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New financial requirements for students

Dear Students,

Unfortunately, the long-anticipated moment of change regarding the financial requirements for Student and Student Guardian visas has arrived. Many of you are already aware of it, but we cannot just ignore this news in this professional blog.

It has been brought to our attention that the financial requirements for the student (SC500) and guardian visa (SC 590) have increased by approximately 21% from 10 May 2024.

One more important thing to highlight is Schooling costs:

If you are including any school-age children in your application, add schooling costs for each child. These costs vary between states, territories, and schools in Australia. You are responsible for finding out how much the child’s schooling will cost. Please be aware, you must provide evidence the child is enrolled before applying for a visa.

However, you don’t have to provide evidence of schooling costs if you are a PhD student and have enrolled your child in an Australian government school where the fees have been waived or have received an Australian Commonwealth Government scholarship.

You might be wondering, why being a student becomes more and more expensive.

The financial requirement has been changed to match 75% of the national minimum wage. This update ensures that students have enough money to support themselves while studying in Australia, considering that they’re not studying for 25% of the year and may return home or work full-time during that period. Please be aware that the cost of living in Australia may exceed the amount required for your visa application.

Refer to the table for new minimum amounts.

Minimum required funds to meet financial capacity requirements for student visa applicants.

We understand that these changes might seem hard, but we are here to assist you through the process. Should you have any questions or concerns, do not hesitate to reach out to us at office@yuliamoiseeva.com.au.

However, if you are considering education in Australia as the first step towards future migration – discover our comprehensive guide! The detailed, up-to-date information you need about starting your pathway to Australia as an international student. Download our guide “Education in Australia” and save time and effort by skipping the endless searches through official websites and legislation.

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