Financing Medical Study

Last updated: 18/11/2020

Medical education is expensive. Even for CSP students in Australia and domestic students in New Zealand, you are looking at a minimum budget of ~$200,000 over the course of your degree to cover the tuition fees and living costs.

Fortunately, even for students without a massive 'parent fund', there are plenty of ways to fund your studies. 

Australian flag

Australia

In Australia, a number of financial support is available for domestic students. These include:

  • FEE-HELP: A loan scheme for full-fee paying students to help pay their tuition fee. 
  • HECS-HELP: A loan scheme for CSP students to help pay their student contribution amount.
  • SA-HELP: A loan scheme for students to help pay their amenities and student services fee.
  • Student payments: A range of payments, including Youth Allowance, that can assist with living costs. 

You may be eligible for one or more of the above. To find out more, refer to the official StudyAssist web pages: 

Of course, there are various merit-based and need-based scholarships that are funded by the government, private organisations or universities. Start by checking scrolling through the website of the university you are interested in applying to. Note that often you don't need to apply for university scholarships separately to your application, as they are awarded automatically if you meet the criteria.

New Zealand flag

New Zealand

New Zealand also has a number of financial support schemes available for domestic students. These include:

  • Student Loan: A loan scheme for students to help pay their tuition fees, living costs, and course-related costs.
  • Student Allowance: A payment that can assist with living costs.
  • Fees Free: One year of free education.

You may be eligible for one or more of the above. To find out more, refer to the official StudyLink and Fees Free websites.

There are many merit-based and need-based scholarships in New Zealand that are funded by the government, private organisations or universities. Get started by checking out this link.

A two-way balance

Working While Studying 

You can consider working part-time during your studies to cover some living expenses. While working longer hours (e.g. over 10 hours a week) is not recommended due to the intense nature of medical study, there is no harm in working a few hours a week especially if the job will complement your study or life nicely. Here are a few examples:

  • Tutoring usually offers a great hourly rate, especially if you teach a group. If you tutor final-year high school students in subjects like biology or chemistry, you can also revise your basic knowledge in these subjects that may have slipped away after sitting your final high school exams!
  • Working as a dog walker is relatively stress-free and can double up as your exercise time.
  • Participating in various research projects as a subject can give you a glimpse of what medical or scientific research is like, learn a thing or two about that field, and provide you with cash or grocery vouchers in exchange for a small amount of your time. It is convenient that most of these studies are conducted at university campuses.

Are you interested in attending a medical school in the UK instead of Australia or New Zealand? Check out Medify’s UK Medical School Admissions Guide.

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