Budgeting and Financial Aid - International Students
Budgeting
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.
According to
Study in Australia, the official government site for international
students, tuition fees per year for international students at different
levels are:
- Undergraduate Bachelor’s Degree range from AU$15,000 (US$14,005) to AU$33,000 (US$30,810);
- Postgraduate Master’s Degree ranges from AU$20,000 (US$18,673) to $37,000 (US$34,546);
- Doctoral Degree from AU$14,000 (US$13,071) to $37,000 (US$34,546).
For
an international undergraduate degree per year, Australian National
University (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
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).
Types of Financial Aid
i. Student Loan: Hitting the
books overseas is expensive, and many students struggle to fund their
international studies. A Student loan can cover up to the total cost of
attendance, as determined by your school, minus any other assistance
received. Few of the costs your international student loan will cover:
- Tuition
- Room and board
- Books and supplies
- Travel and transportation
- Health insurance
- Living expenses
ii. Scholarship: 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.
iii. Income Support & Bursaries:
Income support & Bursaries are necessary to enable the broader
participation and eventual success for many students. Student Income
support include Youth Allowance, Austudy and ABSTUDY.
iv. Youth Assistance: Youth
Assistance offers financial assistance for young people who are
studying full time, undertaking a full-time Australian Apprenticeship or
training, looking for work or sick.
Financial Aid Uses
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.
Important Note: Scholarship amount, its applicability and giving criteria may change with time which is a matter to decided by administering authority.
Note: The figures mentioned here are in approximate. For latest updates contact your
school in Australia.