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How to afford to Study in Australia? (Updated 2019)

Written by  Piyush Bhartiya, MBA

Published on Sat, December 16, 2017 7:07 AM   Updated on Thu, July 22, 2021 7:00 AM   6 mins read

Studying abroad is a beneficial experience for a student. For a student, the opportunity to study abroad may be a once in a lifetime opportunity. Studying abroad brings out a student’s independent nature. The curiosity and excitement that makes the students who study abroad to become explorers. Studying abroad helps students discover themselves. Students get accustomed to a totally different culture.

Students that study abroad tend to be more open to challenges or put themselves in difficult situations. Studying abroad challenges students on a personal level and pushes them to upgrade their level. Creative problem-solving skills are more enhanced and the experience of study abroad becomes a milestone in the life of the students. Another great challenge while studying abroad is financing it. Funding your studies abroad require proper planning and much consideration. Read here about how to do an investment vs revenue analysis of your study abroad program so that you can plan your budget accordingly.

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Perks of studying  in Australia

Apart from its popularity as a beautiful place, Australia is also popular as a study destination. It is a country that attracts numerous international students. Australia also happens to be one of the most favourite places to study of students. Australia is a country of endless opportunities. The student life in Australia is enjoyable. The country is blessed with the outdoor culture and the friendly people. Read here to know the best reasons to study in Australia.

Cost of studying in Australia

Financing for your education does not only include the tuition fees. When you consider education abroad a lot of things are to be included such as:

1.Your stay

Finding the perfect stay that fits your budget is indeed a task for students who study abroad. Adapting to a culturally different environment may seem like an impossible task but gradually students become comfortable and attached to the new country.


Expenses for food are unavoidable whether it’s here or abroad. There would be an obvious change is the food habits and the variety available. You ain’t planning to starve till you finish your course, are you?


Of course, you are not going to study 24/7.  You need some relaxation and time to rejuvenate yourself. This is something where you can have a major cost-cutting by choosing something less expensive. Even a walk in the garden is refreshing.

4. Education

Obviously, the major chunk of your money will be spent on your tuition fees. In Australia expenditure on a usual bachelors degree, nearly AUD 10,000–30,000 and a postgraduate and PhD degrees be about AUD 20,000–40,000.

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Financing your education

Studying abroad can be a huge stress on your finance. Some means by which you can fund your education are:


Australia is a country that has recently has been acknowledged as an education centre by international students. To attract more international students Australia offers a number of scholarships to its international students. However, scholarships offered to the international students are purely based on merit. Some scholarships cover tuition and living expenses. Universities and colleges offer scholarships to its international students. Many governments source in Australia offers a number of scholarships. Financial aid for international students is provided by the Australian Government. Australia is the most popularly known as student-friendly country. Read here about the scholarships available in Australia.

2.Educational loans

Since past two decades, the number of students opting for higher education abroad has extensively multiplied. Education abroad is expensive due to the increase in the number of students opting for overseas education loan. There is an increase in the number of lenders offering loans to students. Today students have a number of lenders to assist them in aiding their education.

Loans are available for students who wish to study in India. However, the requirements for overseas and Indian education loans are different.

While applying for a study loan the following criteria have to be fulfilled:


  1. A co-applicant is a must
  2. A  third party guarantor is required for loans above Rs 4 lacs and less than 7.5 lacs
  3. For student loans above Rs 7.5 lacs, 7.5 collateral or a security is required to be provided.
  4.  after 6 to 12 months of the completion of the course depending on the terms of the loan, repayment commences
  5. Lender recovers the remainder from co-applicant if the student is abroad.

What all will be covered by your educational loan?

  1. Tuition fees
  2. Charges for examination
  3. Study tours
  4. exchange programs
  5. project work
  6. library charges
  7. charges for the laboratory
  8. hostel charges
  9. Expenses incurred for purchasing books,
  10.  Expenses for purchasing equipment or instruments and uniform
  11. Travel expenses
  12. Caution money
  13. refundable deposit, etc

3.Part-time jobs

A part-time job is a form of employment that require hours per week. Students work in shifts. Australia also encourages part-time jobs. Australia is liberal in giving the foreign students the freedom of part-time work option. Allows almost 20 hours per week for its students. During holidays students are allowed to work fulltime as well. A full-time work requires 40 hours of work per week.

Part-time jobs cannot be totally relied on to cover your fees, However, it offers a relief from the financial stress. There are part-time jobs that pay really well too. Other than helping you, a part-time job in this country offers you a lifetime experience. You can learn more about the country. You will also have a work experience along with your studies.

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Student Finance in Australia

No matter what stream you choose or what background you come from, planning your budget is important. Proper planning can result in saving a lot of money since studying abroad demands a large amount of money. Planning can also help you in deciding upon the resources from which you will be funding your abroad studies. These were some ways which can help you in determining the expenditure on your studies in Australia. If you think you have any ideas that could be added to this list, please feel free to share them in the comments below. Also, don’t forget to mention your suggestions and feedback.

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Tags :
study abroad
study in Australia

About the Author & Expert


Piyush Bhartiya

Author • MBA • 20 Years

Piyush values education and has studied from the top institutes of IIT Roorkee, IIM Bangalore, KTH Sweden and Tsinghua University in China. Post completing his MBA, he has worked with the world's # 1 consulting firm, The Boston Consulting Group and focused on building sales and marketing verticals for top MNCs and Indian business houses.

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