Payment for CSP places

[Nick]

To those who are already at univesity, how does payment for Commonwealth Supported Places work? I've heard that you can somehow postpone payment until when you have completed your course? Thanks

[excal]

Yep, CSP fees can be deferred until you start working (and earn above $38,000) where your start paying back your debt by having extra money withheld from you as tax (ie, you will be on a different PAYG withholding tax scale until you pay off your debt). This debt is indexed in line with the CPI (~2% each year) - but is otherwise interest free.

That said, the more you can pay off upfront, the better (20% discount!)

[SilverBullet]

How can you find out how much your course is and can you pay any amount of it upfront?

[Nick]

Is anyone on this forum deferring payment? How is this done? Roughly how much a year would a csp for Arts at UoM be?

[Collin Li]

How can you find out how much your course is and can you pay any amount of it upfront?

You can pay it all upfront, and you will get a discount for that (20% discount, I believe).

Is anyone on this forum deferring payment? How is this done? Roughly how much a year would a csp for Arts at UoM be?

I think most people actually have it deferred. I believe it is about 5-6k a year for Arts. I will try to find the link.

[excal]

http://www.monash.edu.au/fees/course-fees/student-contribution-amount-2008.html

[Eriny]

So, if you're doing arts which is $5500 a year (for example, I think the average is around there)  and you pay the fees upfront, does that mean that you only have to pay $4400 a year or does it mean that you avoid paying 20% extra later down the track?

[Collin Li]

So, if you're doing arts which is $5500 a year (for example, I think the average is around there)  and you pay the fees upfront, does that mean that you only have to pay $4400 a year or does it mean that you avoid paying 20% extra later down the track?

Your maths is wrong, it's either 20% off that, or 25% extra.

Not sure, sorry. I think it is 20% off that though, because $907 is what it says for Engineering, and I pay around $730 for my subjects upfront.

[excal]

Our fees are going up next year coblin =(

The fees on there atm do not have any discount applied. I'm currently paying $5689.60pa in Band 2 post-discount, as a guide (this is going up to $5804.80 next year).

I might note that SCA is calculated on a per-unit basis - so if you take a commerce subject in an Arts degree, it will still be at Band 2 (and vice versa).

[Collin Li]

Yes, they list the the cost with the penalty, so that the government can claim that is a "discount," rather than saying that if you don't pay upfront, it is a "loan fee." I bet you'd have some of the more financially inept lefties arguing that it's blackmail if they didn't word it this way.

[Nick]

So you guys obviously pay up front?

[BA22]

coblin is hereby banned from using the terms "lefties" and "righties" to avoid andrew bolt associations

Med is something like 8600 a year over 5-6 years, crazy Monash's MBBS/LLB course would be ridiculously expensive, haha

[Collin Li]

Yeah, I do, but there is nothing wrong with deferring it. If you have the means to, it's better to pay it off though. The 25% extra penalty means that you should (rationally) only choose not to pay it off if you were making more than a 25% gain on the investments with your money... very high gains - generally risky.

[excal]

Didn't know there was a penalty!

I pay it off upfront because I receive a rather generous scholarship from Uni...otherwise I would be in the same boat as you.

[Eriny]

So, if you're doing arts which is $5500 a year (for example, I think the average is around there)  and you pay the fees upfront, does that mean that you only have to pay $4400 a year or does it mean that you avoid paying 20% extra later down the track?

Your maths is wrong, it's either 20% off that, or 25% extra.

holiday brain...