Lizard1977: Apologies if someone has already mentioned this, but my understanding was that if you borrow to pay your fees, the fees portion goes straight to the university. You can borrow $1000 for course related costs, and you can borrow living costs, but this is only to a maximum of $150 per week, and it's not paid up front. At least, this is my understanding though it's been 8 years since I was in the system.
If this is still the case, then the maximum you can borrow to invest in one lump sum is $1150, with $150 a week to add in to your investment. If you have the money to pay your fees, and choose instead to take a loan for your fees, and invest your own money, then that would be different, but it's more of substitute than a direct investment of a loan. In my opinion, an investment of $1150 with a top up of $150 a week isn't more attractive than the alternative, which is borrowing that money and using it for such extravagances as rent, food, text books, etc. At least, that's what I did when I studied, supplemented by the minimum-wage income from 20 hours part time work on top of 8-10 hours of study a day, every day...
To be perfectly frank, I think the potential to rort the system is grossly overstated.
I agree, this is what has happened to me, I get $1000 loan for course related costs (Can claim the entire sum or just part of it) My $6000 course fees were paid directly to vic uni, I never had the money. I also get student loan living costs of $169 a week, paid out weekly. Im not entirely sure how you could get a lump sum of $5000? So yes, the maximum I could get straight up would be $1000 plus $169 a week, unless there is a way of cheating the academic payment of $6000? Even then I believe it would most likely go against the contract that you sign for your student loan.