Funding University

University is expensive, not only do you need to find money for course fees and text books but you will also need to find funds for everyday living expenses such as food, electricity, rent and entertainment. For someone thinking of going to University and looking at the sums it can easily seem like it’s impossible to be able to finance this important life stage.

Options to Fund University fees?

So how do students afford to get through University in Australia? Firstly for those who are eligible can use what’s called the Higher Education Loan Program or HELP (formerly HECS). These are loans for students to finance their course fees. International students are not entitled to receive these loans so they must finance their course fees elsewhere.

Living at home with the Parents?

Day to day living is another issue. Many students live at home with Mum and Dad and in doing so bypass all the expenses such as rent, electricity, broadband and many others. That is unless they have to pay a sum to live there. However for all those students who don’t have this luxury they need to live either in a share house or on their own.

Living away from the parents to alone or share?

Living by yourself can be exceptionally expensive as you need to carry the full burden of all the bills, however sharing is a more economical alternative. Sharing a house enables you to split the bills and live cheaper but it also means having to get along with other people and potentially having bad tenants or landlords.

How do I for all these expenses?

When you think it through there is a lot of expenses that can really mount up. So how do you find the money to pay for all these? The obvious answer is too work however it may not be entirely realistic to think that you can work a full time job while studying full time. Mum and Dad might be generous enough to help you out but this is not always the case. Centrelink is the other option where you can be in receipt of Youth Allowance or Austud, however realistically for most people this doesn’t pay the rent and you may need to work as well just to top off the income.

Student-Finance.com.au is not a credit provider and does not act as a intermediary between any credit providers. This website does not provide Financial Product Advice or deal in the sale of any financial product. If you require this service it is recommended to seek the help of a professional. You should consider your own specific circumstances before making any Financial decision.