Real ways to study now, and pay later

Real ways to study now, and pay later Real ways to study now, and pay laterPosted August 18, 2014, by Vivien LuuThinking of studying at TAFE or university but worried that you cant afford it? While theres no denying how expensive tertiary education can be, theres also no denying it has a huge effect on your earning potential and employability. And if youre an Australian citizen or resident you could be eligible for a number of financial assistance schemes that will help you with your study expenses. Whether youre looking at a bachelor degree, a certificate or diploma, want to complete a postgraduate degree at university or youre just getting started with your first apprenticeship, there are options that allow you to study now and pay later. But before you start to think were about to sell you a high-interest credit card, lets set the record straight even if we wanted to, we wouldnt have to. Australias student loans are low-interest and only need to be paid back once you earn enou gh to afford it so theres no anxiety about your card being repossessed So how do you know what youre eligible for? How much can you borrow? What are the repayments like? Take a look at the six areas of financial hilfe below and you might just be pleasantly surprised.Got a course in mind and want to see whether its supported by government loans? Take a look at our courses page and keep an eye out for HECS-HELP, VET-HELP and FEE-HELP icons, or just select government support to refine your search to see which courses you can afford.Government study loansHECS-HELPWhat is it?A low-interest government loan scheme thatll help you pay parte of your tuition fees for an undergraduate degree.EligibilityAustralian citizen or residentEnrolled in an undergraduate course with a Commonwealth Supported Place (CSP)Loan limitNo limitInterest/indexationCurrently indexed according to the Consumer Price Index2016 Indexed according to treasury 10 year bond rate (to a max of 6 per cent per annum) *Subje ct to legislation being passed.FeesNo loan feesPaying it backGraduates currently need to start paying their loans back once they earn $53,345 per annum or moreFrom 2016, graduates will need to start making repayments through their tax when their income hits $50,638 per annum *Subject to legislation being passed.FEE-HELPWhat is it?A low-interest loan from the government that helps you to pay for all or part of your university fees. This loan only covers tuition, not associated study costs. Ideal for when youre paying full fees, such as postgraduate studies or when you arent able to get a Commonwealth Supported Place for your undergraduate studies.EligibilityAustralian citizen or residentStudying at an approved FEE-HELP providerCompleting a postgraduate degree OR approved undergraduate degreeLoan limitThe overall FEE-HELP limit is currently $96,000 for your lifetime OR $120,000 if youre studying medicine, dentistry or veterinary scienceFrom 2016 there will be no loan limit * Subjec t to legislation being passedInterestCurrently indexed according to the Consumer Price Index2016 Indexed according to treasury 10 year bond rate (to a max of 6 per cent per annum) *Subject to legislation being passed.FeesThere is a loan fee of 25 per cent if your FEE-HELP loan is for undergraduate coursesThis loan fee will be removed in 2016Paying it backWhen your income hits $53,345 per annum you will need to start repaying your loan through your taxVET FEE-HELPWhat is it?A low-interest loan from the government that is used to pay all or part of your TAFE tuition fees, but doesnt cover associated study costs such as accommodation or books.EligibilityAustralian citizen or residentStudying at an approved VET FEE-HELP provider, such as TAFE or an accredited private collegeCompleting a diploma, advanced diploma, vocational graduate certificate or vocational graduate diploma ORCertificate IV in the following fields aged care, disability, information technology networking, agriculture, t ravel and tourism *Only available between 2014 and 2016 as part of the governments certificate IV trial.Loan limitThe overall FEE-HELP limit is currently $96,000 for your lifetime OR $120,000 if youre studying medicine, dentistry or veterinary scienceFrom 2016 there will be no loan limit * Subject to legislation being passedInterestCurrently indexed according to the Consumer Price Index2016 Indexed according to treasury 10 year bond rate (to a max of 6 per cent per annum) *Subject to legislation being passed.FeesThere is a loan fee of 25 per cent if your FEE-HELP loan is for undergraduate coursesThis loan fee will be removed in 2016Paying it backWhen your income hits $53,345 per annum you will need to start repaying your loan through your taxIncome SupportAs a cash-strapped student or apprentice you could also be eligible for a range of income support options from Centrelink and other government bodiesYouth Allowance A regular payment for full-time students or apprentices aged betw een 16 and 24ABSTUDY Financial support for Aboriginal or Torres Strait Islander students or apprenticesAustudy Government welfare payments for full-time students or full-time apprentices aged 25 or overSupport for Adult Australian Apprentices (SAAA) Financial assistance for apprentices aged 25 or over, designed to help cover the costs of living while on apprentice wages.Other financial assistanceYou may also be eligible forFares Allowance If youre living away from home in order to study, then this allowance can help to cover the cost of travelling between your residence and place of studyEducation Entry Payment A payment of $208 paid annually to help with study costs for individuals on specific income supportsChild Care Benefit If you have children who need childcare while you study then this financial benefit could help you to make ends meet ResourcesMy first resumeCover letter for my first jobCareer Insider StoriesShelley Lask - Body Positive Health & FitnessInterested in becoming a?Human Resources OfficerGeneral ManagerBusiness ManagerAccountantOffice Administrator CoursesBachelor of Social WorkEnquire erreichbar Enquire OnlineCertificate III in Health AdministrationEnquire Online Enquire OnlineBachelor of Criminal JusticeEnquire Online Enquire OnlineCertificate III in Allied Health AssistanceEnquire Online Enquire Online Vivien LuuViv is a writer who enjoys researching and writing about creativity, how the human mind works, and neuro processes. She values creativity above all else and admires people who pursue their career dreams, no matter the sacrifice. In her spare time, she binges on HBO shows and epic fantasy novels.Related ArticlesBrowse moreSTUDYINGFind the one How to pick a course that works for youFinding the right course to commit to can be tough. Are you after a short course that ignites your passions or are you in it for the long haul and want a course that offers your career security? Find out how to find the one with these simple steps.Christ masCoworkers8 Kris Kringle gifts that wont get you firedIts one of the biggest office dilemmas you can face what to buy your Kris Kringle? Our resident shopping guru, Andrea, has put together eight failsafe present ideas.TESOLHot opportunities to teach English overseasKeen to get going to see the world? Now you can complete your TESOL training overseas.