Budgeting Tools

Coping with limited resources is a common dilemma faced by students. Staffs at Student Services are aware of the financial difficulties that students face and have a range of services to help students out of debt. These services include:

Our Student loans are meant to assist students who are experiencing temporary financial difficulties, especially where adverse financial conditions impacts on study. However, our financial and budgeting resources are available to all students who feel they require help with their finances

Special Assistance for Students - Student Loan Service

Loans are available for currently enrolled domestic students of CQUniversity to help with living expenses such as rent, electricity, phone bills and bond. You can also use the loan to pay your student services fees, pay for textbooks and any other course related expenses.

For information about eligibility for a student loan, related policies and conditions and application forms, please refer to the Policy website and search for Student Loan.

To apply for a Student Loan, Please complete the Student Loan Scheme Application Form and submit with your supporting documentation (see Application Form) via one of the following delivery methods:

Post:
Building 31
CQUniversity
Bruce Highway
Rockhampton QLD 4702

In Person:
To your nearest CQUniversity campus
Fax: (07) 4930 9366
Email: ssc@cqu.edu.au

If you have further queries, please contact us by filling in the Scholarships/Financial Assistance eForm or by phoning 13 27 86.

The Student Loan application requires supporting documentation in order to be assessed. Please check all relevant points on the checklist before your appointment or submitting your loan. Loans are not available for capital purchases such as a car or house.

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Budgeting Tips

Ask any student what is the hardest part of being a student and they will often tell you that it is having no money. Undertaking tertiary studies often limits your ability to earn substantial sums of money and therefore students tend live on small, fixed incomes.

For school leavers, undertaking tertiary studies also means they are often out of home for the first time. This can lead to financial difficulties if students do not pay attention to the realities of income and expenses. It is important to understand the necessity of budgeting on a small income so that necessary costs are met.

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Money Traps - Don't Get Caught!

Being short on money can often force people to take desperate action. However, many options of quick and easy finace can often end up being more expensive in the end and can land you into some serious financial trouble.

These are some of the things that people can be trapped into.... Beware of:

High Interest Credit Cards

Credit Cards can be very dangerous to have if you are on a tight budget as it can be extremely easy to charge money to them but hard to pay off the owing balance. The best thing to do as a student is not to own a credit card at all. However, if you find that it becomes a necessity for you to own one, here are a few steps you should follow:

Always take note of your interest free period (if you have one) and make sure that you pay off your debt in that time.
Don't be fooled into thinking that paying the minimum monthly repayments wont encite interest on your card after the interest free period has ended.
Resist the urge to spend more then you can afford. Create a monthly budget to follow.
Never take the bank up on increasing your credit limit. A $1000 limit is enough as you only want to use it for emergencies.
Don't take out other credit cards to pay off outstanding credit cards. That is the first sign of serious financial trouble

Bank Charges

We all know that banks make their money by charging us for the use of their services -it's their business. However, as you only have limited funds you want to make sure that most of your money stays in your pocket.

As a student you will find that several banks will actually have accounts tailored to students that do not incur large monthly account fees and charges. However, standard charges will still be applied if you use certain services. Be aware of how many transactions you are allowed to have on your card before you start getting charged a standard fee. Banks will also charge for over the counter transactions, using the teller machines of other banks and asking for statements.

Be aware of what your bank offers you in free services and over time you will be able to save yourself cash!

Mobile Phones

Mobile phones are highly popular items and there are not many people who don't own one now days. It is recommended that you buy a mobile outright and get pre-paid credit on your phone. This way, you will not have the uncertainty of knowing whether you will be able to pay off your next installment on your phone.

Contracts on mobile phones normally bind a person to a contract for a minimum of two years and if you wish to break out of this contract or cannot afford the repayments you are required to pay out the remaining money owed for the phone, which is often several hundred dollars.

Be certain when buying a mobile phone that you are fully aware of all costs associated with the phone and whether it fits in with your budget restrictions.

Rent-to-own Plans

It can be quite tempting to undertake a rent to own plan. However, these plans can actually cost you four times more than paying for the item outright. Also, missing or being late with any of your payments can result in the rental store knocking at your door and taking the rental item as well as all the money you have paid off.

Purchases with Interest Free Periods

Interest Free Periods on buying some items can be a great way of finally getting some much needed furniture or appliances. However, there are some tips you should follow before getting into a plan like this.

