Resumen
Higher education or tertiary education has been perceived as an important sector which contributes to the economic progress among the countries of the world. Higher education has grown rapidly, at the same time the cost of higher education is also rising throughout the world. Education loan or student loan schemes, as one of the sources of financing higher education, have been introduced in most of the countries. This paper attempts to understand and compare the student loan schemes introduced and implemented in India and Australia either through the commercial banks or through the government. The study concludes that the student loan procedures followed in other countries can also be considered with suitable modifications for the improvement of our education loan scheme at present.