Studying abroad is a dream for many, but funding your education in a foreign country, like Australia, can seem daunting at first. Proper planning and understanding the financial requirements are crucial to making your study experience stress-free and successful. Let’s explore how you can prepare financially, meet visa requirements, and make the most of scholarships and payment options like our Pay As You Learn (PAYL) model.
Understanding Financial Capacity Requirements
If you’re applying for a Student visa to Australia, the government requires evidence that you can support yourself financially. This includes:
- Travel Costs
Proof that you can cover airfare for yourself (and your family, if applicable). - Tuition Fees
You must demonstrate that you have enough funds to cover a minimum of 12 months of tuition fees. If you’ve already paid for your first year, this amount may not need to be shown in your visa application. - Living Expenses
A minimum of 12 months of living costs is required, including funds for any accompanying family members. For the primary applicant, this is typically AUD $29,710 annually. - School Costs for Dependents
If you have school-aged children joining you, be prepared to show evidence of their education costs in Australia.
Providing accurate and clear evidence of financial capacity is a key step in securing your visa, so start organizing these documents early.
Easing Financial Pressure with Scholarships
To help international students, two new scholarships are now available for 2025:
- The 15% Global Access Award: Supporting undergraduate and postgraduate students applying outside of Australia, this award offers a 15% tuition fee reduction annually.
- The 20% International Student Support bursary: Created to support our onshore international students, this award is available to both Undergraduate and Postgraduate students, 20% off tuition fees for up to three years.
- The 30% Australian Next Gen Award: Designed for offshore undergraduate students, this award provides 30% off tuition fees for up to three years.
In addition to these awards, our Pay As You Learn (PAYL) option ensures financial flexibility by letting you pay for one subject at a time. Combined with flexible delivery models, this approach helps students manage costs and focus on their studies without unnecessary financial stress.
Smart Financial Planning: Before and After Arrival
Before You Arrive:
Create a Budget: Calculate your expected expenses, including tuition, living costs, and travel. Add a buffer for emergencies.
- Explore Scholarships: Scholarships like the 15% Global Access Award, 20% International Student Support Bursary or 30% Australian Next Gen Award significantly reduces tuition fees, making education more affordable.
- Save Early: Prioritise saving for initial expenses, like your visa application, flights, and initial accommodation.
After You Arrive in Australia:
- Track Your Spending: Use apps or spreadsheets to monitor your weekly expenses and ensure you’re staying within your budget.
- Prudent Spending: Take advantage of student discounts for public transport, dining, and entertainment. Prepare meals at home to save on food costs.
- Part-Time Work: Working part-time can help cover living expenses. However, ensure that your work doesn’t interfere with your studies.
- Emergency Fund: Set aside a portion of your earnings as an emergency fund for unexpected costs.
Start planning today, and don’t let financial barriers hold you back. Explore scholarships, budget wisely, and prepare to unlock the doors to your future career.
