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How to finance your master degree


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:

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.

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.


Yes, postgraduate study is covered by HECS, meaning that a portion of the tuition fee is funded by the Australian Government, while the remainder is paid by you. This allows you to pay the tuition fee partially up-front or in full and then repay the remaining amount through a HECS-HELP loan once you start earning above a certain income threshold.
Yes, you can obtain a student loan for a master’s degree in Australia. The Higher Education Loan Program (HELP) encompasses various loan schemes, including HECS-HELP and FEE-HELP, which can assist you in financing your postgraduate studies. These schemes allow you to defer your payments until you reach a specific income level after completing your degree.
Yes, the Higher Education Loan Program (HELP) is the same as the Higher Education Contribution Scheme (HECS). Both loan schemes were established by the Australian Government to help students manage their tuition fees. They offer support in paying for higher education, including master’s degrees.
There’s no set limit on the number of degrees you can study using HECS, but there is a financial limit on how much you can borrow, currently set at $113,028. This amount includes all debts from both undergraduate and postgraduate study under the HECS-HELP scheme.
Financing your postgraduate study in Australia involves several options. You can apply for a Commonwealth Supported Place (CSP), where the Australian Government subsidises part of your tuition fees. Alternatively, you can make use of the HECS-HELP and FEE-HELP loan schemes, which allow you to defer your payments until you start earning above a certain income threshold after completing your studies.
To obtain full funding for a master’s degree in Australia, you can apply for a scholarship through the Online Australia Scholarships Information System. Scholarships are typically based on academic performance and other eligibility criteria.
Yes, if you’re planning to pursue a master’s degree in Australia, you will need to pay for it. However, various financial assistance options are available, including government loan schemes, scholarships, and other financing methods.
Gaining a scholarship for a master’s degree in Australia can be competitive, as they are often based on academic excellence. While applying for a scholarship is straightforward, meeting the high academic standards required can be challenging.