Due to Australia’s top-notch education, numerous post-study employment possibilities, and outstanding standard of living, more and more Indian students are choosing to study there. There are some details to know about the Australian student visa new update for financial capacity evidence.
For the entire duration of their intended stay in Australia, all applicants for student visas need to have legitimate access to a sufficient amount designated especially for their visas in order to cover all of their own expenditures in addition to those of any accompanying family members. It is a requirement for all applicants to provide proof on their application that they have adequate funds to cover expenses for their whole term in Australia.

No matter the degree of evidence, the application may be rejected without requesting additional information if the applicant has provided insufficient financial documentation.

• Visa Update
  

The minimum amount of savings needed by international students to be able to get an Australian student visa has been raised by the Australian government. Applicants for student visas have to demonstrate that they possess a minimum of AU$24,505 in funds to pay for their annual living expenses.

In Australia, actual living expenses for students can differ significantly from those required for getting a visa. The Australian Government’s Cost of Living Calculator is capable of helping estimate living expenses across different Australian cities.

To be eligible for an Australian student visa, an assortment of requirements must be met. One of these requirements is documentation demonstrating you have the funds to cover your living expenses while in the country, in addition to your course fees and travel. This will reduce the likelihood that you may run into financial issues while you are a student.

1.       Financial Capacity Requirement

Several requirements must be fulfilled in order to obtain an Australian student visa. 

Documentary Proof of financial capacity

You will be able to demonstrate your financial capability in cases where you have to do so by showing one of the following:

12 months of funds option:

• Show proof of adequate funds to cover the student’s journey to Australia along with the living, educational, and (for school-aged dependents) costs for the student and any accompanying family members for an entire year.
• You just need to show proof of funds for the duration of your expected stay if you are traveling to Australia for a short time.

Annual income option:

Show proof that you earn the required annual income.

Annual Income Option

If a student chooses the annual income option, they have to demonstrate that they make at least AUD72,465 per year. The cost is AUD84,543 for students traveling with family members. Your spouse’s (who is not traveling with you) or parents’ own income must be a component of the income proof. The combined income of your parents may be taken into consideration when meeting this requirement if they are both employed. At all times, official government records, such as tax assessments, must be provided as proof of annual income.

Student Visa Funds Calculator

It is essential that you have sufficient funds that you have the ability to afford to cover your living expenses, transport expenses, and course fees both for you and any accompanying family members during your time in Australia.

Genuine access to funds

Evidence of your capacity to make use of the funds during your stay in Australia must be given by you and any accompanying family members.

Some examples of how to evidence genuine access include:

• Provide documentation of the relationship and any previous monetary assistance given to the student or any other students when money has been provided by a different individual or company. 
• Any recent significant payments must be substantiated if relying on a money deposit. You may additionally think about detailing recurring deposits, such as salary.
• If you have a loan for education, the bank, supplier, and you should have an agreement that outlines how the loan is going to be repaid for living expenses or tuition. It is necessary to provide proof of any payments made before the visa application has been approved. You ought to attach proof of the loan terms in addition to the total amount that will be disbursed.
• The terms attached to the education loan should be disclosed to providers.
• If you rely on another sort of loan, you may be concerned about producing proof of the collateral used for getting the loan, the terms and conditions of the contract, and your capacity to pay for continuing expenses.

12 months of funds option – calculation of funds

Living cost amounts

Approximately, the cost of living for a year is:

• student/guardian – AUD24,505
• partner/spouse – AUD8,574
• child – AUD3,670.

Course fees

If your course endures for less than a year, figure out the first 12 months’ worth of tuition or add the whole amount. Take out any pre-paid expenses and provide documentation of these expenses.

Example 1: If the course fee is AUD $50,000 for three years, divide the total amount by the number of years to determine the fee for one year (12 months). AUD16,666 will be the sum. Subtract any sums that were pre-paid.

Example 2: Subtract the prepaid sum of AUD $5,000 from the total amount if your course price is AUD $15,000 for ten months and you have already paid AUD $5,000. AUD 10,000 will constitute the sum.

Example 3: If the course fee is AUD 20,000 for 18 months, divide the total amount by the number of months and multiply the outcome by 12 to find the fee for a year (12 months) (20,000 / 18 x 12). AUD13,333 will be the sum. Subtract any sums that were pre-paid.

Schooling costs

If you intend to mention your school-age children in your student visa application, you are required to add AUD9,661 per year for each child’s schooling costs to the total amount of funds needed. This sum is the minimum amount required to submit a visa application; you continue to be responsible for investigating the actual price of education, which may vary significantly throughout states, territories, and institutions in Australia.

You are exempt from having to show proof of your schooling costs if you are:

• a PhD candidate and be able to demonstrate that you have enrolled your child in a government school in Australia where the costs have been waived;
• provided an Australian Commonwealth Government scholarship; received financial assistance by the Department of Foreign Affairs and Defence; or both.

Travel costs

Include AUD2,000 if applying from outside of Australia (unless you are applying from East or Southern Africa, in which case include AUD2,500; if you are applying from West Africa, include AUD3,000).

Include AUD $1,000 if applying in Australia (unless you are going back to Africa, in which case include AUD 1,500).

Family members of students

If a family member does not currently have a student visa and wishes to go with you to Australia, they have to apply for a subclass 500 visa.

Families, including future dependents, are generally required to meet the same degree of financial capacity evidentiary criteria as primary applicants, who are students.

1.       Scholarship for foreign students

International students (from Asia, the Pacific, the Middle East, and Africa) can get financial help for their educational pursuits in Australia through an array of scholarships, grants, and bursaries. These are offered by the Australian Government, education providers, and public and private organizations.

Australia Awards

Through the Australia Awards Scholarships, students from a selection of developing nations—including India—who show skills in leadership and an aptitude for change are able to submit applications for government-funded grants. The curriculum has been developed to provide students with all the knowledge and abilities they need to graduate from school, go back home, and develop their countries.

Destination Australia Program 

The Destination Australia Program is an Australian government program that funds eligible tertiary education providers to offer scholarships to domestic and international students to study in regional Australia.

Australian Government Research Training Program (RTP)

Students pursuing research master’s and doctoral degrees from both local and foreign universities are given assistance by the Australian Government Research Training Program (RTP). 

Education provider scholarships

Scholarships are frequently given by Australian education institutions to deserving overseas students based on an assessment of academic merit.

Australian university scholarships

The Australian government invests over $200 million annually in programs at universities as well as other tertiary institutions throughout the nation and maintains an extensive scholarship program for international students. The University of Melbourne, the University of Sydney, and the Australian National University are among the few of the finest universities in the nation that offer scholarships to study in Australia in addition to additional perks like health insurance.