Beautiful ecosystems, picturesque islands and unique wildlife- Australia is known for its beauty and relaxing atmosphere. If you are someone who is looking for an adventurous cultural experience along with an excellent education system, this might be the best country for you to embark on a journey. Planning realistically is an intimidating yet exciting part of this journey and this guide will help you clarify what exactly are the ways to manage and make money for studying in Australia. What is even more lucrative for international students is the fact that there are options to settle there as a permanent resident as well.
Understanding the cost of studying in Australia
In order to truly have a grip on the estimated cost of studying in Australia, you should view this process as pre-arrival and post-arrival. Pre-arrival costs can include the following:
- Admission fee required for application
- Any expenses for the admission tests (GRE, GMAT, SAT) or language proficiency test (IELTS, TOEFL, PTE)
- Visa processing fee
- Flight cost
Post-arrival costs include:
- Tuition fees
- Accommodation cost and utility bills (include internet and cellphone service)
- Food and sustenance- living expenses
- Transportation cost
- Health insurance
We will look at the details of how much each of things can cost so you can be better prepared for your adventure to study in Australia.
Comparing tuition fees at different institutions
For different levels of education and disciplines of study, the tuition fees can vary. By looking at the tuition fees of the main disciplines taught at the best universities in Australia, you can calculate your expected expenditure by using the information mentioned below.
- Business- 34,200 AUD per year
- Medicine- 44,100 AUD per year
- Accounting- 34,200 AUD per year
- Law- 36,500 AUD per year
- Engineering Science– 40,100 AUD per year
- Business- 37,600 AUD per year
- Medicine– 38,100 AUD per year
- Accounting- 37,500 AUD per year
- Law- 34,600 AUD per year
- Engineering Science- 41,400 AUD per year
University of Adelaide
- Business- 46,200 AUD per year
- Medicine– 43,000 AUD per year
- Law– 46,000 AUD per year
- Engineering Science- 48,500 AUD per year
- Business- 37,600 AUD per year
- Medicine- 56,000 AUD per year
- Law- 45,000 AUD per year
- Engineering Science- 49,500 AUD per year
Australian National University
- Business- 46,680 AUD per year
- Accounting– 46,680 AUD per year
- Medicine- 53,300 for complete program
- Law- 45,360 AUD per year
- Engineering Science- 47,940 AUD per year
- Business- 57,000 AUD per year
- Accounting- 56,440 AUD per year
- Medicine- 85,120 AUD per year
- Law- 47,940 AUD per year
- Engineering Science- 47,940 AUD per year
Through the fee structure of these renowned universities, you can have an honest discussion with your family about the amount of money you will be requiring to complete higher education with your chosen field in Australia.
Estimating living expenses in Australia
Australia offers a high standard of living so the living expenses can be high. It is best to do your research before deciding to live over there. This is also required for the student visa application to prove your financial ability to support yourself. Your living expenses can be greatly reduced depending on the city you live in and the proximity of your campus to the area where you live. You will be spending around 1400 to 2500 AUD per month. One of the cheapest cities is Adelaide and Sydney is one of the most expensive places (check out this calculator to estimate your cost of living). Let’s look at the big chunks of your living expenditure while studying in Australia.
Finding affordable accommodation options
If you want to save money, considering an accommodation option with low rent can really help. These are your options for living as a student in Australia:
- Homestay: 450 to 1200 AUD per month
- Dormitories: 440 to 1100 AUD per month
- Rental apartment: 750 to 1700 AUD per month
- Shared rental apartment: 380 to 850 AUD per month
There are also different private hostels that are located close to the famous university campuses so remember to explore these shared spaces on the online student lodging websites which can help with homesickness by building a community. Basic utilities (water, gas, electricity and internet) can cost around 200 to 300 UAD per month.
Budgeting for transport costs
Daily commute eats up a student’s budget the most after the rent payment. If you’re lucky, your university might provide transport for you to go to university every day or you can avail the student discounts that the city government offers on the public transport passes (train, tram, buses and ferries) which cost 150 AUD per month on average.
There are also ride sharing services like Uber and Didi and online bike rental services that can help you save a lot of money.
The importance of health insurance for international students
Australia boasts a very efficient public healthcare system which is why it has a high life expectancy rate. When you move to Australia to study, you have to either opt for the Overseas Student Health Cover (OSHC) or any private insurance coverage program as a requirement for your student visa.
The best part of having this insurance is that you will not have to worry about any medical practitioner overcharging you for medicines or procedures as the OSHC will take care of all your medical needs (except vision, dental and physiotherapy services) throughout Australia.
Applying for scholarships and financial aid
International students are awarded scholarships based on their academic abilities, exceptional research work, choice of university in regional areas of Australia, belonging to a certain underrepresented group, financial barriers, etc. You can explore the scholarship options on the Australian government’s website. Scholarships are also offered by the universities you are applying to, international organisations (like the UN) and by your resident country, just make sure they apply to your discipline and nationality before you go ahead.
If you have experience working with community, it increases your chances of getting a scholarship but besides that, these are the general documents required by most scholarship applications:
- Personal statement
- A letter of offer
- Your employment history
- References or proof of English language proficiency
If you’re tired of scrolling through the online scholarship portals and it is only confusing you even more, hurry and book a session with our mentors to make a clear plan to finance yourself.
Managing exchange rates and financing options
When you are making a big investment for your education, exchange rates can really increase your tuition fees depending on the mode of payment. Most international payments are invoice based and they are ongoing payments that can add up to 7% of the main fee to the final payment. In order to resolve this problem, there are open banking payment solutions that can swiftly deal with this issue by locking-in the FX rate when the payment is made. You can explore this service at paymytuition.com.
If you haven’t been able to secure a scholarship but still want to pursue your study abroad plan, you can get a bank loan that you can pay off later.
Earning money through part-time work
As an international student, you are allowed to work up to 20 hours on a fortnightly basis and your minimum wage would be around 18 AUD per hour. This is a pretty reasonable way to make professional connections and earn money to get by while pursuing all these educational costs listed above. Nothing seems scary if you can imagine a plan to manage the situation with your hard work. Search the online job portals or look in local newspapers for these jobs. Here are some common jobs for part time international students in Australia:
- Delivery person
- Personal trainer
- Head server at restaurant
- Travel agent
- Sales representative
You will be protected by the law as a part-time worker and be provided with a safe and healthy environment to work in. Unfair dismissal can also be challenged. Besides these jobs, you can also find jobs being offered in the administration of your university or as a teacher’s assistant. This will be beneficial because it will help you save on commute costs.
Comparing the cost of studying in Australia to other countries
Although many countries offer high-quality education, there are some things regarding the cost of this international education that make it a popular option with international students:
- The tuition cost of Australian universities is not too high or low. Compared to Australia, the UK and US are more affordable but New Zealand and Canada are more expensive. However, the crime rate in Australia is much lesser and you are also allowed to work for 40 hours in 4 weeks, off-campus in fields that are not related to your profession. This option is not available in the US.
- If you are applying to Canada, the living cost in Australia is much cheaper than in Canada so this will help you save.
Assessing the potential return on investment for your studies in Australia
The return on investment for your education in Australia can be made easily by comparing the options that will open up for you through this effort and investment. While you will also get international exposure and make connections, you will also be given a chance to permanently settle in Australia and improve your standard of living. The salaries in Australia are 28% higher than in the UK and there are more job opportunities as well.
If you have a deep interest in your field and it gives you contentment then pursuing a well-paying job in Australia in that field would be the perfect scenario for you. Weighing the options can be hard when the future is still invisible so book a session now with our mentors and clear out any misunderstandings about the application process.