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You don’t have to know exactly what you want to be in later life to know that you’d like to go to university. Many young people decide they want to study a specific subject, but even if you opt for a broad range of topics, further education at university can help you develop educationally as well as socially. If you’re heading to uni and are a little unsure about the big question of finance, read on for some info on financing your tertiary education; including the question of HECS, Youth Allowance, the different costs of university courses, and other loans students can take out.
For undergraduates, there are two types of places available: Commonwealth supported (previously known as HECS) and fee-paying (or non-Commonwealth supported). Australian citizens and holders of permanent humanitarian visas are eligible for commonwealth supported places, where there is a bigger commonwealth contribution, and a twenty per cent HECS-HELP
HECS-HELP, along with FEE-HELP and OS-HELP are deferred payment arrangements, with HELP standing for Higher Education Loan Programme. FEE-HELP is available for fee-paying students to cover all or part of their tuition fees, while OS is for undergraduate commonwealth-supported students who wish to undertake some of their course overseas. Taking out a HELP loan means you must meet all eligibility requirements and apply to your education provider by their closing date. For more information, take a look here. You will incur a debt immediately after the census date for unit of study, with a maximum borrowing of $80,000 for most courses.
It’s possible to get a loan from a bank, if you think that the amount you might be getting via HELP isn’t enough to sort out your fees, as well as general living expenses, which can be huge depending on where you’ll be studying. Interest rates with banks are not great though, so think long and hard about this, as well as talking it through with someone who knows their stuff.
You can also get advice from a university website on whether there are any scholarships you may be eligible for. These obviously go to the very worthy, so don’t rely on it! Many universities also offer loans to students who are struggling financially. These are sometimes broken down in to short-term and long-term loans, and often require a guarantor as well. Head for the finance section of your respective uni for more info
Centrelink is also there for students, and can provide a healthy amount of funding to get you through university. For more information on what’s available, head to http://www.centrelink.gov.au/internet/internet.nsf/payments/youth_allow.htm.