TEMPO.CO, Jakarta - Education is one of the most significant investments anyone can make in their future. However, the rising costs of higher education can make it difficult for many students to afford college without financial assistance. Hence, comes the student loans.

This is where student loans come into play, providing a means for students to fund their education. Student loan programs vary widely across the globe. Here’s a look at several countries providing student loan programs.

1. Australia

Australia offers a unique student loan program called the Higher Education Loan Program (HELP). Provided by the Australian government, this loan helps cover the costs of students’ studies now, which they'll repay later, particularly after they earn above a certain threshold amount.

According to the official website of the Australian Department of Education, HELP provides various types of financial support, including for student contributions (HECS-HELP), tuition fees (FEE-HELP), overseas study expenses (OS-HELP), and student service and amenities fees (SA-HELP).

2. Canada

Another country providing student loans is Canada. The program enables full-time or part-time students to help cover their post-secondary education (i.e., college, university, institute) tuition.

The official website of the Government of Canada stated that the government actually works with most provinces or territories to offer the loans. The amount of loan that students receive may vary based on their tuition fees, living expenses, family income, or residence.

The National Student Loans Service Centre (NSLSC) mentioned that the loan is eligible for Canadian citizens, permanent residents of a province issuing Canada Student Grants and Loans, and particularly students demonstrating financial need.

3. France

University students in France can apply for state-guaranteed loans. This program provides loans from banks, partnering with the government in the operation, to students for a minimum period of two years, with a total amount up to €20,000, according to the official French administration website.

Subsequently, students will have to repay the loan to the banks with interest. However, they can postpone the repayment until the end of their studies.

4. Germany

Student loans in Germany are known as BAföG or Bundesausbildungsförderungsgesetz. These are state-funded loans with low to zero interest rates, cited from studying-in-germany.org.

To be precise, the Deutsches Studierendenwerk website mentioned that half of the BAföG is usually a grant, while the remaining is an interest-free loan. In the end, this financial support has helped students from low-income families to access higher education institutions.

5. New Zealand

Students in New Zealand can apply for loans from StudyLink. This financial aid covers course fees, study materials, and weekly living costs. Besides the amount of money you borrow, you also need to pay an annual administration fee of $40, as well as any interest or penalties.

6. United Kingdom

Euro News Business reported, among countries in the United Kingdom (UK), England is the country with the highest average student loan debt, reaching €51,367 in the academic year of 2019/20.

As stated in gov.uk, students, either full-time or part-time, can apply for some financial support. The benefits include loans for university or college tuition fees and living costs. For instance, full-time students can receive up to £9,250.

7. Japan

Citing from the Teikyo University website, there are two types of loans students in Japan can take: loans from credit card companies and the government. One example of the former is JACCS affiliated student loans.

On the other hand, government-funded loans are handled by Japan Finance Corporation under the National Student Loans. This enables students to enroll in vocational schools, high schools, junior colleges, universities, miscellaneous schools, and foreign high schools and universities.

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