Ready to go to university, but unsure how to pay for it? University provides you with lots of wonderful opportunities, whether that’s meeting new people or getting an exciting career post graduation. That said, knowing where or how to finance it can be tricky. From Government loan schemes to scholarships, we take you through the various options available to finance your master’s degree.
How much does a master’s degree cost?
In Australia, the costs of a master’s degree will vary depending on which course you decide to study. Typically, annual course fees range between $8,000 and $37,000 but that will differ across universities. Find out how much a Swinburne Online master’s degree costs below:
- A Master of Business Administration is estimated to cost $14,142
- Studying a Master of Teaching (Primary) will cost around $4,124
- If you’re interested in studying a Master of Teaching (Secondary), it will cost $23,760
It’s also worth noting that both Graduate Certificates and Graduate Diplomas have different costs, so be sure to check out the course fees.
Do I have to pay for a postgraduate degree in Australia?
If you’re thinking about doing a postgraduate degree in Australia, you’ll need to pay for it. Typically, the Australian Government will cover the whole bill upfront, and then you can pay back the rest gradually over time.
How do I pay for postgraduate study in Australia?
There are lots of ways to finance your postgraduate study in Australia. One way is to apply for a Commonwealth supported place (CSP). This is where you receive a subsidy to study at university and the Australian government pays an amount and then you pay the remaining fee.
An alternative way to finance your master’s is by using the HECS-HELP and FEE-HELP loan schemes. This works by delaying payments until you earn a certain amount each year after university.
Can I get a student loan for a master’s or postgraduate degree in Australia?
Is postgraduate study covered by HECS?
Yes, postgraduate study at Swinburne Online University is covered by HECS.That means part is funded by the Australian Government, and the rest by you. You can either pay in full or partially up-front, and repay later with a HECS-HELP loan.
How many degrees can you put on HECS?
There’s no limit on the number of degrees you study using HECS. However, there is a limit on how much money you can borrow, which is $113,028.
Is the higher education loan program (HELP) the same as the higher education contribution scheme (HECS)?
Yes, they’re both the same loan schemes that were set up by the Australian Government that helps students to pay for their tuition fees.
Other ways to finance your postgraduate study
If you’re interested in starting university, but looking for ways to finance it, there’s plenty of options for you to choose from. Below we go into more detail about financing your postgraduate studies.
Commonwealth Supported Place
A Commonwealth Supported Place (CSP) is a subsidy which is paid by the Australian Government to support students in their university fees. This means you don’t have to pay it back. All you have to do is apply and see if you’re eligible.
Scholarships
Gaining a scholarship is another great way to fund your studies. The grant is based on academic scores where students must demonstrate their eligibility in their chosen subject. Students can apply for a scholarship at OASIS (Online Australia Scholarships Information System).
Recognition of prior learning
Simply put, a recognition of prior learning allows you to gain a qualification by demonstrating your previous work experience and skills you’ve gained in a particular workplace.
Employer funding
Employer funding is where an employer will financially support an employee’s postgraduate studies. An employer can do this by reimbursing the employees tuition fees once they’ve completed their course. Employers can also grant a paid (or unpaid) study leave, enabling them to attend university seminars and lectures during work hours.
Claiming on tax return
In some cases it may be possible for students to claim a tax refund or reduce their taxable income. For instance, if your studies are related to your studies, then you may be eligible to claim expenses for travel or textbooks.
How do I get full funding for a master’s in Australia?
To get a fully financed master’s degree you need to apply for a scholarship at OASIS (Online Australia Scholarships Information System).
Is it easy to get a scholarship for a master’s degree in Australia?
Applying for a scholarship is simple. All you need to do is send across lots of documents in order to get one. You must have a high scoring academic record to be eligible – but it’s very competitive.
If you’d like further guidance, our friendly Course Consultants are here to help you on 1300 069 765, or you can contact us here.
