Aspirants or applicants required to have adequate amount of money to pay for fees of course, and living and travel costs for student and accompanying family members while a student studying in Australia. Student can get visa only if they have required money to show in their Account. If student failed to show the required financial capacity with the application of Australian student Visa or while the officer asks then it is certain that student visa application would be refused.
Applicant can show this by providing evidence of any one of the following:
- Option 1: Evidence of money to cover travel to Australia and 12 months livelihood expenses, course fee of 12 months and (for school aged students) schooling expenses for student and accompanying members of family.
- Option 2: Evidence that you can accomplish the requirement of annual income.
Option 1: Funds option for “Twelve months”
Many students show their financial capacity by providing evidence of funds for 12 months of course. You are required to have funds to cover travel to Australia and 12 months livelihood expenses, course fee of 12 months and (for school aged students) schooling expenses for student and accompanying members of family.
Expense for 12 months is:
- Student: AUD 20,209
- Partner/Spouse: AUD 7,100
- Child: AUD 3,040
Travel cost: Approximately 2,000 A$
Cost of Schooling for your children:
In such cost school-aged children are added in your student visa application, the cost of schooling is at least AUD 8,000 per year for individual child will be needed to add in the amount of funds required. It is your responsibility to research for school cost which vary between states territories and schools in Australia.
Note: Eliminate the amount of prepaid tuition fees to get the real amounts of fund required for the Australian student Visa.
Authenticate Access to funds
You along with your family members must be able to access the amounts demonstrated while you are in Australia. To consider the authenticity of funds, DIBP will take following notes into account:
- The kind of relation between you and the fund provider, wherever it is applicable.
- Your income, property and employment or of the person who is providing funds.
Evidence acceptable to accomplish the financial requirements for Australian student visa are as follows:
- Money deposited to the financial institution i.e. FD, Bank Balance etc.
- Loan taken from Financial Institution.
- If your money is in Post office, PF/PPF, Co-operative bank etc then that fund should be transferred to the authenticated bank and keep evidence of source of fund (Post office, PF/PPF, Co-operative Bank etc…)
- Loan taken from Government
- Financial support or scholarship
- Your visa history and of the person who is providing you funds.
Note: It is mandatory for Australian student visa to have acceptable source of fund and relationship of student with the person who is providing funds.
Cost of Education in Australia
- To study in Australia cost depends upon the level of study and the institution you choose.
- As you are going to be an international student for that country therefore your tuition fees are paid before you start your study.
- You might have to pay additional charges for your course which includes course materials and access to facilities of institution.
- Undergraduate bachelor degree varies between AUD$15,000 to AUD$33,000*
- Postgraduate Master’s Degree varies between AUD$20,000 to AUD$40,000*
- Approximately Cost may vary from Rs.20 lacs to Rs.40 lacs as per Indian currency.
Few Courses of University of Melbourne
|Sr. No||Course||Course Duration||Cost|
|1||Executive Master of Business Administration||18 Month||$95,000|
|2||Juris Doctor/Master of Business Administration||3 years||AUD$75,000|
|3||Master of Accounting||2 years full time||$71,112|
|4||Master of Actuarial Science||2 years full time||$71,112|
|5||Master of Business Administration||14 Months||AU$95,000|
|6||Master of Business Administration / Information Systems||2 years full time||AU$75,000|
|7||Master of Business Administration / Marketing||1.5 years full time||$3,900|
|8||Master of Commerce (Actuarial Science)||1.5 years full- time||$58,450|
|9||Master of Commerce (Management)||18 months full- time||$52,900|
|10||Master of Commerce (Marketing)||18 months full- time||$52,900|
Living costs in Australia
|1||Hostels and Guesthouses||$80 to $135||Per Week|
|2||Shared Rental||$70 to $250||Per Week|
|3||On campus||$80 to $250||Per Week|
|4||Homestay||$110 to $270||Per Week|
|5||Rental||$100 to $400||Per Week|
|6||Boarding schools||$10,000 to $20,000||Year|
|Other living expenses|
|1||Groceries and eating out||$80 to $200||Per Week|
|2||Gas, electricity||$60 to $100||Per Week|
|3||Phone and Internet||$20 to $50||Per Week|
|4||Public transport||$10 to $50||Per Week|
|5||Entertainment||$50 to $100||Per Week|
Information for student loan
Student struggles while getting education loans. Major issues face by students include:
- For students who aspire to visit the USA, UK, Canada, Australia etc there are plenty of activities and formalities which take away the precious time. Going from one branch to another to secure education loan become a challenging task.
- In terms of loan there should be a flexibility that means loans need to be customized as per the requirements of students and their respective courses.
- Accessibility to get the required margin money (part of fees paid by students or their parents which is excluded in loan.)
- Loans required to pay is more than the collateral security
- Authenticity of the institution for which student has applied. (this is quite challenging in today’s world of changing education as decision lead to achieve the goal.)
- Ability to get digital access of loan account to enable transaction processing inclusive of electronic payments.