The dream of studying abroad is becoming more promising for students in the 21st century. Thanks to the international universities, which have opened doors for students from overseas to excel in their academics and career as well.
Unlike early centuries studying abroad in the present scenario is easy and convienent, but the big challenge lies when it comes to financial affordability, the common hurdle for many international students.
Pursuing education in Australia may prove expensive for student as he/she requires to meet living expenses along with the education fees.
Funding is a continuous process and during this stage it is inevitable for any student to work on a budget, which includes tuition fee, accommodation, transportation and living expenses.
Student can get a general idea about the budget if they go through the catalogs provided by the university.
Besides this, we also have few guidelines on financial assistance offered for students to tackle the financial crisis.
1 Few Australian universities offer deductions in tuition fee
Many Australian colleges and universities offer financial aid for international students. However, there is limited financial aid for undergraduate study than the graduate study.
Private institutions can avail discount on tuition. Student is expected to request information about financial aid when he/she obtain an application form from the institution's admissions office.
In some instances, it may be possible for you to participate in a formal exchange between your home institution and the institution you wish to attend in Australia.
You can get more information on such exchanges by contacting the international student offices or the corresponding office at your institution. This kind of person-for-person exchange can reduce expenses in some instances.
2 Loans for international student in Australia
Studying overseas is expensive hence student have to rely on loans to fund on their education. Students looking to study in Australia have to visit International Student Loan.com, which offers various loan programmes to study around the world.
Scholarships and grants, which are available are very competitive and rarely cover all of your expenses. A loan can cover up to the total cost of attendance as determined by your school, minus any other aid received.
Few of the international student loan will cover the following cost: Tuition,room and board, books and supplies, travel and transportation, health insurance, living expenses.
If the student has already been awarded financial aid and still coming up short then the international student loans will cover the difference or it cover the total cost of your education.
3 Scholarship for international students in Australia
College scholarship and international scholarship are the best financial resource for students wishing to study abroad. Students can obtain grants, scholarships and loan programmes in their pursuit to study abroad.
There are many resources available for students to apply scholarships and many services, which charge students to get access to scholarship database or to conduct a scholarship search on students behalf.
There are many other scholarship resources available online for free. International Scholarships.com is one of the websites, that offers a free scholarship search.
- Eligibility for scholarship
There is no general rule of thumb on whether you are eligible for a scholarship and the eligibility depends on the scholarship you are entitled to. Scholarships eligibility requirements may include: TOEFL score, particular country, specific GPA. Student need to do your their research to see if the eligibility for scholarship.
- How to apply for scholarship?
If student finds a scholarship that he/she eligible for, contact the award administrator of that award. All the scholarships found in the InternationalStudent.com scholarship search contains contact details of the award administrator.
It is difficult to arrange for more financial aid after you arrive at an institution. If you are a graduate student and are awarded with scholarship, better to have clear picture on what does the scholarship include and what you will be expected to pay form your own pocket. Besides this, you also need to check on what portion of scholarship is taxable and include the necessary taxes in your budget.
4 Part-time work in Australia
Working in Australia while studying is another option for international students to get rid off financial crisis. Students studying under student visa in Australia are allowed to work part-time (up to 20 hours a week) during their studies. Since people in Australia under student visas are required to study full-time, they are not allowed to work more than the specified time unless they have special permission. If student work more than part-time student visa may be revoked.
Tips on budgeting your finance in Australia
Managing your finances is an important aspects of a successful academic studies. The challenge begins when you start dealing with a new currency and cost of living.
When you are admitted to an Australian institution, take a clear look at the budget and prepare a list on estimated expenses, that helps you to overview all your possible expenses.
Your budget list should include general expenses such as, tuition fees, rent, meals (board), health insurance, books, transportation, communications, clothes, personal expenses, family expenses recreation, travel and taxes.
1 Figure out funds available to schedule trip
The first step in preparing a budget is to figure out the amount of money you will have for the duration of your trip. Knowing your total budget will make it far easier for you to itemize expenses later on.
2 Convert currency
Convert the currency according to your estimated budget. Make sure the the converted currency should match the budget you are estimated.
3 Categorise budget list on priority
The next step is to figure out the basic requirements such as tuition, housing accommodation, food, transportation, books and lab fees for your courses. You have to set aside 10-15% of your budget for emergencies.
After listing out the basic requirements you can figure out other amusement expenses like excursions, nights out, and souvenirs.
The estimates provided by your school are usually accurate, and international students are expected to have funds to cover the full amount shown.
4 Stick to budget list
Following the budget list promptly will sure make your life easy in abroad. But it is not possible all the time. Proper planning and few tips enables you to manage the budget.
- Prepare meals on your own rather than eating out.
- Plan your outings around free, discounted, or otherwise inexpensive activities.
- Always be careful of your belongings, particularly cash, credit and debit cards, and your passport.
- Losing any of these things while abroad is hassling.