Frequently asked Questions
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How much can I borrow?
With EFG you can borrow any amount (up to $45,000) that covers the fees required for your tuition in a particular year.
When are the tuition fees paid?
EFG will pay your tuition fees in advance directly to the provider. This can be either for the whole year’s fees or for the balance owed if you apply part way through the year.
How long is the loan term?
You can choose to repay the loan over 1, 2, 3, 4 or 5 years to meet your requirements.
Do you only finance full tuition fees or can I apply for a portion?
We will finance any portion of your tuition fees subject to a minimum of $2,000.
How often are repayments required?
Monthly – direct debit.
I want to extend my funding facility for another course – or year of school fees.
Just contact us if you would like to extend your funding facility for another course or next year of school fees. Update your information and, subject to your meeting our normal requirements, we can approve and pay your next round of tuition or school fees.
Can I make extra repayments?
Yes, you can make additional payments whenever you wish. You can increase the regular amount, pay a lump sum or even repay the balance in full. And all without incurring any additional fees or penalties.
Who can apply to Education Funding Group?
To be eligible to apply Education Funding you must be:
- Over 20
- An Australian resident
- Have no credit defaults
Applications are subject to our normal lending criteria.
What is the interest rate?
Interest rates will range from 5.95% p.a. to 18.50% p.a. and will depend on our assessment criteria.
- An application fee: $440 – added to your loan
- Loan processing fee: $300 – added to your loan