Undertaking further study is an exciting prospect. As well as learning new things and meeting new people, you may also be boosting your future employment prospects by gaining new qualifications.

Study can be expensive though, and may have an impact on your finances in the short term. Decide whether you are going to study full-time or part-time, and whether you can continue to work while you are studying.

Costs to consider

While you are studying you may need to budget carefully to meet your everyday living expenses, plus additional expenses related to your study. For example, consider the cost of tuition fees, books and materials, transport to and from classes and, if relevant, childcare costs while you attend classes.

Use FIDO's comprehensive budget planner to help you work out how much you've got coming in and what's going out.

If you're leaving home to study check out new financial decisions and responsibilities and the financial decisions you'll be facing.

If your course of study or training is relevant to your employment, you may be able to claim some of the expenses you incur as a tax deduction. Also, check whether your employer will provide any support, such as paid study leave or reimbursement of course fees or other expenses.

You may also be eligible for government assistance for your fees , or for financial support for your living expenses while you study. Visit the government website www.goingtouni.gov.au or Centrelink's website www.centrelink.gov.au for more information.

Borrowing a personal loan to pay your fees

If you're thinking about borrowing money to pay for your tuition fees here's some advice on loans and credit .

What happens to your super?

If you are planning to take time off work, or reduce your hours, to complete your study remember that this will have an affect on your super contributions.

Super contributions paid by your employer on your behalf will cease if your salary or wages payments do. If you hold life or disability insurance cover through your super fund, check whether it will continue if your employer stops making super contributions.

If you take up part time or casual work, keep a record of your super contributions. Superannuation and casual workers

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