Four steps to managing the costs of study
Are you worried that the cost of living is making university unaffordable? That’s understandable. Balancing study, your current life commitments and money can be challenging – but the challenge is worth it.
Can I afford to go to university?
A university degree can lead to a new or better job, a higher salary and a more rewarding career. Look at university fees as an investment in your future. According the Australian Bureau of Statistics, salaries increase with each level of educational attainment.* As with any investing, there are ways to minimise your study cost for the maximum return.
Here are some tips to manage the cost of study.
1. Have a plan for your future
Starting or returning to university is a major life event so it’s important to have a plan. Decide ahead of time how quickly you want to get your degree and how you can fit it into your life. And remember, the investment in your future will pay off in the long term.
Take advantage of Deakin’s flexible study options
Studying full time for three or four years can be hard to manage, financially. If you’re thinking about a masters degree, why not start with a graduate certificate or graduate diploma. Then work for a few months, save some more and study some more. Or study part time, spreading your cost of study over a longer time to make it more manageable.
Study online
Studying on campus isn’t for everyone. Studying online lets you integrate study into your work and home life by bringing the classroom to you. You can save on incidental costs like travel, parking and even meals on the run. Deakin has more than 250 innovative online degrees to suit your career goals and lifestyle.
Make a budget (and stick to it)
Map out your expenses and look at where you can save money. Take into account all study costs, including the Student Services and Amenities Fee (SSAF) and any expenses from work placements, such as travel. And don't forget living costs – take into account things that can add up like coffee on campus. But also look at where you can take advantage of student discounts. Planning properly to keep your expenses in check means you shouldn’t have any stress-inducing surprises.
2. How can I cut the upfront cost of my degree?
Wondering “how can I lower my tuition fees without compromising the quality of the university I choose?” It’s easy to cut the cost of a degree at Deakin and get the same quality education.
Start with a pathway
Some students come to Deakin part way through their studies. For Australian students, we offer TAFE pathways that can save you money. International students can save money by starting at a Deakin partner institution in their home country before moving to Australia to complete their degree.
Credit for past study
Do you have relevant previous study? Or even related work experience? Having your experience recognised with course credits reduces the number of units you need and your study costs. And you'll graduate earlier.
Study a double degree
Save time and money and increase your employability with a double degree. Get two complementary undergraduate degrees – or even one undergraduate and one postgraduate – in as little as one extra year of study. It’s a great deal!
Apply for a scholarship
Deakin scholarships reward your previous achievements and acknowledge your potential. They cover all or part of your tuition fees; some even give you cash for living expenses. So it pays (literally) to research your options and find one you can apply for.
Postgraduate bursary discount
If you completed an undergraduate degree at Deakin, we'd like to welcome you back. We offer alumni 10% off tuition fees for many postgraduate courses.
3. What university fees do I need to pay? And when?
University fees might seem a bit complicated. It’s important to know that you might not have to pay for it all upfront. And you probably won’t have to pay it all at once when you graduate either.
Undergraduate payment options
Most domestic undergraduate students have their course fees subsidised by the Australian government – this is referred to as a Commonwealth supported place (CSP). If you are enrolled in a CSP, you will only be invoiced for the fees you need to pay. These are called 'student contributions'.
And the government even offers a HECS-HELP loan to cover the student contribution. You pay it back through the Australian Tax Office once you reach a specific income threshold.
Postgraduate payment options
While some Deakin postgraduate courses have an allocation of Commonwealth supported places, the majority are full fee paying. But that doesn’t mean you have to pay it all before you study.
The postgraduate HECS equivalent is called FEE-HELP. The government covers your tuition fees as a loan and, like HECS, you pay it back when you reach a taxable income threshold.
If you aren’t able to defer tuition fees using FEE-HELP, you can opt to pay your fees in instalments so you don’t spend all your money at once.
Student Services and Amenities Fee (SSAF)
All students have to pay the SSAF. It’s not a lot of money each year and there's even a SA-HELP program if you need assistance with it. It subsidises sport and recreation facilities, health and well-being services, academic support and DeakinTALENT career service. Since you’re paying for these services, take advantage of them.
Can I claim education costs on my taxes?
Some of your study costs might be tax deductible. If your course directly relates to your work, you might qualify for a range of tax benefits on things like: tuition fees, books, study-related travel, your computer. Visit the ATO site for case-by-case details on claiming study expenses.
4. How can I get help with study costs?
You aren't alone. There is lots of support available for students who are concerned about the cost of study.
University support
That SSAF you pay – a lot of it goes to the Deakin University Student Association (DUSA) to support students. They use it to operate food pantries on all campuses, provide shopping cards and provide emergency essentials.
The University provides financial counselling and budgeting help. And for students experiencing hardship, the Deakin Financial Assistance office provides short-term, interest-free loans and even grants to help you stay on track. Need to get to campus? They can even provide Myki cards if you can’t afford one.
Employer support
It’s not uncommon for employers to fund employee’s professional development. If the course you want is directly relevant to your job, discuss it with your employer. It shows initiative and your interest in advancing in the company. Many companies even have an annual budget for this.
Government support
You may be eligible for a regular support payment from the Australian government, such as Austudy or Youth Allowance. And if you find the juggle between work and study is too much and have had to give up paid work, you may be able to get ongoing support from Centrelink.
Now that you’ve weighed up the pros and cons, you might be wondering: "How can I afford not to study?"
Frequently asked questions about the cost of study
International student visa holders can work up to 48 hours per fortnight while studying. Between trimesters and during any other study breaks you can work more hours.
Deakin offers a variety of scholarships for international students. We also recommend exploring funding from your home country.
Melbourne is less expensive than other major international study destinations such as London, New York, Los Angeles and even Sydney.^ It is often recognised at one of the best cities to live in anywhere in the world so you will get an amazing experience for your money. And a great education at Deakin.
Deakin also has two campuses in the nearby city of Geelong, Housing costs in Geelong are lower but the education quality is the same!
Students have lots of choice of where to live when studying at Deakin. We offer safe, comfortable and affordable on-campus accommocation. Many students choose to live off campus, whether alone or in shared housing. International students can also choose to use a home stay provider.
* Australian Bureau of Statistics Employee earnings, August 2025
^ Numbeo Cost of Living Index 2026.
