For the students who apply for a student visa from February 2018, the quantum of funds that are required to be shown for proving economic stability has been increased. Students are required to show funds to prove that they are economically healthy to study and live in Australia during the education period.
International students who are applying for a student visa are required to show that they have sufficient funds to cover the cost of education, travel and lodging, accommodation, and other miscellaneous expenses during their course of stay in the country. As per the decision that was taken by Department of Home Affairs, the cost of annual amount will be increased on 1 February 2018 – the percentage will be set at around 2.3% and in line with Australia’s consumer price index (CPI).
The changes that will be applicable starting 1st of February 2018 are as follows:
Student or Guardian: $20,290 (Earlier: $19,830)
Partner or Spouse: $7,100 (Earlier: $6,940)
Per Child: $3,040 (Earlier: $2,970)
To show their financial capacity to live in Australia during the course of study, international students will have to provide:
- Proof of sufficient funds to cover the costs of travel and living and accommodation, tuition fee. The living expenses must be of the student and also the accompanying family members. Other expenses as per applicability may also include school costs for any school-aged dependants.
- The student will have to produce evidence that their parent or spouse is willing to support them while staying in Australia and bear expenses that may come during the course of stay.
To know more about Student visa financial capacity requirements for international students, visit the website: http://www.homeaffairs.gov.au/Trav/Stud/More/Student-Visa-Living-Costs-and-Evidence-of-Funds.
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