Studying abroad can be an expensive affair but planning your budget smartly can help you get a hold on your finances effectively. Before you depart from India, ensure that you consider expenses like accommodation, food, health coverage and travel along with your tuition fee when calculating the estimated cost of studying in Australia. This will help you plan your budget more effectively.
1. Tuition fee is your prime expenditure
Your expenditure on tuition fee depends on the type of qualification and the university or school you opt for. For instance, veterinary and medical degrees cost substantially more than other degrees. The average tuition fees at one of Australia’s tertiary institutions ranges between AUD 20,000 and AUD 30,000 a year.
|S.no.||Study Program||Average fees in AUD*|
|1.||School||$7,800 to $30,000 annually|
|2.||English language studies||$350-450 weekly (varies as per course length)|
|3.||Vocational Education and Training (Certificates I to IV, Diploma and Advanced Diploma)||$4000 – $22,000 annually|
|4.||Undergraduate Bachelor’s degree||$15,000 – $35,000 annually|
|5.||Postgraduate Master’s Degree||$20,000 – $42,000 annually|
|6.||Doctoral Degree||$20,000 – $42,000 annually (attractive scholarships up to 100% available with living grants on meeting the university requirements)|
*Please note all figures are indicative
Most commonly, courses in humanities, arts and education are a little cheaper, while subjects such as medicine and engineering are likely to be more expensive. If you wish to study at a postgraduate level, the tuition fee is typically higher, and the costs vary depending on the program. If you want to bring down your educational expenses, it is best to apply to various scholarships available for Indian students.
2. Where will you live? Calculate accommodation costs
Most universities in Australia offer on-campus residence facilities to international students. You can also opt for off-campus accommodation wherein you can share apartments with other students from India or stay with a local Australian family. The rent is usually paid every two weeks in advance. Remember, the rentals vary from city to city.
|Accommodation type||expenses (Indicative)|
|Hostels and Guesthouses||$90 to $150 per week|
|Shared Rental||$95 to $215 per week|
|On-campus||$110 to $280 per week|
|Homestay||$235 to $325 per week|
|Rental||$185 to $440 per week|
|Boarding schools||$11,000 to $22,000 a year|
3. Cost of your student visa
To study in Australia, the first step is to secure a valid student visa that comes with its own costs (approx. AUD 606). Feel free to consult your IDP counsellor for latest updates and information on the visa application process and related costs.
Read more: All about Australian student visa
4. Living expenses
You need to keep a little money aside for your grocery shopping, social activities, and emergencies. When living in a foreign country as a student, it is better to keep track of your expenditures so that you do not overspend. According to the Australian Government, general living expenses amount to $21,041 per year. An international student spends between $20,000 and $27,000 per year (given your living arrangements and personal choices).
You should also consider these common expenses when creating your budget:
|Living expenses||Weekly budget (indicative)|
|Groceries and eating out||$140 to $280 per week|
|Gas, electricity||$10 to $20 per week|
|Phone and Internet||$15 to $30 per week|
|Public transport||$30 to $60 per week|
|Car (after purchase)||$150 to $260 per week|
|Entertainment||$80 to $150 per week|
5. Keep safe. Consider health support and insurance
It is mandatory for all students scheduled to travel to Australia from India to get medically insured before the commencement of their program. The average cost for medical insurance ranges around AUD 500 a year (indicative). Extensive health and support services are readily available for all Indian students in Australia. IDP can help you get the right Overseas Student Health Cover (OSHC).
6. Transportation. Know how much it will cost to move around
Unless your institution provides a shuttle service to-and-fro from your lodging, you’ll have to rely on the available public transport.
|For short distances||You can make use of regional trains, buses, and trams. A short ride on a bus or train can cost you around AUD 3. You can get a weekly pass upwards of AUD 20 or a monthly pass for AUD 80. Student discounts are easily available in all states and territories apart from Victoria.|
|For long distances||For travelling between different cities, you can avail any of the following options:
7. Don’t ignore your taxes
Indian students in Australia cannot work without acquiring their Tax File Number (TFN). With this, you are allowed to work 20 hours per week during academic sessions and full-time during vacations. If you choose to work along with your studies, your earned income will be taxable.
Remember, the exchange rate variations may also affect your budgeting. We suggest you also look for a part-time job while you are studying in Australia or seek scholarships in the universities you apply to. This can help lower your cost of studying abroad to a great extent.
Content retrieved from: https://www.idp.com/india/study-in-australia/cost-of-study/.