Posted on Wednesday, December 31, 2008
There are a number of advantages of pursuing an Australian education- quality education, a range of undergraduate, postgraduate, vocational, technical and school programmes as well as an education system similar to that of India’s. And though the major advantage of studying in Australia is the cost of education that is cheaper than that in countries like the US or UK, one can still considerably reduce the cost of studying with some financial aid.
To be granted a student visa for Australia, one must have the required finances that cover the entire living cost along with the tuition fees and return airfare that is usually taken as A$ 2,000. The Australian High Commission usually considers the annual living cost as A$ 12,000. (Exchange rate: 1A$ = Rs 35, but is subject to change in accordance with the current market value).
Cost and aid
Where you choose to study and how you choose to live in Australia will affect your costs. The cost of studying in Australia varies depending upon the institute and the course chosen. Tuition fees range from A$ 12,000 per annum to A$ 50,000 per annum. The annual living expenses too can vary from A$ 6, 000 to A$ 12,000 depending on the place of residence. For instance, within a particular city, living in the CBD is always more expensive than living in a suburb.
The Australian High Commission provides several options for a student to fund his/ her education. The student can choose to use a combination of liquid assets, which have to be from acceptable financial institutions. These may include saving accounts, fixed deposits, and post office accounts such as monthly income scheme, recurring deposits, and national saving scheme. Employment provided fund, public provided fund, bank loans and overdraft facilities may also be used.
Since the rate of interest is reasonably low with the repayment normally commencing one year after the completion of the programme, many families prefer this option. Students can avail of loans up to Rs 15 lakhs. Bank loans are usually granted on the basis of certain eligibility criteria such as collateral security, parent’s income, and third party guarantee.
It is important for the student to fulfill the terms and conditions set by the bank to get a clear sanction. Students may avail of bank loans from more than one bank, so long as all the banks are aware of each loan sanctioned.
The Australian High Commission has a list of a number of acceptable Indian banks (http://www.india.embassy.gov.au/ndli/vm%5fstudyloans.html) from which funds to cover tuition and living expenses may be shown. In addition, funds garnered from overseas commercial banks are also acceptable.
At the undergraduate level, few universities offer bursaries in the form of fee waivers (25 to 50 per cent of the tuition fee) to students with a good academic background. There are limited full fee scholarships awarded based on class 12 marks in four major subjects and the IELTS score.
When a student applies to a particular Australian university, the application, by default, gets assessed for a scholarship. The student is then granted the scholarship depending upon whether he/ she meets the university criteria. Universities also offer a few scholarships for master’s by coursework. The best way to get the updated information on the same is by looking at the websites of individual university.
Government funded scholarships
a) Postgraduate and postdoctoral awards
b) Vocational education and training awards
c) Executive awards
d) Student exchanges
Further information on the programme, including closing dates and application procedures is available on www.endeavour.dest.gov.au
(Content Courtesy: Sweny Rokani, Manager, IDP Education)
Travelling is clearly everyone’s dream. Most students learn to become better travellers with experie
There are a number of advantages of pursuing an Australian education- quality education, a range of
New Zealand provides international students with the opportunity to study under academicians and res
While postgraduate programmes abroad are popular with Indian students, undergraduate ones have fewer