Australia Education Student Loans Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

Australia Education and Student Loans Market report is segmented by type (federal/government loan, private loan), by repayment plan (standard repayment plan, graduated repayment plan, revised pay as you earn (REPAYE), income-based, and other repayment plans), by age group (24 or younger, 25 to 34, and above 35), and by end-user (graduate students, high school students, and other end-users). The report offers market size and forecasts in value (USD) for all the above segments.

Australia Education Student Loans Market Size

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Australia Education Student Loans Market Summary
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Study Period 2020 - 2029
Base Year For Estimation 2023
Market Size (2024) USD 54.34 Billion
Market Size (2029) USD 67.72 Billion
CAGR (2024 - 2029) 4.50 %
Market Concentration Low

Major Players

Australia Education Student Loans Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Australia Education Student Loans Market Analysis

The Australia Education Student Loans Market size is estimated at USD 54.34 billion in 2024, and is expected to reach USD 67.72 billion by 2029, growing at a CAGR of 4.5% during the forecast period (2024-2029).

A lot of international students want to move to Australia because the country has a world-class education system, an excellent climate, and a high quality of life. The government administers the Australian student loan system through the Higher Education Loan Program (HELP). Under this program, students studying approved higher education courses can defer the costs of tuition until their taxable income reaches a certain level at which repayments commence. HELP can only be accessed by Australian citizens or individuals who hold a humanitarian visa. Eligibility for student loans is generally restricted to Australian citizens, permanent humanitarian visa holders who usually reside in Australia, and New Zealand citizens who meet certain residency criteria.

Universities across Australia provide loans for local and international students. Most institutions offer both short-term and long-term loans; these can help students cover emergencies as well as pay for bigger expenses. About 2.9 million Australians currently owe a share of more than USD 68.7 billion under the federal government’s Higher Education Loan Program (Help), previously the Higher Education Contribution Scheme (Hecs). More than 1.3 million people last year each had student debts worth more than USD 20,000.

Australia Education Student Loans Market Trends

Increase in the Number of International Students is Driving the Market

Australia has been one of the most favored study-abroad destinations among Indians and students from other countries like China, Nepal, Brazil, Malaysia, Vietnam, Thailand, and others. Australia has ranked as the second-best country in the world for its excellent quality of life. In terms of world-class education, economic growth, and standard of living, it remains to be as one of the best countries. Australia has top-ranked institutions, globally recognized qualifications, and an abundance of scholarships when it comes to education. Students from all over the world are pursuing short-term English language courses, bachelor's, master's, and doctoral degrees in Australia. The country now has over 384,000 international students from more than 140 countries.

Australia has some of the highest living standards globally, and the living expenses and tuition fees in Australia are lower than in the United States. When it comes to safety, the crime rate is much lower in Australia than in the United States. Furthermore, Australia allows its students to work on and off-campus employment for up to 20 hours per week during their studies and 40 hours per week during holidays, which is why a lot of international students prefer studying in Australia. This is expected to grow the market during the forecasted period.

Australia Education Student Loans Market: Total Number of International Students in Australia, 2019-2022

Higher Education Student Loans Continue to Boost the Growth of this Market

Throughout Australia's enrolment history, the majority of international students have enrolled in higher education. Australia's high level of education, VET (Vocational Education and Training) industry-driven learning and skills, multicultural society, and post-study career opportunities make it an ideal destination for international students. The top source countries contributing to international students in Australia are India and China. Enrolment applications for higher education from other countries are also increasing in Australian Universities. Like the United Kingdom, Australia has expanded post-study work rights, allowing students in certain courses to stay in Australia longer after completing their studies.

Australia's attractiveness as an educational destination for international students is based on its academic excellence, rich cultural experiences, and potential for personal and professional development. Nevertheless, it necessitates careful planning to maintain the quality of education and support services for this rapidly growing population. Australia has a robust economy and a wide range of industries, which opens doors to plenty of opportunities for international students to gain work experience. Australia remains a beacon for students worldwide, building a global community of students and future leaders. A significant number of students are heading to Australia in 2024. This is expected to boost the demand for this market during the forecasted period.

Australia Education Student Loans Market: Number of Higher Education Enrollments in Australia, 2019-2022

Australia Education Student Loans Industry Overview

Australia's education/student loans market is fragmented. There are multiple student loans available, including government-funded loans such as HECS-HELP and FEE-HELP and various private loans from various financial institutions. Some of the major players in this market are IDFC First Bank, ICICI Bank, Axis Bank, HDFC Credila, and Avanse.

