Do whatever it takes to study overseas, seriously. I think it will be a great experience and everyone should do it. The lifestyle here is second to none. A few things to keep in mind are that it's a different country and therefore you will experience culture shock, living here is not the same as living in the US. Also, expect some major sticker shock. The cost of living here is about double that in the States and the exchange rate is right at parity, one Aus $=one US $. Lastly, Australia is a big country, slightly larger than the continental US, so getting around takes some time. Not only that, but regular unleaded fuel is about $5.30/gallon right now. I don't say this to put you off, but prepare yourself in advance so you're not taken by surprise. It's a spectacular country, you won't regret coming here. If you have any questions, feel free to PM me and I'll do what I can to answer them.
Cheers!