That should be the question on every applicant’s mind when applying to study in Australia and if you’re wondering how and seeking help?
You’re in the right place! In this article, we’ll give you an idea of the costs associated with obtaining a student visa in Australia, so you can plan your budget accordingly.
We’ll discuss tuition fees, living expenses, and other essential costs to help you get a clear picture of what to expect.
Introducing our client Sarah, a prospective student planning to study in Australia, found herself unsure about the financial requirements for her student visa. Luckily, she discovered and reached out to Walker Pender Group and with our leading immigration experts, we helped Sarah navigate the costs associated with her student visa, from educating her and preparing the documents she needs for what is to come in her Visa application.
So, in this article, we’ll provide you with insights and guidance for your student visa application.
Tuition Fee
The first and most significant expense you’ll need to consider is your tuition fees. These fees vary depending on the type of course you’re pursuing and the institution you’ll be attending.
On average, international students can expect to pay between AUD 20,000 and AUD 45,000 per year for undergraduate courses, and between AUD 22,000 and AUD 50,000 per year for postgraduate courses.
Keep in mind that these are just average figures, and the actual cost may be higher or lower depending on your chosen field of study and institution.
Living Expenses Budget
In addition to tuition fees, you’ll need to budget for living expenses while studying in Australia. The Australian government requires international students to demonstrate that they have sufficient funds to cover their living costs.
As of October 2019, the minimum amount you’ll need to show is AUD 21,041 per year. This figure is meant to cover your accommodation, food, transportation, and other day-to-day expenses.
However, the actual cost of living in Australia can vary depending on your lifestyle and the city you’ll be living in. Major cities like Sydney and Melbourne tend to have higher living costs, while smaller cities and regional areas may be more affordable.
It’s essential to research the cost of living in your chosen city and create a realistic budget based on your personal needs and preferences.
Essential Coverage for Health Insurance
As an international student in Australia, you’ll be required to have Overseas Student Health Cover (OSHC) for the duration of your stay. OSHC is a type of health insurance that helps cover the cost of medical treatments you may need while in Australia.
The cost of OSHC varies depending on the provider and the level of coverage you choose. On average, you can expect to pay between AUD 500 and AUD 800 per year for a basic policy.
Visa Application Fee
To apply for a student visa (subclass 500) in Australia, you’ll need to pay a visa application fee. As of June 2023, the base application charge for this visa is AUD 620. This fee is non-refundable, so it’s essential to ensure that you meet all the eligibility requirements before submitting your application.
Planning and Budgeting Your Travel Expenses
When planning your budget for studying in Australia, it’s important not to overlook travel expenses. This includes the cost of flights to and from your home country, as well as any domestic travel within Australia during your stay. The cost of international flights can vary widely depending on the time of year, your departure city, and how far in advance you book your tickets. To save money, consider booking your flights during off-peak seasons and keeping an eye out for special deals and discounts.
Being Financially Prepared for Unexpected Situations
It’s always a good idea to have some emergency funds set aside for unexpected expenses that may arise during your stay in Australia. This could include medical emergencies, unexpected travel, or other unforeseen costs. Having a financial safety net can provide peace of mind and help ensure that you’re prepared for any unexpected situations that may arise.
Part-time Work Opportunities: Balancing Study and Employment in Australia
To help offset the costs of studying in Australia, many international students choose to work part-time while completing their studies. With a student visa, you’re allowed to work up to 40 hours per fortnight during the academic term and unlimited hours during scheduled breaks. Part-time work can be a great way to earn some extra income, gain valuable work experience, and immerse yourself in Australian culture. However, it’s important not to rely solely on part-time work to cover your expenses, as finding a job may take time and your income may not be consistent.
Exploring Scholarships and Financial Aid
Lastly, don’t forget to explore scholarship and financial aid opportunities that may be available to you. Many Australian institutions offer scholarships for international students, which can help cover tuition fees, living expenses, or both. Additionally, some government and private organisations offer financial aid programs for international students. Be sure to research these opportunities and apply for any scholarships or financial aid programs for which you may be eligible.
Need a Lawyer?
How Much Money Do I Need for a Student Visa in Australia? Parting Thoughts
How Much Money Do I Need for a Student Visa in Australia? Planning your budget for studying in Australia requires careful consideration of various expenses, including tuition fees, living costs, health insurance, visa fees, and other study-related costs. By researching these expenses, creating a realistic budget, and exploring opportunities for part-time work and financial aid, you can ensure that you’re financially prepared for your educational adventure in Australia.
Need expert guidance on financial requirements for your Student Visa application?
How Much Money Do I Need for a Student Visa in Australia? Look no further!
Reach out to Walker Pender Group now for friendly and expert guidance. We’ll help you understand the financial requirements and plan your budget with ease, ensuring a smooth and successful student visa application. Don’t miss out on this opportunity, contact us today!
