Financial Advice for Exchange Students

Planning your finances is an important part of any overseas study program. You will need to cover these costs:
Airfare and domestic travel expenses
Health and travel insurance
Accommodation
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 all students check the eligibility criteria for Austudy and Youth Allowance; some past students were not eligible for payments whilst in Australia but 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. The Education Abroad Office can provide you with a letter to meet Centrelink requirements before you depart.

Please note: 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 $5196.00 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. Further information on selection criteria will be available shortly. Applications for OS Help are to be submitted to the Education Abroad Office. OS Help application closing dates coincide with exchange application closing dates. You can download the OS HELP Application Form here.

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. 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.