Studying to build a career costs money, including course fees, textbooks, study materials, food, rent, utilities and travel expenses. There are a few ways you can finance your studies. You could get a job, take out a student loan or apply for student grants.
Government student loans
The three kinds of student loan from the government are HECS-HELP, FEE-HELP and OS-HELP.
HECS-HELP is available for students in Commonwealth Supported Places, and pays either all or part of your course fees.
FEE-HELP is for full-fee students. It covers up to $80,000 of your fees, or $100,000 if you study dentistry, medicine and veterinary science.
OS-HELP covers accommodation and travel expenses for Commonwealth Supported students who want to study overseas.
Study grants
Each university or institution has its own set of scholarships and student grants supported by industry.
Student grants and scholarships tend to be highly competitive. The grants offered depend on your area of study and there are also awards given out at the end of the year for outstanding students.
With so many possibilities, you should check the various university websites to find out exactly what’s available.
There are also many government student grants. They cover a wide range of areas and needs, with grants for rural students; incentives for medical and nursing students to go to rural areas; research and development; science; and other subjects with shortages.
The Australian Agency for International Development (AusAID) and Department of Education, Employment and Workplace Relations (DEEWR) have three Australian Scholarships for international students – the Endeavour Awards, Australian Leadership Awards, and Australian Development Scholarships.
A number of charitable organisations also offer student grants and scholarships for the disadvantaged.
Working while studying
The main way students support themselves is with a part-time or casual job. Working while studying will help you pay the bills but it means you will have to juggle your commitments.
However, you will learn great time management skills, which will come in handy regardless of the career path you take. It also helps if your part-time job is related to your area of study.
If you already have a full-time job and don’t want to give it up, you could study by correspondence – a mode of study that has little-to-no contact hours.
International students usually pay very high course fees but if they have a job, they can’t work more than 20 hours a week.
Unless you’re studying a Masters or PhD, there will also be restrictions on the number of hours your ‘dependents’ can work.
What's the tax situation in Australia when you are working and studying?
To work in Australia, you need a Tax File Number (TFN). It helps the tax office and your employer calculate how much tax to withhold from your pay.
The tax-free threshold stands at $6000, so people who earn less than this don’t have to pay tax. Even if you earn more, your first $6000 is non-taxable.
If you have taken out a student loan under the Higher Education Loan Program (HELP), you will owe the government money.
When you start working, your employer will withhold extra tax from your salary after it reaches a certain amount to pay off the student loan.