Australia is among the preferred international education destinations, ranking 3rd highest in the world, with 8 of its universities ranked within the global top 100. However, international students have to be prepared to incur substantial costs. This is a major consideration given Australia's cost of living, as financial planning is an absolute necessity to obtain quality education.
As stated by the Department of Education in Australia, international student enrollment is expected to rise, with a projection of over 580,000 students in Australia by 2023, owing to the country's splendid post-study work norms and overall lifestyle.
Tuition Costs for Overseas Students in Australia
Undergraduate Degree Fees
- Arts, Education, and Humanities fields: AUD $ 20,000 - 25,000 per annum
- Science, Engineering, and Technology fields: AUD $ 25,000 - 35,000 per annum
- Business and Management: AUD $ 25,000 - 35,000 per annum
- Medicine and Health Sciences: AUD $ 35,000 - 60,000 per annum
The average undergraduate degree is completed in 3-4 years which means an approximate total tuition expense of around AUD 60,000–240,000.
Postgraduate Degree Fees
- Master's by Coursework: AUD $ 25,000 - 40,000 per annum
- MBA Programs: AUD $ 35,000 - 80,000 per annum
- Master's by Research: AUD $ 20,000 – 42,000 per annum
- Doctoral Programs (PhDs): AUD $ 18,000 – 42,000 per annum
Postgraduate coursework programs are usually 1-2 years while research-based programs typically take 3-4 years.
Vocational Education and Training (VET)
- Certificates I-IV: AUD $ 5,000 - 10,000 for each program
- Diplomas and Advanced Diplomas: AUD $ 10,000 - 20,000 for each program
The duration of these programs is generally between 6 months to 2 years and can lead towards university degree pathways.
English Language Courses
- Full-time English Programs: AUD 300–400 per week
- English Courses for Academic Reasons: AUD 3,000–5,000 for 10-12 week course
Detailed Overview of Living Expenses
Accommodation Rent
- On-campus housing: AUD 150–300 per week
- Shared off-campus rental: AUD 150–300 per week
- Private rental: AUD 250–550 per week
- Homestay: AUD 250–350 per week (usually including some meals)
Housing costs in major cities like Sydney and Melbourne are significantly more expensive than in regional areas.
Expenses Related to Food and Grocery:
- Preparing meals at home requires purchasing basic groceries which costs approximately AUD 80–150 per week.
- Eating out occasionally adds roughly AUD 50–100 a week.
- Meals at the university cafeteria cost AUD 10–20 each.
Transport Expenses:
- Concession public transport passes cost AUD 15–30 per week.
- Purchasing a bicycle is a one-time expense estimated between AUD 100–400.
- Ridesharing services are charged at AUD 15–30 per trip.
- The purchase of a vehicle with ongoing operational expenses is estimated at AUD $5,000 AUD plus insurance, registration, and fuel.
- Most full-time students are eligible for concession rates on public transport, greatly reducing this cost.
Utilities and Internet
- Electricity and gas: AUD 20–40 per week (per person in shared housing)
- Water: Often included in rent, otherwise AUD $10 per week
- Internet: AUD 10–20 per week (shared)
- Mobile phone plan: AUD 15–40 per week
Financial Planning For Studying In Australia
Step 1: Work Out The Specific Program Tuition Costs (6-12 months before enrollment)
- Look for 3-5 programs that are aligned with your academic interests.
- Look up the fee for international students on the respective university's webpage.
- Remember to include annual increments (most often: 2-5%) in tuition fees.
- Work out the total costs for the program's tuition.
- Consider application costs (for overseas universities, fees range between AUD50 to AUD100 for every institution).
Disclaimer: While searching for the tools, apply for the most precise details using the specific program sections on official university pages instead of general tuition forecasts because it can greatly differ between programs.
Step 2: Investigate the living costs of the area you will be traveling to (4-6 months prior)
- Search for international student groups on social media for the universities you are targeting.
- Look up current listings for rentals on Domain.com.au or Flatmates.com.au.
- Inquire about the rates for on-campus accommodation with the university's housing office.
- Estimate how much food will cost on a weekly basis depending on your dietary habits.
- Look into what the chosen city has to offer in terms of public transport.
Step 3: Plan Initial Settlement Costs (3 - 4 months prior to departure)
Everything on the list below is covered for settlement's one-off expenses:
- Domestic Flight- AUD 1,000–2,500 (Depending on the origin of the flight)
- Temporary Accommodation - AUD 500–1,000 (For 1 to 2 weeks while searching for permanent housing)
- Accommodation Deposit - AUD 600–2,000 (4 weeks of rent is standard)
- Basic Housewares - AUD 500–1,500
- Transport and Mobile Phone Accessories - AUD 200–300
"It is highly recommended to set aside at least AUD $2,000 for any initial unexpected expenses during the first month, as they tend to be much higher than what is initially estimated," states Dr. Elaine Wong, International Student Support Coordinator at University of Queensland.
