A saving of 20 per cent is possible when student contribution fees are paid upfront. However, there are many flexible finance options, so you and your child do not need to worry about being burdened with fees while they are studying. They may not even need to make a payment until they are earning a full salary.
Calculate the saving by paying upfront.
Flexible finance options include:
Commonwealth supported places
All undergraduate degrees, some postgraduate coursework degrees and some Wollongong College Australia university preparation courses offer Commonwealth supported places. This means the Australian Government contributes about three- quarters of the total tuition fee of Commonwealth supported students. Students are required to pay a contribution to cover the remaining costs of the course; however, a HECS-HELP loan will help cover some or all of a student’s contribution fees.
Most postgraduate research degrees are covered by the Federal Government's Research Training Scheme and are exempt from tuition fees and student contributions.
Government assistance
The Federal Government provides financial assistance to eligible students through income-tested schemes such as Youth Allowance, ABSTUDY or Austudy.
Scholarships
UOW scholarships give students the opportunity to focus more effectively on their studies by providing some financial independence.
Scholarships include academic and sporting excellence rewards, research grants, degree-related work placements and assistance with accommodation.
HECS-HELP
HECS-HELP is a loan that assists eligible Commonwealth supported students pay their contribution fees (it replaces the previous HECS deferment scheme). Repayments are not necessary until a graduate’s income reaches the minimum threshold. Repayments beyond what is required are regarded as 'voluntary repayments'. A voluntary repayment of $500 or more will receive a 10 per cent bonus on the amount paid, e.g. if a voluntary repayment of $1000 is made, the outstanding debt will be reduced by $1100.
HECS-HELP is available to Australian citizens and holders of a permanent humanitarian visa in a Commonwealth supported place. The offer of admission to UOW will clearly indicate whether they are eligible.
HECS-HELP repayment thresholds from 2008-09
| Income range | % rate to be applied to repayment |
|---|---|
| Below $41,595 | Nil |
| $41,595 – $46,333 | 4.0% |
| $46,334 – $51,070 | 4.5% |
| $51,071 – $53,754 | 5.0% |
| $53,755 – $57,782 | 5.5% |
| $57,783 – $62,579 | 6.0% |
| $62,580 – $65,873 | 6.5% |
| $65,874 – $72,492 | 7.0% |
| $72,493 – $77,247 | 7.5% |
| $77,248 and above | 8.0% |
HECS-HELP loan calculator
Calculate fees that are deferred to your child’s HECS-HELP loan each semester.
