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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 tryanonlinecalculator(e.g.fromMoneySmart) considerwhetheryoumayhaveanychangesinyour circumstancesthatwillmakeitdifficultforyouto makerepayments donotacceptoffersofcreditincreasesthatyoumaynot beabletorepay Find the lowest interest rate and best deal compareinterestrates,productfeatures,feesandcharges interestratescanmakealargedifferenceovertimeto yourrepayments payattentiontotheongoinginterestrateforyourloan orcreditcardafteranyintroductoryperiod avoidthehighinterestratespayableonanycashadvances youdrawfromyourcreditcard Protect yourself and your assets beawareofadditionalfees,suchaschargesfornotmaking minimummonthlypayments beawareofthepossibilityoflendersrepossessingyour assetsifyoutakeoutasecuredloan becautiousofscams,pay-daymoneylenders,andinstant onlinelenders–theychargeveryhighfees checkthefineprintbeforesigninganything Get help if you can’t pay your debts talktoyourcreditprovidertoaskforassistancesuchas extensionsonduedatesorotherhelpundertheir‘financial hardship’provisions findafreefinancialcounsellortoassistyouinrenegotiating yourrepaymentsorexploringotheroptionssuchas debtconsolidation Find out about your rights phonetheAustralianSecuritiesandInvestmentCommission (ASIC)on1300300630 How can the Welfare and Student Liaison Office help? GriffithUniversityinterest-freeloansandbursaries Budgetingandfinancialissues Centrelinkpaymentissues Rentingissues Otherwelfarematterse.g.appealsandcomplaints, carersupport Wealsocoordinate: OnlineTextbookExchangeservice OnlineFreeStuff@Griffithservice On-campusJusticeofthePeace StudentPartnerprogram StudentLeadershipprogram Disclaimer:Whileeveryefforthasbeenmadetoensuretheinformation inthisinfosheetiscorrectatthetimeofpublication,noresponsibility canbetakenforanyerrorsoromissions.Pleasecontacttherelevant organisationorinstitutionforfurtherdetails,updatesandchanges. Visit griffith.edu.au/studentservices griffith.edu.au/welfare Email us[email protected] Contact us: Gold Coast 5552 8734 Logan 3382 1159 Mt Gravatt 3735 6826 facebook.com/GriffithUniversityStudentServices twitter.com/GriffithUniSSV Nathan 3735 7470 South Bank 3735 4149 Student Services aspiration • well-being • development WELFARE AND LIAISON OFFICE STUDENT LOANS FOR STUDENTS JULY2017 FOLD FOLD

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Page 1: TIPS FOR BORROWING MONEY SAFELY How can the Welfare and … › __data › assets › pdf_file › 0023 › 165614 … · Find the lowest interest rate and best deal compare interest

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

FOLD FOLD

Page 2: TIPS FOR BORROWING MONEY SAFELY How can the Welfare and … › __data › assets › pdf_file › 0023 › 165614 … · Find the lowest interest rate and best deal compare interest

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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