International students seeking to study in Australia are likely to face greater financial hurdles. The bank balance required for the Australia student visa in 2024 has been increased. The previous hike in the amount of savings international students needed to get an Australian student visa was in October 2023.
Australia has increased the minimum savings required for overseas students to obtain a visa. Starting May 10, 2024, international students will need to demonstrate proof of savings of at least A$29,710 ($19,576) in order to obtain their visa. It is the second hike in roughly seven months when in October, the minimum savings amount was increased from A$21,041 to A$24,505.
The Australian government changed a number of immigration laws that affect foreign nationals and international students. These are a few that affect both prospective students enrolling in Australian universities and current students studying there in terms of work permits.
The savings requirements is a proof that you have enough money to cover your travel, course fees and living costs during your stay. This is to reduce your risk of financial difficulty while you are studying.
With access to nine out of the top 100 institutions in the world, ninety-five percent of universities worldwide, and six out of the top 50 student towns, Australia is a great choice for international students. According to Australia Visa News, the total number of temporary student visas granted in Australia hit an all-time high of 654,870 in July 2023. This figure represents a 300,000 rise from the prior year.
Some other key measures introduced by the Australian government for international students include:
The Australian Government has replaced the Genuine Temporary Entrant (GTE) requirement with a Genuine Student (GS) requirement to further crack down on international students looking to come to Australia primarily to work, rather than study.
The Australian government had announced an extension of Post-Study Work Rights (PSWR) of up to two extra years for international students effective from July 1, 2023. This allows them to secure employment opportunities in their chosen fields.
For international students seeking to study in Australia, a minimum total score of 5.5 is required to enroll in their chosen university and program.
From 1 July 2023, the number of work hours allowed during study terms and semesters was capped at the increased amount of 48 hours per fortnight, during study terms and semesters.
The Skilled-Recognised Graduate visa, allowing recent engineering graduates to stay, work, or study in Australia for up to 18 months, has been capped since December 22, 2023.
The Australian Government had announced that international students are no longer able to enroll in two courses at the same time within the first six months of study in their principal course.
Concurrent enrolments have been closed to international students in the first six months of study – taking effect from September 8, 2023.
(With agency inputs)