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TIPS FOR BORROWING MONEY SAFELY
Work out how much you can reasonably afford to borrow and keep up with the repayments
�� try�an�online�calculator�(e.g.�from�MoneySmart)
�� consider�whether�you�may�have�any�changes�in�your�circumstances�that�will�make�it�difficult�for�you�to��make�repayments
�� do�not�accept�offers�of�credit�increases�that�you�may�not��be�able�to�repay
Find the lowest interest rate and best deal
�� compare�interest�rates,�product�features,�fees�and�charges
�� interest�rates�can�make�a�large�difference�over�time�to��your�repayments
�� pay�attention�to�the�ongoing�interest�rate�for�your�loan��or�credit�card�after�any�introductory�period
�� avoid�the�high�interest�rates�payable�on�any�cash�advances��you�draw�from�your�credit�card
Protect yourself and your assets
�� be�aware�of�additional�fees,�such�as�charges�for�not�making�minimum�monthly�payments
�� be�aware�of�the�possibility�of�lenders�repossessing�your��assets�if�you�take�out�a�secured�loan
�� be�cautious�of�scams,�pay-day�money�lenders,�and�instant�online�lenders�–�they�charge�very�high�fees
�� check�the�fine�print�before�signing�anything
Get help if you can’t pay your debts
�� talk�to�your�credit�provider�to�ask�for�assistance�such�as�extensions�on�due�dates�or�other�help�under�their�‘financial�hardship’�provisions
�� find�a�free�financial�counsellor�to�assist�you�in�renegotiating�your�repayments�or�exploring�other�options�such�as��debt�consolidation
Find out about your rights
�� phone�the�Australian�Securities�and�Investment�Commission�(ASIC)�on�1300�300�630
How can the Welfare and Student Liaison Office help?
�� Griffith�University�interest-free�loans�and�bursaries
�� Budgeting�and�financial�issues
�� Centrelink�payment�issues
�� Renting�issues
�� Other�welfare�matters�e.g.�appeals�and�complaints,��carer�support
We�also�coordinate:
�� Online�Textbook�Exchange�service
�� Online�FreeStuff@Griffith�service
�� On-campus�Justice�of�the�Peace
�� Student�Partner�program
�� Student�Leadership�program
Disclaimer:�While�every�effort�has�been�made�to�ensure�the�information�in�this�info�sheet�is�correct�at�the�time�of�publication,�no�responsibility�can�be�taken�for�any�errors�or�omissions.�Please�contact�the�relevant�organisation�or�institution�for�further�details,�updates�and�changes.
Visit griffith.edu.au/studentservices griffith.edu.au/welfare
Email us�[email protected]
Contact us:
Gold Coast 5552 8734Logan 3382 1159Mt Gravatt 3735 6826
facebook.com/GriffithUniversityStudentServices
twitter.com/GriffithUniSSV
Nathan 3735 7470South Bank 3735 4149
Student Servicesaspiration • well-being • development
WELFAREAND
LIAISON OFFICESTUDENT
LOANS FORSTUDENTS
JULY
�20
17
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GRIFFITH UNIVERSITY STUDENT LOANS
Standard Loan (Domestic Students)/ Emergency Loan (International Students)
�� interest-free
�� maximum�$1000
�� repayment�over�12�months�for�Standard�Loan,�and�6�months��for�Emergency�Loan
�� for�education�and�living�expenses,�such�as�textbooks,��transport�costs,�rent�(excluding�Campus�Life�accommodation),�phone�bills,�electricity�bills�etc.
Major Loan (Domestic Students only)
�� interest-free
�� maximum�$1500
�� repayment�over�12�months
�� for�major�course-related�costs�(computer,�musical�instrument,�art�supplies�etc.)�and�living�expenses
Griffith University Student Loans cannot be used to pay fines, tuition fees, student contribution charges, credit cards or loans, or other University charges such as parking or childcare.
Eligibility�–�students�must:
�� be�currently�enrolled�and�studying�at�Griffith
�� be�experiencing�short-term�financial�hardship�but�able�to��repay�a�loan
�� not�be�studying�as�an�Open�Universities,�Griffith�College,�Miscellaneous,�Exchange,�Study�Abroad�or��Cross-institution�student.
