Nov 15, 2022
Seven Australian universities are among the top World’s 100 as per the QS World University Rankings 2023, garnering a lot of interest from students wanting to make Australia their desired place for Overseas Education. This leading destination for international students is bolstered by the Group of Eight (Go8) universities, which are among the world's best due to their focus on research.
As a result of its robust educational system, global reputation, booming cities, fantastic technology, stable economy, and high standard of living, Australia attracts many international students. The cost of education in Australia will vary based on factors such as the chosen university, the level of study, and the chosen study location in Australia.
So, in this article, we will have an insight into all the factors to be considered for your financial planning to study in Australia.
To begin with, let us look into the Annual Tuition Costs in Australia for International Students. The average annual cost of a master's degree in Australia is between AUD 25,000 to AUD 50,000, whereas the cost of pursuing a bachelor's degree in the country ranges from AUD 24,000 to AUD 45,000. See the cost of attending some of Australia's different course levels in the chart below:
|Course Level||Average Yearly Cost|
|Bachelor’s Degree||AUD20,000 to AUD45,000|
|Master’s Degree||AUD22,000 to AUD50,000|
|Doctoral Degree||AUD18,000 to AUD42,000|
This is a range of cost to study which will surely vary from university to university.
Let us now investigate the living costs. Here are some of the expenses you might anticipate while living and learning in Australia.
The cost of living in Australia varies for international students depending on where they live and how far they commute. Students can better prepare for the financial commitments associated with studying in Australia if they have a good knowledge of the typical costs involved.
The following prices are meant solely as a rough estimate, as they do not consider your financial situation or spending habits.
Guesthouses and hostels: AUD90 - AUD150 Per week
Monthly Rent: AUD45 - AUD105
Live on campus: AUD110 - AUD280 per week
Homestays: AUD235 - AUD325 per week
Rent: AUD185-AUD440 per week
Boarding schools: AUD11,000 - AUD22,000 per year
Sharing or temporary housing is the best way to reduce monthly housing expenses.
Weekly cost of groceries and eating out: AUD140 to AUD280
Electricity and gas cost: AUD10 to AUD20 per week.
Phone and Internet: AUD15 to AUD30 weekly
Public transportation: AUD30 to AUD60 per week
Car (Note: Post Purchase): AUD150 to AUD260 per week
Entertainment: AUD100 to AUD200 a week
For better financial planning, we will also have to consider the costs incurred before departure and those incurred once in the country.
The cost of standardized tests, application fees to universities, visa fees, and flight costs, all figure into the preliminary expenses. This will amount to almost AUD 3,000 before you set foot in Australia.
Therefore, the total annual expenses for an international student in Australia beyond the tuition cost is AUD 35,000. It covers lodging, food, transportation, internet access, and other incidentals.
Students who have been accepted into an Australian University and wish to enter the country legally to pursue their studies must first get an Australian Study Visa. The base application fee for a subclass 500 Australian Student Visa is AUD 650, plus an additional AUD 485 (if over 18) or AUD 160 (If under 18).
The financial criteria for an Australian student visa are strict. The Department of Home Affairs routinely asks for evidence that you have enough money to support yourself while in Australia.
Having understood all the required cost factors let us now look into the aspect of how you can try to lessen the cost burden. One of the biggest contributing factors here will be scholarships. So, here’s an overview of some Australian Scholarships.
The Australian government, public and private colleges, and higher education institutes all give scholarships to international students who demonstrate academic merit. These can help Indian students lower their total cost of study in Australia.
RMIT’s Future Leaders Scholarship: Students from India, Sri Lanka, Bangladesh, Bhutan, Nepal, or Pakistan who have been accepted into a Bachelor’s or Master’s by Coursework Program beginning with the 2023 intake at RMIT University are eligible to apply for this grant. The upside of this scholarship is that a 20% tuition fee reduction will happen for the program duration outlined in your offer letter.
UNSW's Future of Change Scholarship: Indian undergraduates and graduate students who participate in the program for at least the required period will get a yearly stipend of AUD 10,000. This scholarship is awarded annually according to merit.
Macquarie University’s South Asia 10,000 AUD Early Acceptance Scholarship: Full-time international students who are starting an on-campus Bachelor's or Master's (coursework) program are eligible to apply. You should be a citizen of South Asian Nations (Bangladesh, Nepal, Pakistan, India, and Sri Lanka). Note that a credit of AUD 5,000 will be done each session.
If you are eligible for any of the scholarships it will be great and another way of covering some expenses will be Part-Time Work. Let’s look at that now.
International students in Australia are permitted to work 20 hours per week during the academic year and 40 hours per week during the academic semester breaks. This is beneficial for two reasons: first, it reduces the financial strain of attending university in Australia, and second, it provides valuable experience working in a different nation.
However, students must pay taxes on their earnings while attending school. A Taxpayer Identification Number is required (TFN). The only acceptable method of applying for a TFN is through the official website itself. Over the threshold of AUD 18,200, all earnings are subject to taxation.
A couple of the tax brackets are as follows:
To sum up we’ve got an overview of the cost to study in Australia and a few ways in which the expenses can be lowered if possible.
The Cost of Education & Living and the ways to get financial stability in Australia are covered in this article, the second stage comes where you need a guide, who has done this process of assisting Study Abroad Aspirants before.
KC Overseas Education is your one-stop solution for Studying in Australia. Right from application to visa processing, we cater to all the needs of an Overseas Education Aspirant.
Learn more about Study Abroad Opportunities in Australia from the best study abroad consultants, KC Overseas Education.