When counselling applicants who are interested in pursuing their entire undergrad or graduate degree program in Australia one of the most common questions is, “How will I finance my studies?” Most American students are used to (or are familiar with) receiving some form of U.S. financial aid or scholarship funding from the school they attend. In Australia, this isn’t a common practice, so you will need to think carefully about how to finance your tuition, housing and living expenses if you want to enroll in an Australian university.
Exchange Rates
Now is an opportune time to earn a degree in Australia. That is because the American dollar is stronger than the Australian dollar. Overall costs quoted by an Australian school will be reduced by about 30% when converted to an American dollar amount. Additionally, the cost of financing your degree in Australia is going to cost less, if not comparable to studying in the USA, since most bachelor degrees are only three years in duration in Australia. If you are interested in earning a graduate degree, it takes anywhere from one to two years total to earn.
Financial Aid
Most applicants that we work with are initially unsure how to fund their studies after learning that financial aid awarded by an Australian school isn’t an option. Since scholarships are extremely limited and very competitive by comparison, they should not be relied on as a means to fully fund your studies. However, it is possible to use U.S. federal financial aid and government loans to cover some or all of the costs associated with your tuition and cost of living abroad. Most of the Australian schools that TEAN partners with are eligible to certify U.S. financial aid and student loans through the U.S. Department of Education. If eligible, you can apply for subsidized and unsubsidized Stafford Loans. Plus, you may also qualify for the Federal Parent or Graduate PLUS Loan. The Federal Parent or Graduate PLUS Loan gives suitable applicants with good credit ratings the option of borrowing the entire cost of attendance at an eligible school. These loans cover tuition, housing, living costs, textbooks, laptop and even airfare to return home every year.
Private Loans
Private loans are also an option for schools that don’t certify U.S. financial aid or for programs that don’t qualify for U.S. financial aid or loans.
There are certainly ways to fund your studies if you choose to apply. Many applicants may not be aware of all options when considering financing their degree in Australia.
TEAN can provide you with more information on how to finance your studies at the time of inquiry. Get in touch to ask questions about pursuing your Full Degree in Australia or New Zealand, and start the process.