Calculate your repayments by dividing the cost of the purchase with the amount of months that you will get interest free - you will find that this is more then the minimum repayment amount. The minimum repayments you are required to pay will actually go outside of the interest free period and you will start to get charged heavy interest.

You should also add about $5 for every month of the interest free period for account charges as well. Once you have undertaken all your calculations decide whether you will be able to make the payments with your budget. If the answer is 'Yes' good luck with your new purchase.

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Save on Buying Textbooks

Text books are quite expensive, but it is possible to purchase most of your text book list without it costing you an arm and a leg. Here are a couple of tips to help you save:

1. Always ask your lecturer before purchasing your books. You do not necessarily need to buy all the books listed for your course, and your lecturer will tell you which books are required for you to complete the course. Try to find out if the books have been used in previous years, this will give you the option of buying second hand books. Make sure yo know the edition and get the correct book as getting a refund might not be possible.

2. Shop around - spending a little time searching will often find you great bargains. Second hand textbooks are quite cheap and are most often in good condition as they have most likely only had one owner.

The Student Association has a large database for a quick and easy search, access it at http://association.cqu.edu.au

People will often advertise their books privately and the noticeboards around the university are a good source to find second hand text books among other things. If situations like this you can also afford to do a bit of haggling, so give it a try you might get a few more dollars off.

3. If you don't have any money to buy books the library carries at least one copy of all the class textbooks. Keep in mind that other students may be borrowing the same book.

4. Sharing the cost of text books with friends is another option to saving money. You can study together or borrow the book from each other over the semester.

5. At the end of each term you can sell your books if you no longer need them. You can then use the money you get to buy more books.

6. Final tip - make sure you do everything as early as possible. There are plenty of people looking for a bargain, make sure you don't miss out! More Financial Options

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In the case of needing large amounts of money, sometimes it is a more practical to take out a bank loan. Many banks now have packages that allow students to borrow money for study related purchases or debts with deferred repayment periods. However, it is sensible to keep in mind that you must eventually pay the money back and that ‘deferred repayment' doesn't mean that the interest will stop accruing over that period.

Banks - Student Loans

The following information was accurate at the time of publication and should be used as a guide only. It is recommended that students shop around and compare terms and conditions between student loan schemes. Be certain that you are choosing the loan that will be most suitable for your individual needs and purposes.

Commonwealth Bank

Applicants need to at least 18 years of age
Student Loans

Borrow up to $5,000 for study related purposes, including general living expenses
No repayments required until after graduation, or if you decide to transfer to part time study or you don't want to complete the course
Fixed interest rate that is generally lower than that for Personal Loans
No establishment fees
No early repayment fees

To be eligible you must be an Australian citizen or permanent resident, a full-time student in a course that is acceptable to the Bank and have either successfully completed at least one year of study or be a Postgraduate student. Someone with a good credit rating will be required to guarantee your loan.

For more information call 13 2221 between 8am and 8pm, Monday to Friday. Alternatively, visit the Commonwealth Bank branch in your local area or visit the Commonwealth Bank website.

ANZ

Graduate Loans

ANZ Graduate Loan is available to selected final year students and recent graduates
Minimum loan amount is $5,000 and maximum loan amount is determined by field of study
The interest rate is fixed for the first year and variable for the remaining four years
No repayments required for the first year of the loan (Interest is accrued and debited to the loan at the expiration of the 12-month fixed rate interest term)
Repayments can be automatically debited from an ANZ account after the first year
The Graduate Loan is not restricted to just study related financial assistance

Terms and conditions are available on application. For further information, phone 1800 801 485 between 8am and 8pm Monday to Friday and select option 2 OR visit the ANZ website.

National Australia Bank

Deferrer Repayments Loan - Tertiary Student Package

Loan only available for study related expenses
Available only to students who have successfully completed their first year of study
Applicants must be at least 18 to be eligible
Must be an Australian Citizen or Permanent Resident
A guarantor is required
Repayments are deferred until the completion of study and then the loan must be repaid in 3 years
Repayments can be made while studying

Please be aware that some banks may advise you to apply for a credit card if you wish to borrow less then $5,000. Make sure that you are aware of conditions and the interest rate of the credit card as the interest is often higher then that of a personal loan. Don't be lured if you aren't certain that you can pay the card back!

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