Why do international students need to show the availability of funds?
To apply for a Student Visa in Australia, international students need to have enough money to pay for their tuition, travel, and living costs. The funds should cover you and your accompanying family members if any, while you are in Australia for study.
One of the main reasons behind this rule is that the Australian government wants that international students, aspiring to study in Australia, should get the most out of their education. A strong financial backbone will ensure that they have less chance of getting into any financial stress. As a result, it will place them in a better position to get involved in their university career.
The government also wants to ensure that it doesn’t have to bear the financial burden of international students while they study in Australia. Lastly, the cost of living and studying in the cities like Sydney and Melbourne can be rather high. So, instead of allowing the international students to struggle financially after they arrive, the Australian government has opted to check their financial capabilities as ‘student visa sponsorship’ even before they enter the country.
How much funds have to be shown for a student visa?
The Department of Immigration, Australia, makes it mandatory for international students to show proves of the minimum funds before their Student Visa gets approved. Usually, international students are required to show their funds by providing Evidence of funds for the first 12 months of study. They are required to show the evidence of funds that cover their travel, study, and living costs for at least the first year of their study.
They can show the personal annual income of their parents or partner of approximately AUD 62,222 immediately before they apply. However, if there are added family members the funds may rise to approximately AUD 72,592.
Alternatively, they can show the evidence of funds to cover their living costs in Australia, for 12 months, which stands at approximately AUD 21,041 (for a single student) + travel expenses around AUD 1000-3000+ whatever the course fee is.
Who can sponsor a student visa?
Any eligible relative of the applicant, including parents, guardians, or spouse can sponsor the Australian Student visa. That being said, relatives like a brother, sister, cousin, uncle, aunt, or family friend cannot sponsor an Australian Student visa. However, there are no restrictions on sponsor/s on school applicants.
Required student visa sponsorships to study in Australia
The living, travel, and study costs may vary from one city to another. For instance, these costs are on the higher side in Sydney and Melbourne than in Adelaide and Brisbane. So, international students must check thoroughly before applying for a Student visa.
Living cost of an international student
The sponsor/s must be able to show the funds to cover the living costs of at least 12-months, which are:
- for students or guardians – AUD21,041
- for partners coming with you – AUD7,362
- for a child coming with you – AUD3,152
A guide to travel cost
As a part of the total expenses, one can include the following travel costs:
- AUD3,000 for travel costs if you are applying from West Africa
- AUD2,500 for travel costs if you are applying from East or Southern Africa
- AUD1, 000 for travel costs if you are applying in Australia. If you will be returning to Africa include AUD1,500
- AUD2,000 for travel costs if you are applying from anywhere else outside Australia
Study cost (vocational, bachelor, research/post-grad)
- Undergraduate/ Bachelor Degree: Approximately $15,000 – $35,000 yearly
- Post Graduate/ Master Degree: Approximately $20,000 – $40,000 yearly
- Doctorate/ Research Degree: Approximately $14,000 – $37,000 yearly
At the time of visa application, you have to show evidence of funds to cover the 1st year of your course. So, if your course is 12 months or less then you would need to show the fund to cover the full course fees.
However, if it exceeds 12 months, then divide the whole fee by the number of months and multiply the result by 12 months. For example, your course fee is AUD 30,000 for 18 months. Then the fee for 12 months would be (AUD 30,000/18 months) x 12= AUD 20,000.
Always remember to deduct any relevant amount already paid towards the study cost.
If you have any questions related to student visa sponsorships, please contact Australian Visa Lawyer migration consultants for further advice.
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