Paying for your study and training

The level of help available will depend on your individual circumstances and the study or training you are taking part in.
You can see what may apply to you at Centrelink  but some common payments include:  

Youth Allowance - is available to full-time students aged 16-24. It is subject to an income and assets test and the amount you may receive will depend on your circumstances. You may also qualify for rental assistance.   

Austudy - is for full-time students and apprentices aged 25 and over. It is subject to an income and assets test and the amount you may receive will depend on your circumstances. You may also qualify for other benefits.

Abstudy - provides payments for Indigenous students and apprentices. It is subject to an income and assets test and the amount you may receive will depend on your circumstances. You may also qualify for rental assistance. 

Additional support is available for University students that may include:

Commonwealth supported places - the Federal Government makes a contribution to your studies, and you also pay a student contribution. The amount you pay, along with how and when you pay, will depend on your circumstances.

HELP loans - are provided to assist students paying for their education, and are paid directly to the education provider on your behalf. They do not carry establishment fees, interest or ongoing charges, but they do need to be repaid.

HECS-HELP - is for Commonwealth Supported Students to assist with their contribution to the education provider.

FEE-HELP - is designed to assist qualifying students who are paying full fees at university or at a private college. However, over your lifetime you can only borrow up to the FEE-HELP limit.
In some cases, you may find there is a shortfall between the FEE-HELP limit and the total fees charged by the provider. You will have to make up this shortfall.   

OS-HELP - is a loan designed for undergraduates on short term overseas study. It is not available for students doing their entire course overseas.

For more information about managing your financial affairs while studying, you may like to contact Centrelink’s free Financial Information Service.

Once you are out in the workforce and your income is above the threshold, you will have to start repaying your HELP loan.

You will continue to make these repayments until the debt is cleared, although in certain circumstances of hardship, you may be able to defer the payments.

Repayments are not tax deductible. However, there is a bonus for making voluntary repayments over and above your compulsory minimum.

The Tax Office produces a helpful booklet called Repaying your HELP debt, you can download a copy or call 1300 720 092.

You may find further assistance in our budgeting section.

As a student or someone undergoing training there are a number of things to consider and opportunities to take advantage of.

An A-Z Review^® - sitting down with one of our professional personal bankers could help ensure your banking is structured to meet your needs and help you reach your goals sooner. Request an A-Z Review^® at you nearest ANZ branch.

Graduate loans – if you are a graduate, then depending on your circumstances you may qualify for a loan to help with things like a trip overseas or just getting ready for your new job. Plus there is no need to make a repayment in the first 12 months.  Find out more about ANZ graduate loans.

Everyday banking benefits – if you are a fulltime student on application you could be entitled to an ANZ Access Advantage account with no monthly account service fee¹ and unlimited access to ANZ ATMs, Phone and Internet Banking, plus branch, cheque and EFTPOS². Find out more about ANZ Acccess Advantage.

Savings solutions – you may need to save to repay your HECS debt. We have savings accounts to suit the way you bank:

• ANZ Progress Saver – pays bonus interest³ if you when you make one deposit of $10 or more in a month and no withdrawals or debits in that month.  It also provides branch access.
• ANZ Online Saver – if you would rather bank online then this could be the savings account for you. It pays interest and gives you 24/7 online access to your money⁴ via your linked ANZ account. You can even name your account after your goal – perhaps you’d like to call it your Holiday account!
• ANZ Smartypig – is a unique savings program designed to make saving social, goal-oriented and fun.⁵

ANZ Term Deposits – you may want to place some money in a term deposit to generate income while you are studying.  The minimum balance is $5,000⁶ and we have terms from one month to five years. Find out more about ANZ Term Deposits.

Have a budget – this is an important step for anyone but especially when money may be tight. To help, use our ANZ Budget Planner.  

Terms and conditions are available on application. Fees and charges apply. Any advice does not take into account your personal needs and financial circumstances and you should consider whether it is appropriate for you.  

ANZ recommends you read the Terms and Conditions and the Financial Services Guide before acquiring the product. 

®A-Z Review is a registered trademark of Australia and New Zealand Banking Group Limited (ANZ) ABN 11 005 357 522.

 1. Full-time students need to show proof of enrolment with an Australian Educational Institution at an ANZ branch in order to receive a monthly account service fee waiver. Students need to renew their monthly account service fee waiver annually with proof of enrolment at an ANZ branch in order for the waiver to continue. 

2. Fees and charges may apply. Please refer to ANZ Personal Banking Account Fees and Charges (PDF 444kB) for fees and charges that apply. 

3. The ANZ Progress Saver account pays bonus interest in addition to the current base interest when you make a single deposit of $10 or more per month and make no withdrawals or debits in that same month. A minimum opening and ongoing balance of $10 applies. Month commences on account opening date. 

4. ANZ Online Saver is only open to customers who are the account holders of, or signatories to, eligible ANZ deposit accounts with ANZ Internet and/or Phone Banking access. Eligible accounts include ANZ Access Advantage, ANZ Access Select, ANZ Access Basic, ANZ Access Deeming, ANZ Progress Saver, ANZ V2 PLUS, ANZ Premium Cash Management Account and ANZ Everyday Visa Debit. Terms and conditions and fees and charges apply to the eligible account. 

5. The SmartyPig account is a deposit product offered by Australia and New Zealand Banking Group Limited (ANZ) ABN 11 005 357 522. ANZ is trading as “SmartyPig”. “SmartyPig is a Trademark of SmartyPig LLC, which is licensed to ANZ. 

6. A minimum investment of $5,000 is required. At the end of the term, if you have not told us what you want to do with your funds, we will reinvest them in the same type of ANZ Term Deposit. In this case, the interest rate applicable to your new ANZ Term Deposit may be lower or higher than the interest rate on your maturing ANZ Term Deposit. You can contact us at maturity of your ANZ Term Deposit to confirm interest rates that will apply upon reinvestment.