FINANCIAL REQUIREMENTS

One could readily argue that international education is relatively expensive, but on the flip side is ignorance which is even more expensive! An overview of the cost of studying in Australia shows that this is modest compared to institutions in the US and UK of comparable standards.

The cost of studying in Australia depends on the course of study, the level of study and the institution of study. As an international student, you will be required to pay your tuition and fees before you are issued your initial Confirmation of Enrolment (CoE) with which you can apply for a study visa. There may be additional course material fees and other fees to access institutional facilities, but these costs are transparent and will be spelled out on your offer or admission letter. The estimate below is a guide to what you will be expected to pay for Australian education. This excludes the cost of high end, high value courses such as veterinary medicine, dentistry and medicine.

It is imperative that you contact us for more specific information on tuition based on your choice of course, educational provider and country of interest. Email us today at info@careercrestedu.com.au for individualized assessment that meets your unique needs.

EVIDENCE OF FINANCIAL CAPACITY

Every student applying for a student visa would be required to demonstrate evidence of financial capacity to be considered for a student visa. For instance, a higher risk country (which many African countries are) visa applicant would be required to have funds to cover travel to Australia and 12 months’ living, course and (for school aged dependents) schooling costs for the student and accompanying family.

You must demonstrate genuine access to sufficient funds to cover costs and expenses for you and any accompanying family members for the duration of your intended study period in Australia. Be aware that meeting the financial requirement for a student visa is one of many criteria that an applicant needs to satisfy to meet eligibility requirements for student visa.

MINIMUM FUNDS REQUIREMENTS.

To meet the financial capacity requirement for an Australian student visa, prospective applicants must meet the following minimum costs and expenses threshold:

Travel cost for primary applicant and all accompanying family members (cost of airfare to and from Australia) Course fees for primary applicant for the first 12 months School costs of $8,296 for all school age dependents for the first 12 months (pro-rated where the period of stay in Australia is less than 12 months) Living expenses for the primary applicant and all accompanying family members. The migration legislation specifies minimum amounts for this category (subject to change periodically). The minimum living costs (pro-rated where the period of stay in Australia is for less than 12 months are:

Student or guardian: AUD $21,041
Spouse or de facto partner: AUD $7,362
Dependent child: AUD $ 3,152

Travel Costs

The following minimum travel costs apply under the Australian student visa financial requirements:

$2500 if you are applying from East or Southern Africa
$3000 if you are applying from West Africa
$2000 if you are applying from anywhere else outside Australia; and
$1000 if you are applying in Australia. If you will be returning to Africa, include extra $1,500

COURSE FEES

This aspect of the student visa financial requirement is based on actual course fee payable for the first 12 months of study in Australia, and not on ones intended length of stay in Australia. If the course is for a period of 12 months or less, then the total cost must be included. Any costs that have already been paid (for instance by way of tuition and fees) should be deducted. In this case, please provide evidence of payment such as a receipt or Confirmation of Enrollment (CoE)

TYPES & SOURCES OF FUNDS ACCEPTED FOR STUDENT VISA

You may meet the student visa financial requirement in a number of ways:

The funds can be held by persons other than yourself; however, in such circumstances, evidence must be provided to show that you have genuine access to the funds (e.g. letter of sponsorship).

There is also the option to demonstrate sufficient funds through your parent(s), spouse or de facto partner’s personal annual income. If your parent, spouse or de facto partner’s personal annual income is being used to demonstrate that the financial capacity requirement has been met, the annual income threshold is $62,222 for you as the primary applicant, or $72,592 if your spouse or de facto partner is included in the application. This means that you need to provide evidence that your parents or your partner had a personal annual income of at least $62,222 in the 12 months immediately before you apply. If you will be accompanied by family members to Australia, then you must demonstrate that your parents’ or partner’s income is at least $72,592. This evidence can be provided by way of official government documents such as annual tax assessments that have been issued in the 12 months immediately before the application is lodged. The Department of Home Affairs will not accept bank statements or direct evidence from an employer.

Note: You cannot include the annual income of the parents of your spouse or de facto partner for the purpose of meeting the Australian student visa financial requirements

EVIDENCE OF FUNDS PROVIDED BY SOMEONE ELSE.

If the evidence of funds are being provided by someone other than yourself, you must demonstrate genuine access to those funds. In this case, please provide the following evidence:

FOR LOANS YOU SHOULD PROVIDE: