Student income
Where do students get their income from?
Most students survive on two or more sources of income. It's up to you to work out which will apply to you. Students get their money from various combinations of the following:
- Jobs: Many students have part-time jobs, casual jobs and vacation jobs. On the upside, there is the money and the fact that you can meet people and have a good time. Plus, if you get an interesting combination of jobs it can look good on your resume when you graduate. The downside is that jobs take time and time is scarce. Note that many institutions make a point of offering on-campus casual and part-time jobs to students. The student careers and employment office on campus may also be able to help you find off-campus vacancies or a vacation job if things get too hectic during semester.
- Cadetships: These are a great idea and as rare as hens' teeth. The basics are that you sign on with an employer, usually at the beginning of your course, and get some combination of a living allowance and / or vacation employment, and a job at the end of it if you do well. Many of these are available with the armed forces.
- Work required as part of the course: Australian Apprentices and trainees are obviously able to earn while they learn, with part-time work forming a part of their learning program. Integrating paid work is a newer idea in VET and especially higher education, but it is slowly catching on. In some VET courses and at degree level, you will find an increasing number of 'co-op' courses which include months of supervised (and paid) work practice as part of the course. (These are strongly recommended as a way of building up your marketable skills, by the way.)
- Scholarships: There are now more of these at undergraduate level for higher education students, particularly those who are disadvantaged or from rural and remote areas. A small number are also available to Australian Apprentices.
- Government allowances/payments: Full-time students may be able to claim Youth Allowance, Austudy or Abstudy (for Indigenous students). Visit the Centrelink website for further details.
- Savings: Adults returning to study often depend on money they have saved up. These funds rarely last as long as you expect so it's important to evaluate and re-evaluate your savings at the beginning and end of each academic year.
- Loans: The most popular sort for school leavers come from mum and dad. Most campuses have schemes which will provide small amounts (a few hundred dollars, usually) for emergencies. Some banks will lend larger amounts over longer periods, but these are hard to get and expensive to re-pay.
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