Step 4: Investigate Employment and Earning Possibilities (2-3 months prior to departure)
During the semester, student visa holders may work a total of 48 hours per fortnight:
- Investigate what students usually earn per hour (on average, between AUD 20 and AUD 30)
- Determine potential monthly earnings by assuming 20 hours of work every two weeks.
- Look into the peak hiring period for your destination city.
- Draft a basic Australian CV before arriving.
- Think about asking to come in 2-4 weeks before class begins to increase the chances of getting employment.
Step 5: Explore Financial Aid Options (3-6 months prior to applications)
- Learn more about government funding through the Australia Awards scholarship program.
- Look into university specific international awards.
- Look into scholarships offered in your home country for studying abroad.
- Investigate whether potential employers or industry associations offer sponsorships.
- Consider education loans offered by your home country for studying abroad.
Timeline to Apply for Financial Aid
- 12 - 18 months prior: Look at various scholarship options
- 10-12 months prior: Gather necessary application documents (transcripts, standardized test scores, essays)
- 8-10 months prior: Apply to the scholarships (due dates are usually 6-9 months prior to the start of the program)
- 4-6 months prior: Decisions on the scholarships will be announced
- 2-3 months prior: End acceptances and finish up scholarship obligations
"Students fail to receive information that is available to them, this loss of aid goes to ineffective planning and a failure to integrate timelines that set in earlier than admission timelines." said Emma Roberts, Scholarship Advisor at University of Sydney, Australia.
Strategies to Reduce Study Cost in Australia
Look Into Subsidized Australian Universities
- Paying less: A lot of institutions in rural areas charge 15-30% less than metropolitan universities
- Living for Less: Housing and everyday expenses can be as much as 20-40 percent cheaper
- Scholarships for lower educated regions: like Destination Australia scholarships
- More post-study benefits: added post-study works rights available for those who studied in regions
There are universities that are located in Wollongong, New Castle, Toowoomba, Geelong which offer relatively lower tuition fees without compromising the value of education.
Conclusion:
While studying in Australia is a huge financial commitment, with meticulous walking, planning, and applying proactively to top scholarships, it can be much cheaper than the figure suggest at first glance.
Achieving the goals set out requires detailed execution through properly managed finances backed up through comprehensive research done prior to arriving, coupled alongside steady and realistic expectations to put in the most effort into budgeting.
In Australia, the qualification is highly regarded worldwide for one's career and for job prospects even amidst the rising costs. The nation still stands out for its world-class education and post-study employment opportunities and multicultural environment making it an enticing career path for international students.
From scholarship applications to regional study options, the guide enables planning of the Australian education journey in a financially sustainable manner.
FAQs
Q: What is the minimum amount of money I need to show for my student visa application?
A: You need to show the ability to reach at least AUD 21,041 (current of 2023) per year for living expenses, then there are tuition fees and travel cost. This amount is updated every year.
Q: Is it possible for international students to open up bank accounts in Australia?
A: Certainly, most of the Australian banks permit international students to open accounts before coming to the country. You will need your passport, student visa, and enrollment confirmation.
Q: Are textbooks expensive in Australia?
A: New textbooks have an average price of AUD $50-200, but many students save money by buying used textbooks, using them from the library, sharing with other students, getting copies online, or using open educational resources.
Q: How does Austrailain education fare in terms of financial commitment as compared to other countries?
A: Studying in Australia is generally more expensive than Asia and some parts of Europe, at par with Canada, and somewhat cheaper than the US or UK in terms of similar quality institutions. However, the post study work rights in Australia are usually more favorable than competitive countries.
Q: If my family joins me in Australia, are they able to work?
A: Yes, dependants on the student's visa can work up to 48 hours per fortnight if you are on a master's or doctoral degree. Family members are capped at the same hours as well for undergraduate or vocational students.
Students Testimonials
"I budgeted perfectly for tuition and rent but completely underestimated how expensive groceries and eating out would be in Sydney. Establishing meal prep routines saved me at least $100 per week."—Mei Chen, Business Student from Malaysia, University of Sydney
"Everyone told me that I'd find a job easily, but part-time work took me almost two months to secure. It was crucial to have enough savings to cover the first semester without any income."—Carlos Rodriguez, Engineering Student from Colombia, RMIT University
"I chose University of Newcastle over universities in Sydney, and my overall costs have been about 30% lower."—Anonymous Student
