ALMOST half of all 2010 Victorian high school graduates are studying for a degree, with the number of higher education students from disadvantaged backgrounds continuing to rise.

But the number of students deferring further study is also up, from 9.8 per cent in 2010 to 10.3 per cent this year, the Victorian government's On Track data shows.

The On Track survey, which charts the study and work choices of Victorian school leavers each year, shows the number choosing to go on to further study continues to increase, with 75.5 per cent choosing university, TAFE or vocational training.

A total of 49.5 per cent of students are studying for a bachelor degree at university or TAFE, the highest figure since data collection began in 2003. A total of 36.7 per cent of graduates from disadvantaged backgrounds went on to study for a degree, up 4.7 percentage points on 2009's school leavers.

Toorak's Loreto Mandeville Hall had the most students continuing to a degree, at 93 per cent.

Deferral rates have risen considerably since 2004, when 6 per cent of students chose not to go straight to further study. Most deferring students nominated a desire to earn money or have time off from studying, with many regional students saying financial reasons had forced their deferral, Higher Education Minister Peter Hall said.