A synopsis of managing finances to study in Australia

 

Australia is famous for its hospitality industry. It has some of the best institutes that make chefs, and hotel managers out of their students. The country is also famous for its science and technology achievements built upon its robust education system. Apart from this, Australia is known for producing some of the best business management professionals that lead the successful businesses of the western hemisphere.

Have you dreamed of studying any one of these courses in Australia?

If yes, then you need to know that pursuing higher education in these fields in Australia could be an expensive affair. But on a positive note, education loans have become more accessible than they were before. An education loan may be that what you need to pursue your higher education aspirations there. In this article, we will give you a synopsis of managing the finances of higher education costs in Australia.

The 3 phases of managing the finances of your higher studies in Australia are:





  1. Using the two types of an educational loan calculator effectively

Lenders offer 2 types of calculators called as education loan eligibility calculator and education loan EMI calculator to help students plan their higher education finances in a better way. They provide these calculators for free on their websites.

Use the education loan eligibility calculator to calculate the maximum amount of loan you are eligible to get. And make your living arrangements accordingly. Calculate the total course tuition fees, speculate your living expenses in Australia, and other auxiliary education expenses like exam fees, library fees, books and stationery expenses, cost of a laptop.

Use the education loan EMI calculator to help yourself strategize the repayment of your education loan after successfully earning your degree. All you have to do is put valid information in its 3 fields, and get the EMI value that will help you clear off the education loan effectively.

 

  1. Working your way through the education loan-acquiring process

Once you are ready with a plan to manage the higher education costs, apply for an education loan. You can do so offline by filling the application form at the lender’s nearest office, or online, on the lender’s websites.

Some lenders offer doorstep services: they send one of their representatives to your house to fill the application form and collect relevant documents from you and attach them to the form.

In the next stage of this step, the lender verifies the authenticity of the details and documents you provided them. Finally, the lender sanctions your education loan.

 

  1. Managing the higher education expenses in Australia in real-time

To confirm your admission to any Australian university, you need to pay them the course tuition fees of the 1 semester of your course. The government of Australia asks you to get health insurance to stay there, and deposit 1 year’s living expenses in a bank account there. You need to do this to get a student visa for your stay in Australia.





You have to pay the course tuition fees bi-annually and rinse and repeat the living expenses every year.

So, these are the steps to manage your finances while you study in Australia. Have a nice day!

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