Income
Centrelink Information
Payments
You may be entitled to government financial assistance while you complete your tertiary studies. There are a range of different payments and allowances available depending on your circumstances. If you are not sure about your eligibility it's worth applying. Even if your friends or family assume that you are not eligible, Centrelink advises that you still apply. You may be eligible.
The Centrelink site provides the cold hard facts about payments and allowances and who's entitled. Check out Centrelink for further information.
For heaps of useful information about dealing with Centrelink checkout a student friendly site at Deakin University. This site is provided by the Australian and New Zealand Student Services Association (ANZSSA).
If you're concerned that Centrelink haven't given you a fair go and you need some legal advice or information contact the Welfare Rights Centre, Sydney on phone 9211 5300. Check out the Welfarerights web site.
Advance Payments
If you receive a regular payment from Centrelink (such as Austudy, Abstudy, Youth Allowance or Disability Support Pension) you may be entitled to an advance payment of up to $500. This can be useful in that it provides a cash injection to help cover a bigger expense that may pop up. Remember it's an advance payment from your allowance NOT an additional or bonus payment. Centrelink will slightly reduce your regular fortnightly allowance to cover the advance payment. For example if you usually receive $304 per fortnight and obtain an advance payment of $500 your fortnightly payment will be reduced to approximately $280 per fortnight until the advance payment is recovered (must be paid up within 12 months).
Check out Centrelink Advance payments for further information.
Fares Allowance
Did you know that if you are a tertiary student, receiving a Centrelink payment and living away from your permanent home to study, you might be eligible for fares allowance? This allowance helps you to cover the cost of traveling between your permanent home and educational institution. Check it out at Centrelink.
Casual Employment
Many students need to participate in casual or part time employment to subsidise their income. Employment can provide a little extra income, offer a break from studies and be interesting and rewarding. There are a variety of opportunities for casual, part time and vacation work within the university and local businesses. Check out the university Careers Office for more information about employment opportunities and job seeking assistance.
Remember that if you receive a Centrelink payment any additional income should be declared and may reduce your payment. Generally you can earn up to an additional $6000 per financial year before your payment is affected but its best to check out the Centrelink web site or contact Centrelink by phone on 132 490 for more information.
If you are a full time student its worthwhile giving careful consideration to the amount of casual work you undertake. When finances are tight there's a lot of pressure to work excessive hours but it's generally suggested that a full time student not participate in more than 20 hours employment per week. It's worth noting also that a recent report by the Department of Education, Science and Training (DEST) suggests that tertiary students who undertake more than 10 hours employment per week will experience greater difficulty in completing their studies successfully.
Banking and Loans
Student Accounts (Banks and Financial Institutions)
Shop around to find a bank or credit union that's convenient and provides the right services for you. Ask your bank or financial institution if they offer a fee-free student account. Always check out what extra fees and charges apply to your account, particularly in relation to withdrawing money over the counter or at an ATM. If you need to withdraw money from your account try to do so using eftpos (when making a purchase) or at one of your bank's ATMs, as the fees are usually a lot less. Withdrawing cash over the counter or at an ATM not operated by your bank can incur significant fees. Internet and phone banking are often the cheapest options for completing your transactions. It really is worth trying to minimise the fees you pay on your account. If you reduce your account fees by $5 per month you'll save $60 per year.
Check out Infochoice for information, hints and tips in relation to banking and bank accounts. You can also view a comparison table of savings accounts, features and bank fees.
Commercial Loans
Some banks and financial institutions offer special loans and packages for tertiary students. You may be able to borrow up to $10,000 or $20,000 depending on the bank/financial institution and your circumstances. Normally you don't have to repay the loan until after you've completed your full time studies (or after a maximum period of 5 years). However, the majority of these loans will start to incur interest from the time they are taken out.
To assist you manage the money from your loan its worth considering having the loan paid to you in installments, like a regular income. This will save interest and help prevent the temptation to overspend. With any loan there are terms and conditions that must be adhered to so it's worthwhile taking time to check out the fine print. Most banks require you have a guarantor for this type of loan, so you'll probably need to discuss it with your parents.
For more information about student loans you can check out the various banks and financial institutions on campus, at the Macquarie Shopping Centre or in your local area or visit Bankchoice.
Student Loans and Grants (Macquarie University)
The university offers interest free loans to students up to the value of $1400 (or $2000 in special circumstances). These loans are available to cover the cost of student items such as textbooks, computers and living expenses. Loans are not available to purchase items such as cars, desks or white goods or to pay student fees. Students are required to commence making regular repayments on the loan, usually within one month of obtaining the funds. For more information go to the Office of Financial Services site or contact the loans officer on phone 9850 7239.
Student grants (non repayable funds) may be provided to students who are affected by exceptional circumstances, such as a severe unforeseen misadventure. For more information go to the Office of Financial Services site or contact the loans officer on phone 9850 7239.
Scholarships
Have you considered applying for a scholarship? The majority of scholarships are granted on academic merit however there are also many awards and scholarships that are assessed on other criteria. Scholarships are offered from a number of sources including the university, government departments, businesses and community organisations. Make some enquiries; search the web, checkout annual reports and student handbooks for information on the many and varied scholarships available. The following web sites are a great starting point:
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Scholarships offered by Macquarie University. Also ask your division or department about scholarships they offer. Contact details for each division can be found on the web site.
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Scholarships for international students
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Education Network Australia - general listing of scholarships, fellowships and grants
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My Future - Australia's career information service - Excellent listing of 2582 scholarship types available to Australian students
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Grants and scholarships offered by the Australian Government
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