Financial Advice
Planning your finances is an important part of any overseas study program. You will need to cover airfares and domestic travel expenses, health and travel insurance, accommodation and living expenses.
Your costs will vary considerably depending on your destination and lifestyle. As a very rough guide you should allow $1500 per month for your program, though this depends on the overall cost of living at the destination you choose. An Exchange to Mexico or Malaysia will often cost less than an Exchange to Sweden or the UK, for instance.
Most partner universities provide a guide to accommodation and living expenses on their web site.
Austudy/Youth Allowance
Students who currently receive Austudy or Youth Allowance may still be eligible to continue receiving these benefits while on Exchange.
It is recommended that you check the eligibility criteria for Austudy and Youth Allowance, as some past students who were not eligible for payments whilst in Australia were eligible while overseas.
You will need to provide Centrelink with evidence that you will be studying full time in an approved Student Exchange program that will be credited to your Swinburne degree. Swinburne Abroad can provide you with a letter to meet Centrelink requirements before you depart.
Please note that this information is subject to change due to Government regulations. For current information on Austudy and Youth Allowance please contact Centrelink on 13 24 90.
OS HELP Loans
OS HELP is a new government scheme providing loans of $5,824 (2012 round) specifically for Australian students undertaking an Exchange program.
This loan is added to your HECS debt, which you do not have to re-pay until your income reaches the minimum repayment threshold.
Eligibility criteria apply and further information on selection criteria will be available shortly.
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OS HELP Application Form
Applications for OS Help are to be submitted to the Swinburne Abroad Office.
OS HELP application closing dates coincide with Exchange application closing dates.
Things to Consider
- Seek financial advice and learn to budget. The earlier you learn to manage your money wisely, the closer you are to reaching your Exchange destination.
- Be realistic about your living costs. Exchange may seem expensive because you need quite a bit of money up front, but often your living costs abroad will be similar to those here in Australia, with a little extra for travel.
- Be creative. There are numerous ways to raise the necessary funds for your Exchange program, so put your thinking cap on. Past Exchange students have held fundraising events, sought financial assistance from employers and received support from local community groups. You are only limited by your imagination.
