Indian students are becoming increasingly focused on their higher education. This is because they have understood its importance for a successful future. Many are even choosing to study abroad in major fields like Business, Information Technology, Nursing, Science, and more. And for this, one country whose bilateral relations are stronger than ever with India is becoming their favorite study destination. The land of Kangaroo Australia.

Some of the major reasons for this can also be that the country offers high-quality education with affordable expenses and excellent career opportunities after graduation. However, one of the main challenges students faces is understanding the student visa requirements, particularly the proof of funds. Well, this is what the article of today is for! To clarify these requirements and help students navigate the process with ease. But first, let us understand the details of a student visa for Australia.

About Australian Student Visa

An Australian student visa also known as a Sub-class 500 student visa offers a range of benefits for international students:

• Study Opportunities: You can participate in an eligible course of study in Australia, giving you access to world-class education.
• Travel Flexibility: The visa allows you to travel in and out of Australia, providing the freedom to visit home or explore other countries during breaks.
• Work Permissions: You can work up to 48 hours a fortnight while your course is in session, helping you gain valuable work experience and support your living expenses. For students pursuing a masters by research or a doctoral degree, there is no work limit for them and their families.

Duration of Stay

• The visa typically allows you to stay for up to 5 years, with the exact duration depending on the length of your course.
• For primary school children enrolled in years 1-4, the visa is generally granted for a maximum of 3 years.

Application Fee: The visa application fee starts from AUD 710, unless you qualify for an exemption.

Visa Requirements

• You must apply online, either from inside or outside Australia.
• You need to be enrolled in a course of study in Australia.
• It is mandatory to hold Overseas Student Health Cover (OSHC) unless you fall into an exemption category.
• You must be 6 years or older.
• If you are under 18, you need to prove you have a welfare arrangement in place.
• If you are applying from within Australia, you must hold an eligible substantive visa.
• Have proof of funds to cover your higher studies in Australia

Among all these requirements, there have been some changes noted in the Proof of Funds. so let us cover that in detail

Changes in Proof of Funds for Australia Student Visa

​Starting from 10 May 2024, the Proof of funds for Student and Student Guardian visa applicants has increased. The new requirements align with 75% of the national minimum wage. These changes are taken to ensure that international students have sufficient funds to maintain a reasonable standard of living while studying in Australia. For this, students can also look for the best education loan in India to study abroad that can help the aspirant fulfill this requirement.

Benefits of New Financial Requirements for Subclass 500 Visa

• Reduced Financial Stress in Australia
• Compliance with Visa Conditions
• Protection from Worker’s Exploitation

The table below shows the minimum funds required to meet the financial capacity requirements before and after 10 May 2024:

Category	New Requirements	Old Requirements
Primary Applicant	AU$ 29,710	AU$ 24,505
Spouse or De Facto Partner	AU$ 10,394	AU$ 8,574
Dependent Child	AU$ 4,449	AU$ 3,670
Personal Annual Income (no family members)	AU$ 87,856	AU$ 72,465
Personal Annual Income (with family members)	AU$ 102,500	AU$ 84,543
Annual School Costs	AU$ 13,502	AU$ 9,661

In conclusion, understanding these updates will help you prepare better for your application process, ensuring you meet all the necessary requirements for a smooth transition to studying in Australia. Also, applications lodged before 10 May 2024 will be assessed under the financial capacity requirements in effect at the time of application.

But as the requirement for proof of funds is increased and poses a challenge to many Indian students, you must look for a better education loan to study abroad, especially to study in Australia that covers not just your tuition fees but also the visa requirements funds, health insurance and more. Once you are done with this, you will be better equipped to plan your higher studies and life in Australia.