Tip #6 - FundingSo, this is one of the major deterrents of anyone going on exchange. It's is quite expensive coming in at 13k for 1 semester and 19k for a year. Many of my mates from different universities want to go on their respective exchange programs and can't find the money to justify going. Let's run through some ideas to get funding without parental assistance and your own salary.
OS-HELP:This has been talked about in the thread a lot but I'm going to repeat it here. The OS-HELP loan is by far the best loan you will ever get in your life. It has a maximum amount of $6051 in 2013 per semester and goes directly onto your HECS. This means that you do not pay it off until you get a wage above the threshold to pay HECS back. It is literally a
interest-free, tax based loan which will allow you to get $12,000 for your exchange. That could fund your entire exchange for 1 semester already. Don't believe the site that says it is based on academic merit when demand exceeds supply. I've asked the Scholarship's Office and they are always in supply because the Government wants to send more people over than it is currently doing.
One condition for an OS-HELP loan is to have 50 Melbourne Points on your degree when you come back. If you are planning to take out this loan, the latest you can go on exchange is Year 3, S1 for a one semester exchange, or Year 2, S2 for a year long exchange. I'm taking a summer course this summer, which means I can only credit 87.5 points onto my exchange because I NEED to have 50 Melbourne Points left. Make sure you plan it out carefully. To find out if you are eligible (all semester long/ year long exchanges are eligible) check the formula in the link.
http://services.unimelb.edu.au/scholarships/ugrad/current/travelling_oshelp.htmlMelbourne Global Grant / Global Scholars Award:This is what many students recieve from MGM. The Melbourne Global Grant is automatically considered when you apply and has a value of $2500. It is based on academic merit and I'm not too sure what the cut-off is. I would suggest having a H2A/H2B average to be competitive (~75) considering the lowest GPA you can have to go on exchange is 65.
http://www.mobility.unimelb.edu.au/outbound/funding/exchange-funding.html#grantThe Melbourne Global Scholars Award is for students who satisfies ONE OR MORE of these criteria.
- Started university FROM 2011 AND got an ATAR of 98
- Is a Kwong Lee Dow Scholar
- Is a Chancellor's Scholar
This gives the student a guaranteed funding of $2500. Note that you cannot get both a Grant and a Global Scholars Award.
NOTE: On the application form, there is a box for getting an ATAR of 98 AND starting university in 2011.
THIS IS A TYPO. If you got an ATAR of 98 and started university FROM OR AFTER 2011, CHECK THIS BOX OR YOU WILL NOT GET THE GLOBAL AWARD. I talked to the MGM advisor and told me they forgot to update the form correctly from the 2012 form (I was handing in the 2013 form).
http://www.mobility.unimelb.edu.au/outbound/funding/scholars-award.htmlMake sure to read this link, which has the major funding options for financial hardship and academic merit. This page also has specific extra funding for some institutions like the U21 group and special universities in Asia.
http://www.mobility.unimelb.edu.au/outbound/funding/exchange-funding.htmlhttp://www.mobility.unimelb.edu.au/outbound/funding/other-funding.htmlTip #7 - Going to non-partners is possible but extremely hardI know many people who have been thrown off going because we aren't partnered with Stanford / Harvard / Oxford. Let me tell you know: UoM has the 2nd best exchange program in Australia (IMO, 2nd to ANU) with some of the best university partners in the world. If you don't believe me, go on VU / La Trobe's exchange page and try and see the amount of partners they have (not bashing VU / La Trobe, they are excellent universities). This is because universities create bonds according, but not only due to, international rankings and perceptions.
Going to an non-parter is called a "Study Abroad". MGM will give you little assistance with your application and you have to do everything. This includes emailing the university in question and asking if they even accept Study Abroad students. STANFORD DOES NOT.

They programs, if you get accepted, are very expensive. I don't mean to crush your dreams if this is one of them, but paying 40k a year for tuition PLUS living isn't something that is financially sensible unless you have rich-ass parents. I was aiming for Stanford Summer Program (which clashes with our exam period next year in June so you can't really go unless you want to gamble that you don't have exams on the third week) but the $10,000 cost for 2 months can't be justified in my eyes even if Stanford was my dream school.
If you want to go to a non-partner, two recommendations. TALK TO YOUR PARENTS FIRST. I'm going to presume not a lot of us students would fund an entire 50k study abroad by ourselves so this is paramount. AFTER getting their approval, then start emailing universities and finding out some more information.
Tip #8 - Student Flights are your friendUnless you have a stack of frequent flyer points (#WINNING), the STA flights and other organisations which give out student flights are your absolute best friend. You can get a flight from Melb to LA for so much cheaper than through QANTAS on an adult fare. Make sure you find a way to cut-off costs whenever you can because, from what I've heard, you will go overbudget in your exchange.
So that's all from me guys, I'll make sure put up more but I can't think of anything for the moment.
Cheers