Understanding university costs, scholarships, and financial support: Our guide for parents and guardians

Understanding costs | Degree costs | Financial support | Scholarships | Scholarship applications | Providing support | Here to help

Supporting your child as they consider university is an exciting step, but it can raise important financial questions. What will it cost? Which costs need to be paid upfront, and which can be deferred? What financial support is available? How can you help your child navigate scholarships and financial support?

The good news is that university costs are often more manageable than they initially seem. Between government support, our wide range of scholarships, and financial assistance options, there are multiple pathways to make studying more accessible at Monash.

This guide is designed to provide a clear overview of how university fees work at Monash, along with the financial support available, so you can feel more confident in helping your child through this process.

What does a university degree cost?

The cost of an undergraduate degree at Monash depends on your child’s course, their fee type, and their individual circumstances. While the system can seem complex at first, most domestic students benefit from significant government support.

Financial support options

There are a range of financial support options available to help reduce the cost of studying and ease the transition into university life.

Scholarships at Monash: Key information for parents

Scholarship applications and eligibility are one of the most common questions we hear from families at Open Day. And they can play an important role in making university more accessible.

We offer a wide range of scholarships designed to recognise not just academic achievement, but also personal circumstances and potential.

Do you need to apply for a Monash scholarship?

Each year, Monash awards more than $30 million in scholarships and grants to support students. For many scholarships, your child won’t need to submit a separate application. When they apply to study at Monash, they’re automatically assessed based on their ATAR results.

To be considered for equity scholarships, they’ll need to submit a VTAC equity schemes and scholarships application after submitting their course application. This will allow them to receive special consideration and equity scholarships.

If they’re eligible for either scholarship type, they may receive a scholarship or grant as part of their course offer – no extra steps required. You can browse our scholarship offering here.

Types of scholarships available

Scholarships can be offered based on various personal criteria beyond just academic merit, including:

• Academic achievement
• Financial need or personal disadvantage
• Leadership, community involvement or extracurricular activities
• Specific courses or areas of study
• Personal circumstances, such as relocation or background

Some scholarships provide one-off financial support, while others offer ongoing assistance throughout your child’s degree.

When to start looking

Encourage your child to explore scholarship options early. While many are awarded automatically, others have specific application deadlines – particularly those offered via the VTAC equity schemes process.

The VTAC equity schemes and scholarships application can take several weeks to complete. This is because some areas require supporting evidence, such as financial evidence or a statement of support from someone who can verify your child’s circumstances. They may be required to get evidence from a health practitioner or other professional – and this evidence can take a while to collect.

Starting early gives them time to understand what’s available and prepare any required information.

How you can support your child

As a parent, your role is an important one. While your child will ultimately make their own decisions, your support can help them feel more confident and informed.

You can support them by:

• Encouraging early research into courses, fees and scholarships so they understand their options
• Helping them stay organised with key dates and applications
• Having open conversations about budgeting and expectations
• Reassuring them that support is available if they need it

Even small steps, like attending Open Day or asking questions, can be a big difference.

We’re here to help

Understanding university costs can feel complex, especially if it’s new to your family.

With government support, scholarships, and financial assistance available from our dedicated support teams, there are many pathways to make studying at Monash more achievable.

If you have questions, speak to our team at Open Day or reach out to Monash Connect. We’re here to support both you and your child as you take this next step.