Are my finances in order?

Education expenses

Fees

All courses/programs that you study will cost money, how much they cost and when you need to pay will be determined by the program you are enrolled in.

Whether you are in a Commonwealth Supported Place (higher education), a state Government supported place (TAFE), or if you are a full-fee paying student, you need to be aware of what your contribution to your education is, and be aware of your options for payment.

All local students need to identify whether the place they are being offered is a government supported place or an Australian fee-paying place in order to avoid any nasty little surprises later on.

Material fees

These are often referred to as course fees and charges. They are additional fees associated with specific courses and programs offered by RMIT, such as field trips, art materials, lab coats and lecture notes. In most instances these charges are optional.

• More information about material fees
• If you know your program code, you can check if there are materials fees that apply to you

Administration fees

There are a number of administrative fees that cover specific additional services provided to you. In addition, a number of fees have been approved that can be levied against your account as a fine or penalty when university regulations are broken, or borrowed goods are not returned.

It is therefore a good idea to acquaint yourself with borrowing policies of the library and to make sure that you pay your fees by the due date.

Computer expenses

All RMIT students have access to computer facilities on campus through Open Access facilities.

If you need to purchase a computer make sure that you know what you want and that you shop around. If you are unsure about where to start, check out the PC Buy web page.

Budgeting and money management

Whether you are living at home with your parents or have just moved for the first time to live on your own you are going to incur living expenses.

The types of expenses you may incur include:

• Accommodation
• Gas
• Electricity
• Phone
• Transport e.g. public transport tickets, car registration and insurance, citylink, parking, petrol etc.
• Food
• House-related costs, e.g. furniture, TV, cookware, whitegoods

Estimate your living expenses

By now we have established that it is going to cost some money while studying. What other expenses might you be up for? Have a look at the example below.

Yearly expenses estimate

Please note this is an estimate. Costs will vary depending on where you live etc.

While the above is an estimate of the kinds of costs you may incur you can use a budget calculator to work out your budget for the year.

Debt traps

You should be aware of the types of debt that can accumulate. If you are on a limited budget, you should keep this in mind when signing up for mobile phone deals, credit cards, purchasing downloads and ring tunes, as all of these things cost money and some of them are continuing contracts. Before you sign up to any purchase you must read the fine print. Remember that credit card debt can accumulate very quickly and that the interest rates can be very high. Be aware of one-off, ‘must sign up now’ kinds of deals. These are often the worst.

Remember, it’s your money, and potentially your debt.

Income

You may receive financial assistance form your parents while you are studying and you may also be required to work, if you are looking for work check out ejobs.

What financial support is on offer?

You may be entitled to receive financial support through CentreLink while you study, if you are eligible to receive an allowance you can request that CentreLink provide you with an estimate of the amount you will receive, this will assist you in budgeting for the year. You should also check if you are entitled to receive some rental assistance and a Health Care Card which provides discounts on many essential services such as water gas and electricity, travel and entertainment. Remember Scholarships are another form of financial support.

For more information on financial support and assistance, visit Youth Central website.

Concessions

Many concessions are made available to you as a student, such as entertainment and transport, if you are also the holder of a Health care card there a re many more (see above) concessions available .

Accommodation

Do you need to move away from home to study?

What are your accommodation options if you move away?

How much can you afford to pay? Have you thought about the bond? If you are entitled to a CentreLink allowance (see below) you may also be entitled to receive Rental assistance.

Don’t forget to add in gas electricity and telephone charges to your ongoing expenses.

• More information about accommodation and renting issues (CentreLink website)

Gas Electricity

• There are many Energy concession options available to holders of Health Care Cards (HCC) you should make the most of the concessions that are available to you they include but are not limited too a:
• Winter Energy discount of 17.5% off mains electricity and mains gas bills issued during a six month period between May and November: Present your HCC when paying your bill or contact your gas or electricity retailer to register.
• Groups homes Winter Energy discount of 17.5% off the mains electricity and mains gas bills issued during a six month period May and November; applies if tenants/residents are responsible for paying the energy accounts: accounts apply to domestic tariff and are issued in the name of the organization. For information and an application form, contact the Concessions Unit on 1800 658 521.
• Electricity Transfer Fee Waiver payable to electricity retailer when there is a change of occupancy. This transfer is not applicable to newly constructed residences. You must hold a HCC. To receive this you need to contact your electricity retailer.
• Service to Property Charge is a reduction on the supply charge for concession households with low energy consumption. The Service to Property charge concession is applied if the cost of electricity used is less than the supply (or Service) charge. That charge is then reduced to the same price as the electricity usage cost. Concession is available all year you must hold a HCC and you present this when paying electricity bill or contact your electricity retailer.
• Off Peak Concession is a reduction of 13% on the off peak tariff consumption charges components of the electricity bill. The concession is available all year. Most Off-peak tariffs are mostly used for electric hot water systems and electric floor heating.
• Utility Relief Grant Scheme provides assistance to domestic customers who are unable to pay their utility bills (mains gas, mains electricity and water), due to a short term financial crisis (within last 12 months) you must hold a HCC. Contact your utility company to apply.

Transport and Travel:

• Tertiary Student Concession fares for use on Victorian Government transport system. They are available to tertiary students enrolled in a course recognised by the Department of Education for Austudy/Youth Allowance purposes when you hold a Victorian Public Transport Tertiary Student Concession Card. Concession Card Application Forms are available from Premium Stations, the MetShop located at Melbourne Town Hall (located on the corner of Swanston and Little Collins Street), selected bus depots, the hub at rmit , or can be accessed from www.metlinkmelbourne.com.au/ metcard/concessions . You must be an Australian citizen or permanent resident or have refugee status, attend a registered education institution and be undertaking a full-time course of study in Victoria.
• Motor Vehicle Registration fee a 50% reduction on the registration bill, where the HCC holder or their spouse is the registered operator of the vehicle. Limit of one vehicle per concession card. You nedd to present your HCC when paying concession fee. More information is avaliable from Vic Roads on 13 11 71 or their web site www.vicroads.vic.gov.au

Make an appointment with a Scholarships and Finance staff member

You can make an appointment with someone from the scholarships and finance office to help you with sort through your financial issues.