The total cost for a Nepali student to study in Australia in 2024 can range from around NPR 45 lakhs for a bachelor’s degree to NPR 60-85 lakhs for a master’s or doctoral degree, including tuition fees, living expenses, health insurance, visa fees, and travel costs.
However, it’s important to note that this is just an average estimation, as the actual cost may vary depending on factors such as the chosen university, location, course, living standards, and personal preferences.
We are here to guide you through this journey with complete transparency and understanding. Let’s break down all the expenses in details.
Total Cost of Studying in Australia for 2024
Cost of English Proficiency Test
Before you can even think about applying to universities in Australia, you’ll need to demonstrate your English language proficiency by taking tests like IELTS, TOEFL, or PTE. So, here is the cost of taking these English Proficiency Test.
Study Cost in Australia for Nepalese Students
Tuition fees are often the most significant expense when studying abroad. Depending on your chosen program and institution, you’ll need to budget for a tuition deposit or the first semester/year fee, which can range from AUD 4,000 to AUD 50,000.
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Financial Capacity Requirement for Student Visa
The financial capacity requirement for student visa in Australia is the amount of funds that an applicant must demonstrate they have access to in order to support themselves and any accompanying family members during their stay in Australia. This requirement is designed to ensure that students have sufficient financial resources to cover their living expenses, course fees, and other costs while studying in Australia.
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The new minimum financial capacity requirements, effective from May 10, 2024, are as follows:
This means, the financial capacity requirements for student visa in Australia is AUD 29,710 per year.
Living Cost in Australia for Nepalese Students
Living expenses in Australia can be significant, especially in major cities like Sydney and Melbourne. These expenses include accommodation, groceries, transportation, utilities, and entertainment. Here’s a breakdown of the estimated living costs per year:
The living expenses can vary significantly based on your lifestyle and location. It’s advisable to research the cost of living in the specific city where you plan to study. However, The average weekly expenditure for an average household in Australia is approximately $2,200, which amounts to around $100,000 per year, including expenses like rent, food, utilities, and other financial services
Visa Application Cost for Nepalese Student
The cost of a Student Visa (Subclass 500) in Australia varies depending on the applicant type and circumstances. As of recent updates, the base application charge for a primary applicant (student subclass 500) is AUD $710. Here are the current fees for common student visas in Australia:
Cost of Health Insurance for Nepalese Students
International students in Australia are required to have Overseas Student Health Cover (OSHC) during their stay. The cost of OSHC varies depending on the provider and the duration of your studies. Here are some popular OSHC providers and their approximate OSHC packages.
Cost of Airplane Tickets and Travel for Nepalese Students
International students from Nepal will also need to factor in the cost of airfare and travel expenses when budgeting for their studies in Australia. The airfare cost can range from AUD 800 to AUD 1,500 or more, depending on the airline, travel dates, and any transit. Additionally, you may need to purchase a travel draft cheque or other financial instruments as required by the Australian immigration authorities.
How much bank balance is required to study in Australia for Nepalese Students?
The amount of bank balance required to study in Australia as an international student depends on a few factors, including:
– Level of study (Bachelor’s, Master’s, Ph.D., etc.)
– Institution and location
– Duration of the course
– Dependents (if any)
Generally, the Australian Government requires international students to have enough funds to cover the following expenses for themselves and any accompanying family members:
- Travel costs
- Tuition fees for the first year of study
- Living costs for the first year in Australia
The exact amount can vary, but here are some expected bank balances required to study in Australia as a Nepalese student in 2024.
- For a Bachelor’s degree:
- NPR 45,00,000 to NPR 60,00,000 (AUD 50,000 – AUD 66,667)
- For a Master’s degree:
- Single: NPR 40,00,000 to NPR 60,00,000 (AUD 44,444 – AUD 66,667)
- Student with Spouse: 50,00,000 to NPR 75,00,000 (AUD 55,556 – AUD 83,333)
- Student with Spouse and one Child: 60,00,000 to NPR 85,00,000 (AUD 66,667 – AUD 94,444)
- For a Doctoral degree:
- Single: NPR 45,00,000 to NPR 60,00,000 (AUD 50,000 – AUD 66,667)
- Student with Spouse: 55,00,000 to NPR 75,00,000 (AUD 61,111 – AUD 83,333)
- Student with Spouse and one Child: 65,00,000 to NPR 85,00,000 (AUD 72,222 – AUD 94,444)
Note: Exchange Rate AUD 1 = NPR 90.
Please note that these are approximate figures and can vary depending on various factors such as the institution, location, lifestyle, and personal preferences. It’s always advisable to research and plan your budget thoroughly based on your specific circumstances.
By considering these expenses and creating a comprehensive budget, Nepali students can better plan and manage their finances for a successful and financially sustainable study experience in Australia.
Good Luck !
More about Total Cost to Study in Australia from Nepal
No, the bank balance requirement can vary depending on the institution and location. Universities in bigger cities like Sydney or Melbourne may require a higher amount compared to those in smaller cities or regional areas.
Yes, you can use your parents' or sponsor's bank balance, but you'll need to provide evidence of their relationship with you and their willingness to financially support your studies.
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Yes, you can use education loan as long as you provide evidence of the approved loan amount and your ability to repay it.
The bank statements should typically be no older than 3-6 months from the date of your visa application.
If you have been awarded a scholarship or financial aid, you can provide evidence of it, and the required bank balance may be adjusted accordingly.
Not necessarily. You can show funds from multiple bank accounts, investments, or other acceptable sources as long as the total meets the required amount.
The main expenses typically include tuition fees, living costs (accommodation, food, transportation, etc.), health insurance, student visa fees, airfare, and other miscellaneous expenses.
Yes, you may need to budget for expenses such as textbooks and course materials, personal expenses (clothing, toiletries, etc.), entertainment, and contingency funds for emergencies or unexpected costs.
Yes, the total cost can change due to various factors, such as tuition fee increases, fluctuations in living costs, changes in visa fees or health insurance premiums, and currency exchange rates. It's important to periodically review and update your budget accordingly.