Thinking about taking a year off from work and can't decide if you should travel or go back to school? Do both. You'll get the excitement of a new country and the benefit of going home with a new degree.

The Pros
1. It's cheap(er). Between the favorable exchange rate and the lower prices, you can pick up an Aussie degree at a big discount from an American degree.

2. You get to live in Australia while you do it! A working holiday visa only buys you four months, but as a student your visa is good for two or three months longer than your program lasts. Add to that the university holidays and you'll have plenty of time to study, travel and even work if you want to (up to 20 hours a week while classes are in session, unlimited hours during holidays).

3. No GRE's. That's right. If you're looking to do a post-graduate program the schools here aren't concerned with standardized tests. All they want is proof that you graduated from a real college in the States, that you speak fluent English (if it isn't your first language), and then a short statement about your work history and why you want to return to school.

4. It's still a real degree. Don't think that an Australian degree is any less impressive than an American one. Sure, a Master's in History from the University of Adelaide isn't quite the same as a Harvard Law degree, but if you're looking at any of the arts or sciences, there are universities in Australia that have a department for you. There's plenty of quality research going on around the country, along with state-of-the-art facilities.

5. It will give your resume some diversity. As a grad student or undergrad, having overseas experience will show future employers that you can adapt to new situations, that you have a sense of adventure and that you are open to new people, new ideas and new challenges.

6. You'll meet a gazillion new people from all over the world. International students make up about 20% of the population at UNSW. That's one of the highest percentages, as well as the highest raw number, of any university in the world. Overall, foreign students are Australia's sixth largest export. It's a more than $2 billion dollar industry here, and that guarantees that you'll be living It's a Small World.

7. Form instant friendships. I enjoyed my working holiday in Sydney two years ago. If I hadn't I wouldn't have come back. But after just two months here, I can say without hesitation that being a student is a much easier way to meet people and become involved in the community and the culture. There are clubs and societies to join, contests and events on campus to participate in and a sense of family among the international students.

The Cons
1. Australia is far away. Getting there isn't cheap. It's true that at least part of what you save in tuition will get spent on travel, accommodation and getting set up. Maybe you'll decide you want a car, or a fancy apartment, or a surf board and scuba gear, or you'll need to buy furniture if you rent something unfurnished. Starting a new life costs money, and while you can do it on a budget, you just might not want to have to do it all from scratch.

2. You may not get the name recognition with an Australian degree that you would with a school back home. Here it just depends what you're interested in studying, what you want to do with it, and how important the name on your degree is. If you're looking at international relations, hospitality, the history of indigenous peoples, post-colonial literature or marine sciences, then Australia will have a lot to offer you. If you want to be an American History professor, it might not be quite the right place. The quality of education is still high though, so don't worry that you'll be missing out on something.

3. There's a lot of red tape involved with getting all the paperwork done, and it can be frustrating and confusing. To get the visa you need a physical, including a chest x-ray to prove you are tuberculosis-free. You also have to put together financial statements, photos and college transcripts and you may have to fax things all over the place to get them stamped and signed by all the right people. If you take it piece by piece though it will all get done, and it will all be worth it.

4. There are big bugs here. That's about the worst thing I can think of. It seems like there should be more of a downside, but I'm stumped.

Questions? I'm not an expert, but I’ll do my best to help out: lisa@budgetoz.com