Higher education costs a lot of money but there are many ways to cut those costs down, like getting a student loan or student grant, working while studying, taking advantage of student discounts or even studying with the military.
Although an undergraduate degree costs a lot of money, around $11,000 a year, there is help available in the form of loans and grants. Students can also consider working while studying, taking advantage of student discounts or even studying with the military.
Once university students graduate, the statistics show that most are able to get a job quickly and earn more than non-university graduates.
HECS-HELP, FEE-HELP and other forms of government support
There are three kinds of student loans from the Australian government.
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, covering up to $80,000 of fees, or $100,000 for dentistry, medicine and veterinary science students.
OS-HELP covers accommodation and travel expenses for Commonwealth Supported students who want to study overseas.
Indigenous Australians and the disabled can also apply for a government student grant.
There are many grants out there, including the Ida West Scholarship, for Tasmanian Aboriginal students in a health or human services related course; Centrelink Indigenous Cadetship Program; and the Higher Education Equity Support Program.
You can find out about scholarships and student grants on university websites or by contacting the university.
There are also grants from government available and you can find information about them through the government’s GrantsLINK (www.grantslink.gov.au) website.
Working while studying
Having a job while studying is another way to help pay the bills and get some experience.
A lot of students get jobs in hospitality but there’s nothing to stop you getting an entry-level job in the field of your dreams.
Getting a job related to your studies not only gives you invaluable practical experience but also very useful industry contacts. You might even get a promotion to full-time when you graduate.
Your lecturers and tutors should be happy to help you in your job search, especially those with industry connections. You can also sign up to your university’s job site and other job search websites like SEEK, MyCareer and CareerOne.
Tax and visa obligations
You need a Tax File Number to work in Australia. The TFN helps the tax office keep track of your entitlements and debts.
The tax-free threshold is $6000, which means the first $6000 you earn each year is not taxed.
If you have taken out a HECS-HELP or FEE-HELP loan, you will start paying it off after you reach a certain pay threshold, through taxes.
International students are allowed to work in Australia, but must not work more than 20 hours a week.
Dependents of international students in undergraduate or postgraduate courses (excluding Masters or PhD) also have work restrictions.
Studying with the military
If you want to join the military and get a degree while you train, you can go to the Australian Defence Force Academy.
The three-year course covers your textbook and tuition fees while you get paid to study with the University of New South Wales.
Cadets complete three other components of military training, on top of the university degree of your choice.
When you graduate, you can work in the Army, Navy or Air Force.
The perks of being a student
Being a full-time university student means you can get student discounts on movies, public transport, sports tickets, airfares, computers and much more.
Also check your student diary for coupons and deals exclusive to your institution.
Low income earners may also be eligible for a Health Care Card if they’re on Youth Allowance, Newstart, ABSTUDY or Austudy.
A Health Care Card, issued by Centrelink, provides discounts on public transport, water and electricity bills, and some medical expenses.