working to pay off uni fees

[Leena]

is it possible?
anyone planning to work during uni? like part time..?
i dont want to get a HECS loan thing..
so you know.

[m@tty]

A HECS-HELP loan is a very good option; personally even though I have the financial means to pay all fees upfront I am opting to take the 'free' loan. It is an interest-free loan - it only changes based on inflation, to keep its real value.

But yes, it is feasible to work during uni. You will need to have a fair amount of flexibility with your employer though so you can take time off/reduce your workload at exam times etc.

I'm working part time during uni, around 20 hours a week actually, but mainly on weekends.

It's up to you, everyone requires different amounts of study time and leisure time. So try it and see if it will work.

[Souljette_93]

is it possible?
anyone planning to work during uni? like part time..?
i dont want to get a HECS loan thing..
so you know.

Yeah it's possible, if you persevere and be determined for it. I also have the same thing, I would rather pay my fees upfront then having to pay later.

[lexitu]

I can't see any benefit from paying it upfront. 20% discount is nothing.

[dyaner]

I can't see any benefit from paying it upfront. 20% discount is nothing.

I agree with this too. I'm in the circumstance where noone in the family works (illness, home mothers etc) and so far I haven't been called for a job. Knowing that I can't put myself through the years stressing about money and not having an income, I'm much better off getting a full loan. 20% discount to me is nothing as well.

It depends on everyone's opinion though.

[Russ]

20% discount is not nothing, it's several grand.

If you don't have the money to pay upfront, don't worry - you don't lose anything. If you can afford it, then great, you save some money. If you're getting a job specifically to pay your student contribution, that's pretty keen. Make sure you keep enough money for yourself to spend on going out, buying things etc.

[dyaner]

20% discount is not nothing, it's several grand.

If you don't have the money to pay upfront, don't worry - you don't lose anything. If you can afford it, then great, you save some money. If you're getting a job specifically to pay your student contribution, that's pretty keen. Make sure you keep enough money for yourself to spend on going out, buying things etc.

You got the point there. When I said it's "nothing", I meant when we start to work and earning a salary - that several grand wouldn't be much of a hassle to be paid back.

[Peedles]

20% is a considerable amount when it accumulates through the duration of the course. I save over $1100 every year paying up front. But i guess not everyone experiences the same circumstances so 

[Russ]

Unless you suddenly pick up a $100,000 a year job, trust me, you'll notice. Ask your parents (or any other friend outside uni) if they'd be willing to have $2000 garnished from their wages and what it would mean.

[QuantumJG]

I can remember watching a show about going to university in America back in the early 1900's where the cost ~$30 for the year and you could do work all over summer and pay it all off for that year. Taking into inflation into account it was still much cheaper to go to university then than now since the ability to take out loans has made their uni's fees skyrocket! This what motivated my theory that they'll end up having the majority of their population as dummies and crumble in the next 100-200 years.

Anyway if I were you, I would just leave it as a HECs debt and spend the money you earn on stationary or textbooks. You dont need to start paying your HECs debt till you earn >$48k which depending on how long you study for may be a while.

[_avO]

if you understand money and the future benefits/consequences that can happen if you spend a lot in one go it is much better to take out a loan with inflation then paying now and (you or the family) suffering more heavily in the future

[Leena]

Thanks for the replies.
Well the thing is, my dad's paying for all that other stuff..
like stationary, food, etc.
and im not the type that likes to dine out alot and do all that stuff, im more to myself i guess.
anyway, for religious purposes i can't take out a loan and pay back more than what i borrowed.
whether the value changes or not, i would only be allowed to pay back what i actually borrowed.
anyway, hope it works out!
and for you all!

[lexitu]

20% discount is not nothing, it's several grand.

If you don't have the money to pay upfront, don't worry - you don't lose anything. If you can afford it, then great, you save some money. If you're getting a job specifically to pay your student contribution, that's pretty keen. Make sure you keep enough money for yourself to spend on going out, buying things etc.

It is if you think about what you can save in the meantime. You can continue repaying your HECS money at the trickle required and the money in hand can be invested into better things. I'd rather have a large surplus than be stretched to pay the amount. If you can afford to pay comfortably it's a different thing, but not entirely. The impact of the 20% 'increase' is not immediate and can quite easily be managed. It's not the same as an reduction in wages or something like that.

EDIT: If it's for religious reasons Leena I'm sure you'll be able to manage it, you just need to be organised.

[QuantumJG]

Thanks for the replies.
Well the thing is, my dad's paying for all that other stuff..
like stationary, food, etc.
and im not the type that likes to dine out alot and do all that stuff, im more to myself i guess.
anyway, for religious purposes i can't take out a loan and pay back more than what i borrowed.
whether the value changes or not, i would only be allowed to pay back what i actually borrowed.
anyway, hope it works out!
and for you all!

This makes no sense!

There does not exist a loan where you pay an amount that's equal to what you borrowed. The concept of the time value of money states that $1 now is better than $1 later since money you have now can be invested and earn you more money. With a loan you are taking away money from someone now and are going to give it back later, this takes away the loaner's opportunity to invest that money and they must be reimbursed.

Anyway if your smart with money, a loan can be a good thing. If you want to make money out of the stock market based on a hunch, short selling is a great thing to do.

[sgeorge]

^  an example

ONE of Australia's major banks is planning to introduce "Muslim-friendly" loans that do not charge interest, to comply with Sharia law.

http://www.news.com.au/nab-to-introduce-introduce-muslim-friendly-loans/story-0-1225734465168