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How Much Money is Required to Study in Australia?

How Much Money is Required to Study in Australia?

If you’re aspiring to study in Australia, it’s crucial to prepare a sufficient amount of money to support your stay. You can’t solely rely on the testaments of others when planning your study funds. Knowing the cost of studying in Australia and estimating the living expenses will make your journey smoother.

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, helping you manage your funds better. This is especially valuable for students considering study abroad options.

There’s no quick answer to how much money is required to study in Australia and for student accommodation. Various expenses come into play, such as student 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

Financial planning starts with pre-departure expenses. To legally enter and study in Australia, you must obtain a student visa, which costs AUD 575.

To qualify for the student visa in Australia, you’ll need to fulfill additional requirements (which also cost money). For instance, you must arrange Overseas Student Health Cover (OSHC), which is essential for your health coverage in the country. Various private insurers offer the OSHC at different rates. Read our complete guide to understand student health insurance in Australia.

Average Annual Tuition Fees

Higher education in Australia is an investment. For an undergraduate degree, prepare at least AUD 20,000 annually.

If you’re considering a master’s degree in Australia, the annual tuition can reach up to AUD 50,000. A doctorate program, on the other hand, may cost around AUD 42,000 each year. Tuition fees can vary widely based on your chosen university and program. To offset costs, applying for a scholarship in Australia is recommended.

Accommodation Costs

A substantial part of the cost of living in Australia is allocated to accommodation. According to QS Top Universities, you’ll need approximately AUD 20,000 per year for living expenses, with a significant portion going toward accommodation.

On-campus dormitories begin at AUD 110 per week. For those interested in renting an apartment, the cost can range from AUD 95 to AUD 400 weekly, depending on location and shared arrangements.

Transportation Expenses

Australia offers a variety of transportation options. For regular travel, you can use buses, while trains and domestic flights are suitable for inter-city travel.

Transportation costs vary by location; for instance, a single bus ride in Sydney costs about AUD 3. If you’ll be using public transport often, consider purchasing a day pass for AUD 8, which can reduce daily commuting expenses.

Food and Dining Costs

For students who prefer cooking, supermarkets such as Costco and Woolworths are ideal for monthly groceries.

Alternatively, you can also experience must-try Australian foods through delivery services like UberEats. Delivery charges typically range between AUD 4 and AUD 8, depending on your location. Budgeting AUD 250 to AUD 300 monthly for food or AUD 90 weekly if you prefer dining out is advisable.

Knowing how much money is required to study in Australia is invaluable for managing funds effectively. Visit more of our study abroad blogs at MSM Unify overseas education consultants to learn more about studying in Australia.