Costs and Financial Aids

There are a number of facets to consider when budgeting for costs at university: tuition fees, accommodation fees, course expenses like textbooks and materials, and general living expenses.

Education Costs

According to Study in Australia, the official government site for international students, tuition fees per year for international students for an undergraduate bachelor’s degree range from AU$15,000 (US$14,005) to AU$33,000 (US$30,810); a postgraduate master’s degree ranges from AU$20,000 (US$18,673) to $37,000 (US$34,546); and a doctoral degree from AU$14,000 (US$13,071) to $37,000 (US$34,546). For an international undergraduate degree per year, ANU charges from AU$24,746 (US$22,830) for many Bachelor of Arts programs, to AU$59,573 (US$55,551) for Bachelor of Medicine and Bachelor of Surgery. For graduate level programs, annual fees are from AU$24,746 (US$22,830) for a few master’s programs and up to AU$31,601 (US$29,466) for the majority of PhD programs.

Tuition fees are generally calculated per unit, not per degree. Each unit falls into a fee band, and most students will be studying a combination of units from different bands, which means that the fees will be different for everybody. But some universities publish estimates, such as Australian National University (ANU – the top-ranking Australian university in 2013). As an international student, the tuition fees are payable before the study.

Living Cost

Living costs include accommodation, food and bills, and clothing as necessary, and will vary according to the lifestyle one pursues. The estimated annual cost for a single student living in Australia comes to a total of approximately AU $18,610. As a general guide, the average international student in Australia spends about AU $1,550 per month (approximately AU $390 per week) on accommodation, food, clothing, entertainment, transport, international and domestic travel, telephone, and incidental costs (AU $18,610 per year).

Financial Aid

Each University has different amounts that a student can borrow for long term loans. Long term financial aid loans are for the following uses:

• Class costs
• Living costs
• Other school related costs
  

Evaluation Criterion for Students Loans:

Applicants for Financial aid are looked at by a University Student Loans fund committee. The University Fund committee looks at:

• Student’s personal income and well as his or her parent’s income
• Require the student to submit their expenditure for the upcoming school year i.e. demonstrated financial need
• Academic results and school progress
• Citizen or eligible non-citizen of the country
• Not be in default on any other federal loan
  

It is imperative for prospective students to be well devised with their financial budgeting and future prospects.

Guarantor:

For International Students, a guarantor from the student home country such as mother or father will most likely be acceptable for a majority of the Australian Universities.  A guarantor is somebody who gets full responsibility to pay back the debt of the borrowed loan if the student is not able to repay the loan sum. A guarantor must be at least 21 years of age and must have full time employment or have enough assets to pay off the loan.

The significant thing about financial assistance from Australian Universities is that Loans granted to students are interest-free up to the agreed upon repayment date. Interest is charged to a student total amount of an overdue payment.

How to Apply for Financial aid

Every University has their own way to apply for financial aid. Contact the prospective University by phone for more information or go the Universities website and locate financial aid and/or loan information sections.

Scholarships

A scholarship is a financial award given to a student on the basis of academic accomplishment and promise.
There are assortment of scholarships provided by the Australian government, individual educational institutions, and other organizations that target specific fields of study or students from various regions of the globe.

Some of the major scholarships programs available for international students:

• Australia Awards - The Australia Awards aim to encourage cognition, education links, and enduring ties between Australia and the neighbors through Australia's extensive scholarship programs. Australia Awards are prestigious international scholarships and fellowships funded by the Australian Government offering the next generation of global leaders an opportunity to undertake study, research and professional development. The program brings together scholarships offered by the Australian Agency for International Development (AusAID), the Department of Industry, Innovation, Climate Change, Science, Research and Tertiary Education (DIICCSRTE) and the Australian Centre for International Agricultural Research (ACIAR).
  
  
• International Postgraduate Research Scholarships - The International Postgraduate Research Scholarships (IPRS) program focuses on improving the quality of Australian research. If you already have a graduate qualification, an IPRS scholarship lets you study in Australia with some of the best researchers in your field.
  
  
• JASON (Joint academic scholarships online network) - JASON is a postgraduate scholarship search engine. Scholarships in the database apply to Australian students wishing to study at home or abroad, and to international students wishing to study in Australia.
  

Australian Government Scholarships

Managed by the Australian Agency for International Development (AusAID) and the Department of Education, Employment and Workplace Relations (DEEWR), Australian Scholarships also include:

• The Endeavour Awards: The Endeavour Awards is a competitive, international, merit-based scholarship award program run by the Australian government for students of the Middle East and Asia-Pacific regions. With an emphasis on study, research, and professional development, the Awards give students the opportunity to advance their professional or academic careers.
  
  
• Australian Leadership Awards (ALA): Specifically for students who are in a position to positively affect social and economic conditions of their home countries. ALAs are postgraduate scholarships that allow students to focus on specialized research. Students who are granted an ALA are required to return to their home country or region for at least two years after study completion. In addition to scholarships, the Australian Leadership Awards (ALA) offer Fellowship programs which are intended as short term study opportunities for research and learning.
  
  
• Australian Development Scholarships (ADS):  ADS gives students the tools to create positive changes.  It is geared towards arming students with the skills to aid governance, human growth, and economic development in their home countries. ADS provide opportunities for students in underdeveloped countries to study full time in Australia in undergraduate or postgraduate studies.
  

Other sources of scholarships include charitable organizations and educational institutions. Most of these must be applied for in the student's home country.