Financial Aid For International Students In Australia
Studying in Australia as an international student is a very cost-intensive venture.
For you to be able to properly manage your finances and cost of living as an international students in Australia, you have to be able to budget and plan ahead of time.
The first step you need to take to be able to identify all the costs that are involved in studying and living in Australia.
Then you have to be able to work out what portion or part of this cost you are able to afford yourself or maybe with support from family.
Once you have worked it out, then you can start looking at how to get financial support or aid for the part of your costs that you will not be able to fund by yourself.
Tip – Have a budget to stay on top of your cost of living.
As an international student, you are not only looking at the cost for your studies, you are also looking at the cost of living,
This would include, cost for things such as your everyday living expenses, transportation, insurance and also the medical expenses.
When it comes to your school tuition, a very good way of getting an idea of how much it will cost you is by making enquiries with the institution of your choice.
You can also have a look on their admission catalogues or website for tuition information relating to the course of your choice.
Once you have an idea of how much your studies, you can now begin workout other living expenses that adds up to you make up your cost of living as an international student.
The cost of living in big city area is generally more expensive than living in rural or small town areas.
So for example, renting an apartment big city area would be more expensive than renting the same kind of apartment in a small town.
The same principle also applies to all the things that you need to pay for such as, transportation, food, entertainment and so on.
Budgeting is a continuous process so you have to always be on top of your costs to identify what they are and any new costs as they arise.
This way, you can factor all these into your general budget so that you don’t get any surprises with your living expenses.
It’s always a good idea to have some savings and have something to fall back on. This is the reason why you should not solely rely on money you earn from working in Australia as an international student.
The reason for this is that , depending on the type of work you do it might not be a stable source of income to cover your cost of living depending on the nature of your work.
“Budgeting is a continuous process so you have to always be on top of your costs to identify what they are and any new costs as they arise.“
Sources Of Funding
Obtaining funds for your studies in Australia as an international student and also been able to pay for the cost of living can be a very difficult and tricky experience.
This is due to the fact that the cost of living including the cost of education is increasing on a yearly basis.
As a result, many students are finding it difficult to be able to meet their financial obligations when it comes to paying their tuition and also paying for the cost of living as international students.
This is why we will be looking at the sources of funding that may be available to you as an international student.
This way you can be able to explore all the possible options available to you when it comes being able to meet your financial obligations as an international student in Australia.
Your home country might be a good source of funding.
Source 1 – Funding From Your Home Country
You might be able to source some funding or financial help for your country of origin.
The best thing to do in this situation is to investigate and research the possible funding options you have in this area before leaving your home country.
The sources of usually include funding from organisations in your home country or from your country’s government.
You should look into their requirements and conditions as some of them may include conditions that you have to return to your home country
After you finish your studies if you’re given financial aid by these institutions or Government.
So you need to pay close attention to whatever conditions are attached to any financial aid that you are obtaining from organisations and Governments in your home country.
Source 2 – International Organisations
There are many international organisations that grant financial aid to international students.
So it might be worth your while to have a look and research this type of financial aid the requirements or conditions that you must meet for you to get access to them.
Some examples of these international organisations are:
- The Fulbright Commission
- The United Nations
- World Council of Churches and
- The World Health Organisation.
Do take note that some of these organisations require you to apply From your home country so plan ahead so that you’re able to apply on time and not miss any important deadlines.
Source 3 – Australian Higher Institutions
Australian Higher Institutions also offer financial aid to international students.
However, this is a very competitive exercise and you have a better chance of getting financial eat as a postgraduate student when compared to an undergraduate student.
You need to plan ahead to get the information you need to be able to make an application for financial aid by contacting the relevant institution.
It is a good idea to request information related to financial aid at the same time as when you’re requesting information for admission from your higher institution of choice.
Universities Offering International Students Loans
Here are some top Australian universities that offer financial loans to international students:
- The University of Queensland – there are two types of Stafford loans available at this university.
- Subsidised Stafford loans – only undergraduate students can apply for this loan. The student must study at least half-time during the grace period and an authorized deferment period to be able to take this loan. The loan repayment starts after six months of graduation or from when you withdraw from the study or drop below half-time enrolment.
- Unsubsidised Stafford loans – all students can take this loan as it is not based on financial need. Interest is payable on this type of loan during all periods starting from the first disbursement. Repayments can be made by paying minimum monthly interest payments while you are in school or when the repayment period begins during which interest is capitalized and may cause your monthly repayment amounts to increase. Loan limits for Staffords loans are an aggregate of $31,000 per year for dependent undergraduates and an aggregate of $57,000 for independent undergraduates.
- GRAD Plus – for graduates and requires an eligible co-signer
- Parent Plus – allows parents to take out loans for the expenses of their undergraduate children.
- Murdoch University
- William D. Ford Direct Loans – This provides US citizens with different loan options such as the Direct Subsidised Loan, Direct Unsubsidised Loan, and Direct PLUS loan.
- Canadian Student Loan – This is on offer to students that are part of either CSLP (Canada student loan program) or programs offered by territorial governments.
- University of Melbourne
- Short term loans – Here students can borrow up to $10,000 for a period of six months maximum. This loan usually covers the students’ expenses and interest is not payable charged and no guarantor is required.
- Long-term loans – This provides a maximum amount of $5000 as a loan on offer to new students to help to cover unexpected costs and expenses related to studies.
- University of Western Australia
- General purpose loan (requires Australian or International guarantor).
- Emergency Australian Student loan (no guarantor)
- Short-term international student loan (no guarantor)
- Overseas study loan (Australian or International guarantor).
There is more financial aid from other Australian higher institutions. You can always make enquiries with the higher institution about these loans.
Source 4 – Student Exchange
You could also look into the option of student exchange.
The first thing you need to do Easter find out from your home institution what the requirements are for going with this option.
If you’re able to go down this road it might be a cheaper option for you.
You can also contact the international students office of your school of choice to find out more information.
If you have any questions about this topic or you need help with how you can study, live and work in Australia, you can book an appointment with us at YouEnrol.
We offer a free no obligation discussion where we help you to get started on your journey to studying in Australia the right way.
Request A Free, No Obligation Consultation
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