Australia has always been the first-line destination for students pursuing higher education. Hundreds of thousands of international students enter the country every year, and the number has only been increasing.
Aside from the prestigious academics, Australia also offers an immersive culture, golden beaches, bright sunshine, mouth-watering delicacies, and tons of opportunities to rediscover yourself. However, the only chink in Australia’s armor is that it may not be for somebody on a budget. For international students, Australia can be quite expensive.
You also have to consider a few things before applying. For instance, international students need to prove to the Australian government that they have sufficient funds related to tuition fees and accommodation costs to last them throughout their study period.
An Estimated List Of Expense
It is important to have a clear idea about the costs you will have to bear. To help you out, here is a simplified breakdown of an approximate budget and list of expenses an international student might have to incur in one year:
|Type of Cost||Average Cost Per Annum (in AUD)|
|1. Tuition Fees (depending on course type, level of study, and university)||Anywhere between 4,000 to 40,000 (could be anywhere from 80,000 to 88,000 for the entire MBA)|
|2. Cost of Accommodation||Around 12,000-20,000|
|3. Food and Entertainment||1,920- 5700|
|4. Travel||Depends on your place to stay|
|5. Overseas Student Health Cover||Taken once during admission|
Please note that the list provided is a template for you to plan out an estimated budget. The actual costs may increase or decrease depending on miscellaneous expenses.
External Charges Of Different Institutions
These external charges may vary between institutions, courses, and students who live in dorms or in off-campus housing.
The tuition fees must be paid before you are officially enrolled in your program (usually once every term). There are also costs of materials and facilities provided by institutions, such as library costs, labs, lockers, and class trips that are not included in the tuition fees. Sometimes universities will combine a few of these external charges and make students pay a “service fee” every term.
The tuition fees are calculated differently in Australia compared to other countries. Every unit of study is counted in a band, which is then added up throughout the duration of the entire academic year. Therefore, tuition fees for students within the same course will still vary.
Multiple Available Scholarships
There are multiple financing options available to international students to make education in Australia more affordable. There are several government scholarships that are offered every year. Different universities also offer scholarships and grants. To know more in detail, you should directly contact your institution of choice.
Policies & Procedures
Australian institutions have intakes at different times of the year. Therefore, early applications for special programs and privileged fellowships are highly recommended.
Applications for funding will take submissions up to 6 months preceding the beginning of the academic year, which starts from late January. However, a lot of institutions will allow international students a chance to get a mid-year start.
Aside from the basic cost of accommodation, travel, healthcare, food, and entertainment, you must also state that you will have enough funds to buy return tickets to your home country. If you cannot fulfill this condition, you will not receive your Australian student visa. If you wish to take any dependents along with you, keep in mind that all costs mentioned here are calculated on a single-person basis.
If you include dependents in the calculations, the expenses will increase significantly. You will also need to have proof of sufficient funds for you and your dependents, which will include return airfare.
Certain areas where you could make some small adjustments could be in how you live, your campus location, and how much you go out to socialize in public.
Choosing a city campus will be more expensive than studying in a regional town; while, living on-campus always saves more money than living in fancier off-campus housing. This is because the rent is cheaper on campus, and travel costs will be reduced too.
As an international student, you will be expected to pay for your student visa and sometimes a small application fee (taken by some universities) before you send in your application to the institution of your choice. Another cost you will have to incur is the OSHC. This will provide you with healthcare in Australia for the duration of your course.
Although the amount of possible may look scary to many, with a smart management you can make it happen too. If you plan ahead and spend wisely, even a destination like Australia could end up being the price-savvy option for you!