Studying in Australia can be a life changing experience but it can also be expensive. If you take living cost into consideration Australia can be one of the most expensive countries in which to study.
The costs, while high, shouldn’t stop you from studying in Australia. By better understanding your costs you can achieve your study goals without the financial pressure.
Postgraduate study in Australia is a worthwhile endeavour to enhance your career opportunities. The price of postgraduate study in Australia can vary, according to your degree and university. The table below provides a summary of annualised tuition fees based on university and degree.
| Masters of Business | Masters of Engineering | Master of Arts | |
| Average | $35,929 | $32,681 | $27,275 |
| Group of 8 university | $53,183 | $39,078 | $31,591 |
| Australian Technology Network university | $38,802 | $34,146 | $28,192 |
In addition to 12 months of tuition fees, the Australian Department of Home Affairs requires proof that you can cover various other costs to secure your visa. These costs are:
- Travel costs to and from Australia
- 12 months of living costs
- School fees for any school-age children
The Australian Government has set out guidelines for the above costs. The below table sets out the minimum and maximum guideline costs for the above items.
| Minimum guideline | Maximum guideline | |
| Travel costs | $1,000 (e.g. applying from in Australia) | $3,000 (e.g. if applying from West Africa) |
| Living costs | $21,041 (if travelling by yourself) | $31,555 (if traveling with your partner and any dependents) |
| School fees for any school-age children | $8,296 per child | |
Using the above figures, a postgraduate student can be expected to show proof of funds from $49,316 to upwards of $96,034.
While the postgraduate study in Australia is worth this investment it’s worth being prepared for these expenses. That means:
- Creating a budget for your studies, including a buffer for afterwards while you look for employment.
- Speaking with Spark about how we can help with your study plans.
In addition to helping with your tuition, Spark can also provide proof of fund evidence to the Australian government for your visa application.
Speak to Spark Finance today about help with your tuition or proof of funds.
Reach out to find out more at info@sparkfinance.com.au
