It is a bit of a cliche, but many people still insist that the best years of their life were spent at university.
Youngsters are finally freed from the leash and can start to learn how to survive by themselves alongside thousands of likeminded people.
However, a lot of Aussies are finding it increasingly difficult to drum up enough money to attend a higher education course. You may have enough to cover your fees, but you also have to take living costs into account.
To get around this problem, a growing number of academics are turning to open universities that provide their courses via the internet.
Many will say that those who explore this avenue will not benefit from the traditional student experience, but it is an option nonetheless.
According to online higher education provider Kaplan, there are numerous benefits to studying online – particularly if you are looking to keep your student bank accounts in the black.
The organisation stated that people living in Sydney can enrol on a course in the US or UK without having to relocate. This give you far more choice and you can take a degree at some of the most respected institutions on the planet from the comfort of your own home.
"Without the concerns and costs of moving, you're free to choose the best programme at the best school for you. Go to school in California from your bed in London," the company stated.
Leaders at Kaplan used the UK's Open University as an example of how successful the system can be.
It now serves more than 263,000 students in 23 countries and more than one in four of these people are said to be under the age of 25. More than 90 per cent are from outside the UK and academics have also downloaded more than 31 million lectures from the iTunes U's digital library.
Online study helps you to cut down on accommodation costs and travel expenses, while also giving you the chance to fit a degree into your busy schedule.
Have a question about student banking? Ask the money gurus at Mozo Answers.