Market Size of Australia Education Student Loans Industry
| 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
*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.
