schedules of fees and charges for more information.