If you’re aspiring to study in Australia, you must prepare a sufficient amount of money to support your stay. You can’t only rely on the testaments of others when planning your study funds.
With that in mind, knowing how much money you need in Australia is an indispensable tool as a student. Having that knowledge makes you familiar with certain expenses. It also compels you to budget based on your needs.
There’s no quick answer to how much money is required to study and live in Australia. You must consider various expenses such as visa fees, accommodation rent, tuition, and more.
Here’s a quick breakdown of the expenses when planning to study in Australia:
Student Visa Application Fees
Money matters start with pre-departure expenses. To legally enter and study in Australia, you must get a student visa. This visa costs AUD 575.
To qualify for one, you must accomplish other requirements (which also costs money). For example, you must arrange your health insurance called Overseas Student Health Cover (OSHC).
Various private insurers offer the OSHC at varying costs. Read our guide on how to get health insurance in Australia to learn more.
Average Annual Tuition Fees
Higher education in Australia comes at a steep cost. If you wish to finish an undergraduate degree, prepare at least AUD 20,000.
For a master’s degree, the annual tuition can go up to AUD 50,000. On the other hand, a doctorate can cost up to AUD 42,000 each year.
Note that tuition fees vary depending on your university and program. To offset these costs, you can apply for a scholarship in Australia.
A large part of the cost of living in Australia is the money you pay for accommodation. According to QS Top Universities, you need at least AUD 20,000 every year for living costs. Unsurprisingly, it’s mainly due to accommodation costs.
An on-campus dormitory starts from AUD 110 every week. If you prefer renting an apartment, expect to pay around AUD 95 to AUD 400 every week. This cost depends on your location and whether you’ll be staying with roommates or not.
There are many types of transportation modes in Australia. For regular travel, you can ride a bus. If you’re planning on traveling to a different city you can board the train. You can also book a domestic flight for fast inter-city travel.
Transportation costs depend on your location. For example, a single bus ride in Sydney costs AUD 3. If you’re planning to use the bus often, consider getting a day pass which only costs AUD 8.
Food and Dining Costs
If you want to buy your own groceries, your best choice is the supermarkets. You can buy your monthly stock in places such as Costco and Woolworths.
Alternatively, you can also order must-try foods through UberEats. The delivery charge ranges from AUD 4 to AUD 8 depending on your location.
Every month you must set aside AUD 250 to AUD 300 for food. You can also allot AUD 90 per week to dine out.
Knowing how much money is required to study in Australia can help you plan your funds in the country. Visit more of our blogs here at MSM Unify to learn more about studying in Australia.