Investing in your education has long been touted as a smart path to career success.
But even if you’re ready to give yourself a competitive edge and start postgraduate study, funding it might be another matter. Especially amidst Australia’s increasing interest rate rises and costs of living, paying for a university degree upfront might not be an option for you. The good news is that if study is something you want to do, a number of options are available to help manage the cost of tuition.
DEFER YOUR TUITION FEES
Depending on your course, education provider and meeting eligibility criteria, you may be able to defer payment of part or all of your tuition fees via a FEE-HELP or HECS-HELP loan from the Australian Government. This means that instead of paying for your tuition fees upfront, you’ll pay down your loan balance annually at tax time at a rate based on your income. It’s worth noting that these loans are indexed, or adjusted, according to inflation rates – so you might end up paying more over the life of the loan. However if you don’t have the funds to pay upfront, this may be a good option for you.
TAKE ADVANTAGE OF SCHOLARSHIPS
Most universities will have a variety of scholarships available for postgraduate students. CQUniversity, for example, has scholarships for people experiencing financial hardship and from disadvantaged backgrounds; First Nations’ peoples; students with a disability; as well as a variety of course and discipline-specific scholarships. So if you’re considering studying a course at a particular institution, make sure you check out their scholarships to see if there are any that can benefit you.
APPLY FOR A SUBSIDISED COURSE
As a result of various Government initiatives, universities will often offer courses at reduced cost in line with skills shortages or areas identified as in high demand. For instance, CQU currently offers a number of subsidised postgraduate courses with Commonwealth Supported Places (CSPs), meaning eligible students benefit from heavily subsidised course fees. The remaining student contribution for these courses can also be deferred via HECS-HELP, leaving no upfront tuition costs.
REQUEST EMPLOYER SUPPORT
If studying a postgraduate degree would benefit your current role, you may be able to secure financial support from your employer to undertake university study as professional development. Some employers have formal processes and contribution limits, while others may be open to negotiation. In any case, if studying is of interest to you and of benefit to your employer, it’s worth asking the question.
CQU is here to help you be what you want to be. If you’re interested in studying a postgraduate course with us and have questions on how it can work for your situation, get in touch – www.cqu.edu.au.
