Financial Support for Student Visa in Australia
1. Know the financial requirements: Before starting the process, it is crucial to understand the financial requirements set by the Australian Immigration Department. These requirements may vary depending on the type of visa and the length of the course of study. As of May 10, 2024, the amount to be submitted for 1 year of studies is AU$29,710 or converted to US dollars, it would be around USD$19,504. This amount is the same, whether your program is 2, 3 or 4 years, since the requirement by the embassy is only for the first year. If your study program is less than 12 months, this budget is minimized by prorating it by the months of study.
- Annual amount to be supported by: Student - AUD29,710 / USD$19,504
- Annual amount to be supported by: Spouse/partner - AUD10,394 / USD$6,824
- Annual amount to be supported by each: Child - AUD4,449 / USD$2,921
- Annual amount to be supported by each: Son/daughter (if in school years) - AUD13,502 / USD$8,864
- Amount to be supported per air ticket, if you are within Australia - AUD1,000 / USD$657
- Amount to be supported per air ticket, if you are outside Australia - AUD2,000 / USD1,313
2. Calculate total costs: Determine the total costs associated with your stay in Australia, including:
Cost of the first year study program or the prorated amount of months you will study + financial support for the first year of studies or the prorated amount of months you will be in Australia + cost of air tickets for your trip to Australia.
It is important to add everything up and have a final investment for your entire study project in Australia to ensure you have sufficient funds.
3. Ways to demonstrate financial evidence for your student visa in Australia:
- Deposit into the primary student's savings account.
- Government loan, scholarship or financial institution from your country of origin.
- Parental support: This is an annual income option that requires students to provide evidence of AUD87,856 or USD57,675 (or the exchange rate on the date you submit your application) from their parents for an annual period. For students accompanied by family members, the amount is AUD102,500 or USD67,289. Evidence of annual income must be provided in the form of official government documentation, such as an annual tax return.
4. Obtain the necessary financial documents such as:
- Bank account statements.
- Letters of sponsorship.
- Annual income statement issued by your country's tax authority.
Gather the required financial documents and ensure that these documents are up to date and accurate.
5. Translate and certify documents: If financial documents are in a language other than English, they will need to be translated by a certified translator. Additionally, some documents may require certification for authenticity.
6. Organize your paperwork in an orderly manner: Prepare a folder with all the necessary financial documents and organize them in a clear and orderly manner. This will facilitate the process of submitting the visa application.
7. Submit your visa application: Once you have gathered all the necessary documentation, submit these documents to your education agent for inclusion in your student visa application through Australia's online immigration system. Make sure to provide all required financial documents and follow all detailed instructions.
8. Keep detailed records: Keep copies of all documents submitted along with receipts for any payments related to the visa application. These records can be helpful in case additional information is required during the application process.
By following these steps and making sure you meet all the financial requirements, you will be able to effectively support your financial situation and increase your chances of obtaining a student visa for Australia. Remember that it is important to plan ahead and have the amount of money available as far in advance as possible to demonstrate your financial capacity to cover the costs of your studies as an international student in Australia.
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