Amid the inflation happening in Nigeria, Western countries are increasing the required funds a student needs to show when applying for a student visa. Australia significantly raised the minimum funds for international student visas. The increase aims to curb record migration and address student exploitation concerns. Effective May 10, 2024, students now need A$29,710 (US$19,576) in savings, a second increase in seven months.
This tightening follows a surge in migration following the lifting of COVID restrictions. The government also increased English language requirements in March and is implementing policies to prevent students from exploiting visa loopholes to extend their stay.
Rumours about Student visa application fee
The Australian government is about to announce its budget for the year, and many people who work with international students are worried about what it might include. Some experts have suggested that the government could raise the fee international students pay when they apply for a visa to study in Australia. This new fee may be more than three times higher than the current one, and students will not get their money back if their visa application is not approved.
The Australian government has raised the minimum funds requirement for international students applying for an Australian study visa. It is the second increase in less than a year. As of May 10, 2024, primary applicants must show funds of at least AUS$29,710 (US$19,537), a 21% increase on the previous amount of AUS$24,505.
Comparing the new POF with Canada
By comparison, the new requirement is about US$5,000 higher than what students need for a Canadian study permit application. The Australian government has set the new minimum funds threshold to align with a proportion of 75% of the national minimum wage. To better indicate the amount of money considered reasonable to provide a minimum standard of living while studying in Australia.
Why the Increase
International education is a significant contributor to Australia’s economy, with a value of A$36.4 billion ($24 billion) in 2022/23. However, the rapid increase in migration, mainly due to international students, has led to a rise in rental costs across the country. The government’s data shows that net immigration increased by 60% to a record 548,800 in the year ending September 30, 2023.
The Australian government has announced its intention to decrease migration rates. The goal is to reduce the current intake by 50% within the next two years. According to O’Neil, “We are experiencing the largest decline in migration figures in Australia’s history, apart from during wartime or pandemics.”
Conclusion
While the Australian government’s recent policy changes have made obtaining a student visa more challenging, studying in Australia remains a valuable option for international students. The increased costs can be an investment in a high-quality education and future career prospects. A knowledgeable immigration firm like MyJapa Limited can significantly ease the application process for students ready to study in Australia. Don’t let the hurdles deter you from achieving your educational goals.
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