The financial strain of studying

According to recent reports*, 58% of full-time domestic undergraduates are worried about their finances. Even more shockingly, nearly 15 percent regularly go without food or other necessities in an attempt to make ends meet.

To help combat this, an increasing number of tertiary students are staying at home longer, with their family agreeing to take on the financial burden so they can commit to full-time study. But for the many students who are living away from home, mature-aged students with dependants and others who are caring for aged or invalid family members, full or part-time work becomes a necessity, with around 80 per cent of full-time domestic undergraduate students in paid work.

Is work the answer?

But working full or part-time has its own challenges, with many students struggling to find a healthy work/study balance. There is strong evidence that a student’s financial position can affect their engagement in learning, potentially impacting immediate academic results and future study choices. To help alleviate pressure, Centrelink and other government support becomes an important part of the financial puzzle for students. Many universities and student guilds also offer assistance in the form of scholarships, grants and interest-free loans, which should be listed on your university’s website.

The Future Teachers Scholarship – supporting the future of teaching

The Future Teachers Scholarship from Teachers Mutual Bank is another potential source of financial relief for full-time students working towards an education degree. Teachers Mutual Bank has already invested around $350,000 in our future educators.

At Teachers Mutual Bank, we believe in passionate teachers and want to reward them for their dedication and hard work. We know future teachers are cash poor, and the stress of working part-time jobs whilst studying can be difficult to manage. The Future Teachers Scholarship aims to ease the financial stress that studying teachers carry across this important time in their life.

What do past winners say about the Future Teachers Scholarship?

“While on rural placement for five weeks and unable to work, the scholarship helped cover the costs of this fantastic experience”
– Constance, University of Southern Queensland

“When my wife was diagnosed with an acute form of Leukaemia, I became her full-time carer as she recovered from her bone marrow transplant. Government benefits were our main source of income, supplemented with emergency superannuation withdrawals and income protection payments. Due to this significant reduction in income, we were barely surviving week to week. The Future Teacher Scholarship relieved this financial pressure until my wife recovered and I could secure a permanent teaching role.”
– Mark, Central Queensland University

What’s your vision for the future of teaching?

If you are studying to become a teacher, the Future Teachers Scholarship could help you manage the financial stress of full-time study and make it easier to achieve your dreams. Share your vision for the future of teaching for a chance to be awarded one of 8 x $5,000 scholarships towards your education or teaching degree. There are also 10 x $250 runners-up prizes.

Learn more

*Australian Vice Chancellors’ Committee 2007; Devlin, James & Grigg 2008; Anlezark & Lim 2011.