Australia Education Student Loans Market Leaders

  1. IDFC First Bank

  2. ICICI Bank

  3. Axis Bank

  4. HDFC Credila

  5. Avanse

*Disclaimer: Major Players sorted in no particular order

Australia Education Student Loans Market Concentration
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Australia Education Student Loans Market News

  • July 2023: Axis Bank utilized RBI’s account aggregator framework to allow customers to track their spending and balances in other banks.
  • January 2023: Avanse Financial bagged USD 98.3 million in funding from Kedaara Capital. Avanse used the funds to expand its presence and offer more credit to Indian students, in turn helping them fulfill their academic aspirations. It also deployed funds for product development and integrated digital solutions shared by the startup.

Australia Education Student LoansMarket Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET INSIGHTS AND DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

      1. 4.2.1 Increasing Education Costs is Driving the Market

      2. 4.2.2 Growing Demand for Education Is Driving the Market

    3. 4.3 Market Restraints

      1. 4.3.1 Debt Burden is Restraining the Market

    4. 4.4 Market Opportunities

      1. 4.4.1 Collaboration with Educational Institutions is Providing Market Opportunities

    5. 4.5 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.5.1 Bargaining Power of Suppliers

      2. 4.5.2 Bargaining Power of Buyers

      3. 4.5.3 Threat of New Entrants

      4. 4.5.4 Threat of Substitutes

      5. 4.5.5 Intensity of Competitive Rivalry

    6. 4.6 Insights on Current Trends and Innovations in the Market

    7. 4.7 Impact of COVID-19 on the Market

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Type

      1. 5.1.1 Federal/Government Loan

      2. 5.1.2 Private Loan

    2. 5.2 By Repayment Plan

      1. 5.2.1 Standard Repayment Plan

      2. 5.2.2 Graduated Repayment Plan

      3. 5.2.3 Revised Pay As You Earn (REPAYE)

      4. 5.2.4 Income-Based

      5. 5.2.5 Other Repayment Plans

    3. 5.3 By Age Group

      1. 5.3.1 24 or Younger

      2. 5.3.2 25 to 34

      3. 5.3.3 Above 35

    4. 5.4 By End User

      1. 5.4.1 Graduate Students

      2. 5.4.2 High School Student

      3. 5.4.3 Other End Users

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Market Concentration Overview

    2. 6.2 Company Profiles

      1. 6.2.1 IDFC First Bank

      2. 6.2.2 ICICI Bank

      3. 6.2.3 Axis Bank

      4. 6.2.4 HDFC Credila

      5. 6.2.5 Avanse

      6. 6.2.6 Auxilo

      7. 6.2.7 Incred

      8. 6.2.8 Citizens Financial Group

      9. 6.2.9 Karur Vysya Bank

      10. 6.2.10 Carvana*

    3. *List Not Exhaustive
  7. 7. FUTURE OF THE MARKET

  8. 8. DISCLAIMER AND ABOUT US

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Australia Education Student Loans Industry Segmentation

A student loan is a specific type of loan made for students to assist them in covering the costs of their post-secondary education and any related expenses, including tuition, books, supplies, and living costs. Government agencies, private financial institutions, or educational institutions themselves typically provide these. These loans are designed to assist students who may not have the immediate financial means to cover the full cost of their education.

The Australian education/student loan market is segmented by type, repayment plan, age group, and end-user. By type, the market is segmented into federal/government loans and private loans. By repayment plan, the market is segmented into the standard repayment plan, graduated repayment plan, revised pay as you earn (REPAYE), income-based, and other repayment plans. By age group, the market is segmented into 24 or younger, 25 to 34, and above 35. By end-user, the market is segmented into graduate students, high school students, and other end-users. The report offers market size and forecasts in value (USD) for all the above segments.

By Type
Federal/Government Loan
Private Loan
By Repayment Plan
Standard Repayment Plan
Graduated Repayment Plan
Revised Pay As You Earn (REPAYE)
Income-Based
Other Repayment Plans
By Age Group
24 or Younger
25 to 34
Above 35
By End User
Graduate Students
High School Student
Other End Users
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Australia Education Student LoansMarket Research FAQs

The Australia Education Student Loans Market size is expected to reach USD 54.34 billion in 2024 and grow at a CAGR of 4.5% to reach USD 67.72 billion by 2029.

In 2024, the Australia Education Student Loans Market size is expected to reach USD 54.34 billion.

IDFC First Bank, ICICI Bank, Axis Bank, HDFC Credila and Avanse are the major companies operating in the Australia Education Student Loans Market.

In 2023, the Australia Education Student Loans Market size was estimated at USD 52 billion. The report covers the Australia Education Student Loans Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Australia Education Student Loans Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Australia Education Student LoansIndustry Report

Statistics for the 2024 Australia Education Student Loans market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Australia Education Student Loans analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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Australia Education Student Loans Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)