Austudy to help along the way

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If you are 25 or older and studying full time or undertaking an apprenticeship, you may be able get financial help from the federal government in the form of Austudy.

To be eligible you need to be studying an "approved course" which generally includes full-time secondary education courses, undergraduate courses, associate diplomas and some other diplomas, TAFE courses and some postgraduate courses.

You need to pass an income and an asset test.

If you earn less than $236 a fortnight and pass the asset test you'll get the maximum rate of Austudy, which is $388.70 a fortnight if you have no children, $426.70 if you are partnered and have children, or $509.20 if you're single with children.

If you're working while receiving Austudy, you have to report your income to Centrelink every two weeks. As mentioned earlier, if you earn less than $236 a fortnight you get the maximum Austudy payment.

Income between $236 and $316 reduces your fortnightly payment by 50 cents in the dollar and income above $316 reduces your payment by 60 cents in the dollar.

For more information visit centrelink.gov.au.

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Maria Bekiaris is editorial campaigns manager for Canstar and former deputy editor of Money. She holds a Bachelor's degree in business.