Student loan fees and features

Fast personal loans were always going to be complexified by fine print, fees and features. Mozo's top student loans and whole market search tools let you compare student bank loans with ease.

And you can run through the facilities and sneaky fees here...

• Parental backing
• No establishment or ongoing fees
• Personal loan redraw facility
• Extra repayments allowed
  
• Early exit penalty

Parental backing student loans

Secured personal loans are significantly cheaper than their ugly, unsecured sisters. If you don't happen to own a house, car or fabulous artwork, it's worth asking the olds to put their hard earned assets up as collateral. (They'll be yours one day anyway...)

Student loan establishment and ongoing fees

Student loan fees often include 'entry' and 'monthly fees' — but many banks now offer fee-free student loans.

• Entry fees range from $0 to over $100.
• Monthly fees are between $0 and $10 — and they'll add up over several years.

Just to make this more difficult still, student loans with fees sometimes offer very competitive interest rates, so it's hard to know if they're cheap or not. Mozo's personal loan calculator crunches the numbers to get you the best deal.

Student loan redraw facility

Redraw means that once you've paid off a portion of your student loan, you can draw that money back out again. Note that this can increase the term of the loan, and/or the size of monthly repayments. And it can also increase the total cost of your personal loan.

So you might want the option of redraw, but you don't want to abuse it. Search student loans (there's that 'Go!' button again) and tick 'redraw ok' to compare personal loans with this feature.

Student loan repayments

Student loan repayments are based on the amount borrowed and the agreed term of your loan. (Our handy personal loan repayment calculator can jazz up your numbers...) The optimistic borrower will want to make sure that extra repayments are allowed in the personal loan conditions, to make larger payments when possible and thus reduce the total interest paid.

Student loan early exit penalty

In the event that a beloved professor dies and leaves you a swag of cash, you may want to pay off that student loan toot sweet. If this, or any other windfall scenario, sounds like your immediate future, you don't want ot be clobbered with a fat fee - so avoid loans with an early exit penalty.

Confused?

Check out Mozo's cheat sheet to student loan savings