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Postgraduate study can be a big financial commitment but can bring you great benefits in return. To get the most out of pursuing postgraduate study it’s important to find out how you can fund further study and what financial options are available to you. A Commonwealth Supported Place (CSP) is just one way to make your ambition of further study more affordable than you may think.
A Commonwealth Supported Place is a spot at a university or higher education provider that's subsidised by the Australian Government. If you studied an undergraduate degree as a domestic student, chances are that you had one of these places. Although less common for postgraduate degrees, they’re just one of many assistance schemes offered to help you on your way to further study.
You’re eligible if you:
Students who receive a CSP don’t pay full course fees. Rather, the Australian Government pays one part and you pay the smaller ‘student contribution’ fee. This can make postgraduate study more affordable. If you choose to defer the remaining part through HECS-HELP, you may not have any upfront course fees.
CSPs are highly competitive as there are limited places available. You won’t need to submit a separate application as all domestic applicants will be considered when applying for a CSP available degree through Apply Online. If you’re applying through UAC, you will need to list both the CSP and full-fee degree codes to be considered.
Investing in yourself by pursuing a postgraduate degree can help you follow your passion or discover a new one. Postgraduate study can accelerate your career by bringing new skills, networks and more income. Furthering your studies will be a challenge and it won’t be cheap, but the value is clear. Within three years of graduating, UNSW postgraduate students earn the highest median salary in Australia. Gaining a postgraduate qualification can increase your income considerably, with the Australian median salary of $85,300 for graduates with postgraduate qualifications, compared to $62,600 for bachelor degree graduates.
If your degree doesn’t offer CSPs or if you don’t receive an offer for a CSP, there are other schemes available to support you. Government-supported schemes such as FEE-HELP allow eligible domestic fee-paying students to defer part or all their tuition fees. Centrelink has several allowance schemes available to help eligible students pay for living costs.
UNSW scholarships also support thousands of students each year to make their goals of achieving further education more attainable. Find out what scholarships you might be eligible for and make sure you check the application deadline.