According to research, over 80 per cent of people with a tertiary education are employed and they will earn around 60 per cent more than Australians without a degree (Participation in Tertiary Education in Australia, Mitchell Policy Paper May 2016, Peter Noonan).
While there are clear financial benefits associated with completing a university course, times can be fiscally tough during the years of study.
A 2012 report on University Student Finances by Universities Australia, found 18.2 per cent of full-time domestic undergraduates regularly go without food or other necessities because they can’t afford them.
The Australian Securities and Investment Commission (ASIC) offers advice for living on a student budget on its MoneySmart website .
When it comes to banking, it recommends students get a low interest credit card, try and find ATMs your bank lets you use for free, and shop around for a savings account with low fees.
Beyond Bank Australia understands students are often living on limited income or even off their savings. Therefore, it has a Full-Time Student Offer  – giving anyone over 18 and studying full-time more fee-free banking on any transaction account .
If you are a full-time student you can apply for the student banking fee-waiver at any time. It’s valid until 31 March the following year, after which, if you are still studying, you simply have to renew your application. Applications take just 48 hours to get approved.
Of course it’s not just banking where students can cut costs. ASIC’s MoneySmart  also suggests looking at how you might save money on accommodation and transport.
Students should compare options such as on-campus living or homestay to see what best suits them. These can be cost effective solutions as rent may include food, utility bills or other services.
Travelling to university on public transport or ride-sharing could also help reduce expenses. Don’t forget to check if you are eligible for a student travel card.
Read our Student Account Terms & Conditions  for more detailed information.
Before acquiring the product, you should consider if it is right for you. For full terms, conditions, fees and charges please view our Financial Services Guide , Product Guide  and Fees and Charges Guide . These guides are available upon request, can be viewed on our website and will be provided at the time of acquiring the product. Interest rates are subject to change without notice.