Do we need to show ITR even after taking education loan for Australia?

Question

Preeti Singh · Accepted Answer

If you're an international student, it's essential to know what's required. While getting an education loan is a big step to show you have the money for your studies, you also need to provide your Income Tax Return (ITR) or your sponsor's ITR.
The reason for this requirement is to make sure that you or your sponsor have a consistent and reliable financial history. This financial stability is crucial throughout your stay in Australia. Even if you have an education loan, sharing your ITR is like showing a strong financial background. It's a key factor when you apply for a visa to study in Australia. So, it's not just about the loan, but also about proving that you can manage your finances well, making your journey to study in Australia smoother.

Anshika Bhatnagar · Answer

No, you don't need to show ITR after taking an education loan for Australia, so be tension-free! However, there are certain other requirements for applying to scholarships in Australia that differ from university to university but mostly they require you to have a really good GPA, Proven excellence, English proficiency, should have scored a minimum of 85% in the previous degree/ high school.
SOME TOP SCHOLARSHIPS IN AUSTRALIA FOR MASTER'S -
-  La Trobe Academic Excellence Scholarships for International Students by La Trobe University
- Monash International Merit Scholarships by Monash University
- International Postgraduate Research Scholarships (IPRS)
- Endeavour Postgraduate Scholarship Award
- Sydney Achievers International Scholarships by the University of Sydney
- University of Sydney International Scholarships.
 
I hope this helps! Let me know if you have more questions.

Sarma Bhujbal · Answer

I totally get the struggle with all the paperwork while studying abroad. When I applied for my studies in Australia and was dealing with an education loan, I thought that would cover it all. But, I still had to show my Income Tax Return (ITR). 
It's kind of like, even if you've got the loan, they want to peek at your financial background. The idea is to make sure that you or whoever's helping you out financially can handle all the costs, not just the tuition. It seemed like a bunch of steps at first, but honestly, it's just to make sure everything's good for your big leap in Australia.

XAVIAR X · Answer

When applying to study in Australia, presenting financial evidence is a crucial part of the visa application process. This includes showing that you have enough funds to cover tuition fees, living expenses, and other costs associated with studying abroad.
Even if you have secured an education loan, you may still need to provide additional financial documents, such as Income Tax Returns (ITR).
Key Points to Consider:

Purpose of ITR: Income Tax Returns serve as proof of your or your family's financial history and stability. They provide a detailed account of income, which reassures the visa authorities of your genuine financial standing and ability to support your education in Australia, irrespective of the loan.
Visa Requirements: The Australian student visa (subclass 500) typically requires applicants to demonstrate that they have genuine access to sufficient funds. This includes funds to cover the first year of study, travel, and living costs. The detailed financial requirement can be documented through bank statements, a sanctioned loan document, and ITRs to reflect the financial capability over recent years.
Supporting Documents for Education Loans: If you are financing your studies through an education loan, the loan approval document is crucial. However, ITRs can complement this by showing the financial history and tax compliance of you or your guarantor, which adds credibility to your application.
Consulate Advice: Always check the latest guidelines from the Australian consulate or embassy, or consult with an immigration advisor, as visa requirements can be updated or vary based on individual circumstances.

While an education loan provides a significant part of your financial proof, ITRs are often recommended to strengthen your visa application by displaying a consistent financial background. They are not always mandatory but are beneficial to include if readily available, enhancing the overall trustworthiness of your financial claims.