Financial assistance - FAQ

What is financial assistance?
Financial assistance is a financial aid package consisting of a combination of scholarships, bursaries and employment (employment is only available to returning students).

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Where do the funds come from?
Bursaries and scholarships are made possible through the generosity of our alumni and members of the Ormond and wider community.

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What sort of financial assistance is available?
Financial assistance options include scholarships, bursaries and employment with a total value of over $1,200,000.

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Who can apply?
Any student who believes they will require financial assistance to come to Ormond should apply.

Many of our scholarships and bursaries are awarded on the basis of financial need; however, we also have a few that have specific criteria. Criteria for scholarships include academic excellence, your home location (e.g. Tasmania or rural Australia), specific faculties and Indigenous Australians.

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Do I qualify for financial assistance?
To ensure equity, financial assistance is offered on the condition that other means of financial support have been explored and exhausted. Financial assistance applications are means tested and ranked against all other applicants. An ability-to-pay model has been designed to assist the financial assistance committee in making fair decisions.

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Is there a cut-off for household income?
As a guideline, generally families who have a household income that exceeds $250,000 are not eligible for financial assistance.

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What is the ability-to-pay model?
The ability-to-pay model is a ratio that, in its simplest form, divides the total household income by number of dependants. A percentage of a household’s income is allocated to expenses such as mortgage, bills, groceries, etc.

Income brackets have been determined to allow for the correct analysis of the data. For example, the ability-to-pay figure for a combined household income of $80,000 with 4 dependants will be lower than a combined household income of $200,000 with 4 dependents.

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How many students receive assistance?
Approximately one in four students received some form of financial support.

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What is the average amount received?
The typical range of financial assistance is from $2,000 to $7,000 however some students receive up to $15,000.

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How is financial assistance received?
The amount received will be credited to your College account in the manner which matches how you have chosen to pay your fees (annual, semester or instalments).

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What are local Comparative Costs?
The University of Melbourne has compiled the information below for students. Tuition fees, academic support, social activities, transport/car expenses, private health cover and other non standard expenses have not been included in this estimate. 

Type of Accommodation

Weekly Rent

Est. yearly rent and basic expenses

2 Person Share

Close to Parkville

190 - 230

21,400-28,200

Within 6km

155 -180

19,500 – 25,800

Rural area

80 - 100

15,000 – 20,100

Student Apartment

Two bed share

220 - 270

23,200 – 30,500

One bedroom

300 - 370

27,700 – 35,900

 

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How do I apply?
You must apply to Ormond first before you can apply for financial assistance. The financial application is available to download.

The application is an Excel document. Once all required fields are filled in a Budget Deficit figure is determined.

There are three tabs to complete. STUDENT and SCHOLARSHIPS are to be filled out by the student and PARENTS needs to be filled out by the parent 

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What if I plan to defer?
While you can defer a residential offer from Ormond, you cannot defer a financial assistance offer. So if you definitely plan to defer DO NOT APPLY.

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Is any supporting documentation required?
The following documentation is required:

From the student

  • Evidence of Centrelink payments (if applicable)
  • Information on University Scholarships (if applicable)
  • Signed declaration

From the parents

  • Most recent tax return statement or group certificate
  • Signed declaration
  • A dollar amount of what parents are prepared to pay towards college fees and living expenses.

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How can next year’s income be known?
The model requires a reasonable estimate of income expect to be received for the year.  For example, if the student expects to get a part-time job, it should be included in the estimate. Back to top

How can next year’s expenses be known?
Ormond uses a standard model for expenses, recognising the significant degree of commonality between students.  The application form has already factored in Ormond fees, personal spending money, bills, course-related costs and health-related costs.  

The standard model does not allow for expenses such as holiday travel, elite sports, or other similar expenses.  

It is expected that local students will defer their HECS debt.

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Who sees my application?
All applications and supporting documentation are treated in the strictest confidence by the College. We understand that many financial assistance applications contain sensitive information relating to people’s personal and financial situations. The information you provide will only be used on a need-to-know basis by relevant senior staff.

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Who makes the decisions?
A Financial Assistance Committee consisting of senior members of staff makes the initial allocation. The final decision remains at the discretion of the Master.

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When will we be notified about the outcome of our application?
We make all financial assistance offers to future undergraduates via email in January (June - for Semester 2 applicants) with the offer of residence.

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Deadline for Financial Assistance applications

Financial assistance applications for Semester 2, 2017 must be received by 26 May 2017. 

Financial assistance applications for Semester 1, 2017 are closed.

Late applications will only be considered in exceptional circumstances and are at the discretion of the Master.

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Download
To download the form on a Windows computer please select the link below then select "Save File" on the pop up window.

Download the Undergraduate Financial Assistance Application Form →

Download the Graduate Financial Assistance Application Form →