If�you�cease�to�be�enrolled,�you�must�repay�the�loan�in�full.��For�further�details,�please�refer�to�the�Loan�Kit�information��sheet�at�Student�Services�or�at�griffith.edu.au/welfare.�
OTHER UNIVERSITY ASSISTANCE � Bursaries may be available to assist students in severe financial hardship who cannot afford to repay a loan (speak to a Welfare and Student Liaison Officer)
� WSLO Textbook Exchange service is an online service where you can earn or save money by buying and selling your second hand textbooks
� Students may also receive free household and study items through the FreeStuff@Griffith service on the WSLO website
GOVERNMENT ASSISTANCE HECS-HELP or FEE-HELP loans�are�available�for�eligible�domestic�students�to�help�cover�student�contribution�or�tuition�fee�costs.�
SA-HELP loans�are�also�available�for�eligible�domestic��students�to�pay�for�all�or�part�of�their�student�services��and�amenities�fees.�
You�may�make�voluntary�repayments�to�reduce�your�debt.�Compulsory�repayments�commence�once�you�are�working��and�earning�above�a�certain�threshold.�Further�information��is�available�at�studyassist.gov.au.
Centrelink Student Start-Up Loan�is�a�voluntary�$1,035�loan�for�eligible�full-time�students�on�Youth�Allowance,�Austudy�or�Abstudy,�which�can�be�paid�twice�a�year.�You�have�to�pay�back�the�loan�once�you�start�earning�certain�amount�of�income,�under�the�same�arrangements�as�HELP�debts.�
Centrelink Advance Payments of�$250�to�$500�are�available�once�a�year�for�eligible�Centrelink�customers�receiving�a�Youth�Allowance,�Austudy,�Abstudy,�Newstart�or�parenting�payment.�Those�receiving�Family�Tax�Benefit�A,�a,pension�or�a�carer�payment�may�be�eligible�for�a�larger�advance.�Repayments�are�deducted�from�future�Centrelink�payments�over�6�months.�
Visit�humanservices.gov.au�for�further�information�on�Centrelink�payments.�
A�Bond Loan�is�an�interest�free�loan�to�help�pay�the�rental�bond�or�deposit�when�moving�into�private�rental�accommodation�provided�by�the�Qld�Government.�Please�visit�qld.gov.au/housing/renting/bond-loan�for�more�information�on�eligibility�and�how�to�apply.�
LOANS FROM FINANCIAL INSTITUTIONS Some�financial�institutions�offer�commercial�loans�to�domestic�students.�INTEREST IS PAYABLE ON ALL OF THESE LOANS.�Before�applying�for�any�loans,�you�should�consider�the�financial�implications�this�would�have�for�you.�You�are�encouraged�to�discuss�this�with�a�Welfare�and�Student�Liaison�Officer.
NO OR LOW INTEREST LOANS The�No Interest Loan Scheme (NILS)�provides�individuals�on�low�incomes�with�access�to�safe,�fair�and�affordable�credit.�Loans�are�between�$300�and�$1,200�for�essential�goods�and�services�such�as�fridges,�washing�machines,�furniture,�medical�and�education�essentials.�Repayments�are�made�over�12�to�18�months.�To�be�eligible�you�must�have�a�Health�Care�Card/Pension�Card�or�earn�less�than�$45,000�a�year�(after�tax)��and�have�resided�in�your�current�premises�for�more�than�3�months.�Loans�cannot�be�used�for�cash,�bond,�rent�arrears,��debt�consolidation,�holidays�or�bills.�
A�StepUP Loan�is�a�low�interest�loan�of�5.99%�per�annum�for�people�on�low�incomes�who�have�difficulty�accessing�credit�from�a�bank.�You�can�borrow�from�$800�–�$3,000�with�up�to�three�years�to�pay�it�back.�The�loan�is�arranged�in�partnership�with�community�organisations�and�the�NAB.�To�be�eligible�you�must�have�a�Health�Care�Card/Pension�card�or�receive�Family�Tax�Benefit�A�and�have�resided�in�your�current�premises�for�more�than�3�months.�
Visit�goodshepherdmicrofinance.org.au/compare-loans��for�further�information.�
STUDENT BANKINGMost�banks�offer�full-time�students�everyday�banking�accounts�with�$0�monthly�account�keeping�fees�and�discounts�on�other�products.�Check�with�your�preferred�institution�whether�they�provide�student�concessions�for�loans�and�other�banking�products.�
WHO CAN HELP? Australian Securities and Investment Commission �asic.gov.au��1300�300�630��Regulates�financial�advice�and�financial�products�
MoneySmart��moneysmart.gov.au��Budgeting�resources,�calculators,�general�financial�tips�
Financial Counselling financialcounsellingaustralia.org.au��1800�007�007��Find�free,�local�financial�counsellors,�and�access�the��Debt�Self�Help�tool
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