Scholarships, bursaries and student loans are just some of the ways you can fund a masters degree and graduate study in Australia. But which option is right for you?

In this explainer, you’ll learn about the various funding options, how they might help you pay for university and tuition fees, and how to take the first step in applying for financial support.

Scholarships for masters students

Available to: All applicants and current students.

You could be eligible for one of over 700 scholarships, bursaries and prizes on offer at the University of Melbourne. Our scholarships aren’t just for high achievers - we also recognise individual circumstances, your interests and ambitions.

Whether you’re studying engineering or agriculture, there are scholarships available across all areas of study. There are also bursaries available to support accommodation costs for students relocating for study.

How to apply for scholarships

• Head to the scholarships page and filter by application status, level of study and area of study to find the right fit for you.
• Carefully check the application requirements and closing date.
• For some scholarships, you will be automatically considered when applying for your course, while for others, you’ll need to submit a written application.

Special entry access for domestic students

Available to: Domestic students experiencing disadvantaged circumstances.

Graduate Access Melbourne supports students from all backgrounds to enter graduate study, including Indigenous Australians, those with a disability or chronic medical condition, those with difficult personal circumstances, or those coming from rural and isolated areas.

There are three ways our Graduate Access Melbourne scheme can lend a hand:

• Admission – the scheme may assist you in gaining admission to a graduate degree, even if your tertiary marks are below the entry requirements.
• Financial support – you will be considered for a $5,000 Melbourne Graduate Access Bursary.
• Commonwealth Supported Place – your Graduate Access Melbourne application will be considered when assessing your application for a Commonwealth Supported Place.

How to apply for Graduate Access Melbourne

Check your eligibility and supporting documentation you may need to provide on the Graduate Access Melbourne page. Then, apply during your course application.

Help for those returning to study from the workforce

Employer funded study

Available to: People pursuing study to upskill in their current career.

If you’re undertaking graduate study to improve your skills and knowledge in your current career, your employer may offer to pay some or all your tuition costs.

How to get started

Have a conversation with your employer. Professional development plan reviews are often a good time to discuss graduate study as an opportunity to support your skill development. Here’s some tips to help prepare:

• Clearly set out how further study will benefit your impact in the business or organisation.
• Be ready to discuss flexibility of support and the contribution you can make. If your employer is not able to completely fund your degree, they may be able to contribute to half of your fees.
• Have the conversation well in advance of application closing dates to give your employer time to consider and work through logistics of how they can support you.

Tax deduction on your fees

Available to: People pursuing study to upskill in their current career.

Graduate study can help you take on new challenges and advance in your career. This means you may be able to claim self-education expenses in your tax return.

How to get started

Find out if you’re eligible through the Australian Tax Office.

Advanced standing for master degree applications

Available to: People with prior study experience or professionals with work experience.

What is advanced standing?

The skills you’ve gained from previous study or from your career might be recognised as advanced standing (you might know this as recognition of prior learning or credit).

If advanced standing is awarded, you may complete fewer units of study. This might mean the length of your degree and the cost of your tuition fees may be reduced.

For graduate study, your eligibility for advanced standing will be assessed automatically with your course application. Any credit you are awarded will be outlined in your offer letter.

How to apply for advanced standing

For graduate study, submit your advanced standing application at the same time as your course application. Find detailed steps on the advanced standing page.