Cost of Studying in Australia

Cost of Studying in Australia

Referred to as the land of the coasts, Australia is home to some of the world-renowned universities such as the University of Sydney and the University of New South Wales. Apart from excellence in academics, it also provides a multicultural environment and warmly welcomes students from across the globe. Further, in the QS Rankings 2020, more than two-thirds of the universities in the country have featured at the top. With a higher standard of living as well as world-class education, Australia has progressively emerged as a preferred study destination amongst the likes of the US and the UK. Thus, if you are aspiring to pursue higher education in the country, here is a blog that will elucidate the key essentials regarding the cost of studying in Australia.

Top 10 Universities in Australia 

There is an array of public and private academic institutions in Australia that offer quality programs in almost every area of study. Even though the majority of universities featuring at the top are public-funded, the fee structure might vary as per the course and institution. So, to get a gist of the cost of studying in Australia, firstly we need to know about the leading universities in the country that are worth applying for. 

Institutions QS Ranking
Australia 
Times Higher
Education
Ranking 
Top Universities
Ranking 
University of Melbourne212
Australian National University 121
University of Sydney 333
University of Queensland 545
University of New South Wales454
Monash University666
University of Adelaide 878
University of Western Australia787
Queensland University of
Technology 
12912
University of Technology,
Sydney 
9119

Cost of Studying in Australia: Crucial Factors

To understand the cost of studying in Australia, we need to pay heed to certain factors like the courses, the institutions, the geographical location you are going to study at, as well as the living expenses especially the accommodation and transportation costs. So, the factors mentioned below are significant from the aspect of a future aspirant. 

Course and Institution

The decision of choosing a program and university will incrementally impact your estimation of the cost of studying in Australia. When it comes to tuition fees of courses offered by Australian universities, the criteria is specified as per the Credit Points (CP) that you are required to accomplish to earn a degree. These credit points may vary as per the course but there 24 CP fixed for each session. In one year, there are generally two to three sessions which might be categorized under two-semester or trimester system. For example, for an undergraduate course like Bachelor of Engineering, the total credit points that you are required to complete in the duration of the full course is approximately 198 CP. Hence, the tuition fee for the whole duration would be $927 (66,200 INR) per credit point approximately which would be multiplied by the total credit points to get the cost of the full course i.e. $183,546 (1,30,96,000 INR).

Living Costs

When it comes to calculating the accommodation and living cost of studying in Australia, you can either opt for university residence or shared apartment. If you are staying in a hostel, it will be relatively cheaper and the costs for the same might vary from one university to another. But if you stay on your own in a homestay or some rented apartment, it would put a huge dent in your pocket especially if it is some urban centre like Sydney. As per the estimations provided by Numbeo, the monthly rent in a country like Australia would range from 1,673.54 A$ (81,000 INR) to 1,897.83 A$ (92,000 INR) depending upon whether you are opting for an apartment within the city centre or outside the city centre. 

Location 

As we discussed above, the location of the educational institution has both its benefits as well as some setbacks that you need to keep in mind while estimating the cost of studying in Australia. So, if you are considering staying in a city like Melbourne, then, apart from the cost of studying, living expenses would be somewhere around 3,10,000 INR including the monthly rent expenditure of around 90,000 INR for a one-bedroom apartment in the City Centre if you were spending 1,10,000 INR per month on your living expenses in a metropolitan city in India. 

Financial Aid Schemes

Aspiring for higher education in Australia can demand quite an expansive budget. To help students with money-related issues, the Australian education system is designed in such a manner that it provides financial aid to the deserving candidates by offering several education loans and scholarships like Australia Awards by the Department of Foreign Affairs and Trade, or APEC Women in Research Fellowship Program, etc. that you can also apply for in order to cover your overall cost of studying in Australia.

Thus, we hope that this blog helped you understand the different factors which the cost of studying in Australia might comprise of. Deciding to pursue higher education in Australia, you can not only avail immense educational opportunities but living in popular cities like Melbourne and Sydney will also provide you with plentiful networking opportunities in your chosen area of study. Take the help of Leverage Edu’s AI tool which can assist you in exploring a wide range of courses offered at various universities in Australia and will match you with suitable mentors who can guide you throughout the application process of your chosen program as well as sorting out visa and accommodation issues.

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