Funding Options for Studying in Australia

By | June 20, 2021

If you want to fulfill your dream of studying in Australia, you should think about the financing in good time. Because studying at the excellent universities in Sydney, Melbourne and Co. has its price. In addition to tuition fees, international students also have to pay for the cost of living and the long journey to get there. How good that there are several different financial aids for studying in Australia.

Funding for a semester abroad in Australia

Students who want to study in Australia for one or two semesters as part of a study abroad program have the following funding options:

Foreign BAföG

The most popular financing option for a semester abroad in Australia with German students is the Auslands-BAföG. Even students who do not receive a domestic BAföG have a chance of this type of financial support due to the higher assessment limits for the international BAföG. Students who have received BAföG abroad for their semester abroad in Australia can receive the following benefits:

  • Grant for tuition fees at the Australian university of up to EUR 4600 for a maximum of one academic year
  • Subsidy for travel expenses of EUR 500 each for a return flight
  • Basic monthly requirement of up to EUR 649
  • Financial support from German health and long-term care insurance in the amount of up to EUR 71 for health insurance and EUR 15 for long-term care insurance
  • Contribution to health insurance for studying in Australia ( Overseas Student Health Cover )
  • Foreign surcharge for Australia of up to EUR 65 per month

The contact person for BAföG abroad for a semester abroad in Australia is the Studentenwerk Marburg.

Grants

Funding options for a semester abroad in Australia also include various scholarships. The German Academic Exchange Service ( DAAD ), for example, supports semester stays with the so-called PROMOS scholarships. In addition to lump sums for tuition fees, these usually also include a subsidy for travel expenses and financial support for living expenses. The maximum funding period is six months; applications are made through the home university.

In addition, scholarship holders from German foundations and organizations can also receive financial support from them during their semester abroad.

Not only from the German, but also from the Australian side, there are scholarships for semesters abroad: Various universities in Australia, for example, offer partial scholarships for semester students that cover part of the tuition fees.

Student Loans

If it does not work with a scholarship or BAföG abroad, students have other options to finance a semester abroad in Australia. These include classic student loans and, depending on the subject, loans through education funds. Both are available from different providers. Students who want to use this financing option should compare several offers. You should also be well informed about interest rates and repayment modalities.

Job

Semester student is allowed up to 20 hours a week to work. During the semester break, for example in the event that someone studies for two semesters at an Australian university, the weekly working hours are not limited. Semester students who want to work in a semester abroad do not need a separate work permit. This is already included in the student visa.

Financing options for a full degree in Australia

Unlike a semester abroad, a full course in Australia is not eligible for BAföG abroad. A full course can only be funded within Europe with BAföG abroad. However, there are other funding options for a full degree in Australia, although not as many as for a semester abroad.

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Grants

Scholarships for a complete degree in Australia are almost exclusively from the Australian side. For example, at universities in Australia there are full and partial scholarships for international students who want to complete a full course there. These are often tied to specific study programs and subject areas. Scholarships are usually awarded on the basis of previous school or academic achievements.

The Australian government also supports selected students from abroad through scholarships such as these:

  • The Endeavor Awards for a Masters or PhD in Australia cover tuition fees. In addition, they provide subsidies for living expenses and health insurance, among other things.
  • The International Postgraduate Research Scholarships for a research-based Masters or PhD in Australia also cover tuition fees and health insurance.
  • The Australia Postgraduate Awards for a research-based Masters or PhD in Australia provide financial assistance with the cost of living. They can be combined with the International Postgraduate Research Scholarships.

The website studyinaustralia.gov.au lists a variety of other scholarships for international students that are awarded by the Australian government, universities or various public and private organizations.

Scholarships for a complete degree in Australia from German organizations are rare. The DAAD awards a few scholarships. A suitable address for the search for scholarships, not only for a complete study abroad, but for study-related stays abroad in general, is not only the DAAD scholarship database but also the scholarship guide of the Federal Ministry of Education and Research.

Student Loans

Student loans or, depending on the subject, education funds can also be used to finance a complete degree in Australia. Since the loan periods are naturally long when studying abroad for several years, the overall financial burden usually quickly turns out to be very high. It is therefore advisable to only consider this financing option for studying in Australia if all other options are not available. Here, too, a comparison of offers and a thorough examination of the terms of the loan are important.

Job

Just like semester students, international students who complete a full course of study in Australia also have a work permit with the student visa. You are also allowed to work 20 hours a week during the semester and unlimited during the semester break. Students in the Master by Research or doctoral studies are allowed to work an unlimited number of hours during the semester.

Funding Options for Studying in Australia