New Financial Barrier : In Australia For International Students

New Financial Barrier : Financial Barrier for Foreign Students in Australia

New Financial Barrier : To promote the financial security of international students and reduce the chances of them seeking immediate employment upon arrival, the Australian government has revealed plans to raise the minimum savings prerequisite for obtaining a student visa.

Starting from October 1st, prospective international students will need to exhibit savings of $24,505, marking a significant increase from the previous requirement.

This modification represents the initial update to the savings requirement since pre pandemic, indicating the need to bring it in line with the prevailing economic circumstances.

New Financial Barrier & Government Decision

Additionally, the government’s decision entails the closure of a previously exploited gap that allowed educational institutions to transition international students, who had spent less than half a year in Australia, into a specialized arrangement granting them work privileges.

The program aimed at combining studies with employment opportunities, known as the concurrent study function, experienced a major increase with around 17,000 participants.

This number notably exceeds the combined count of participants during the equivalent period spanning both 2019 and 2022. Enrolments in concurrent courses, which allow students to register for multiple courses simultaneously, have gained popularity among international students.

These adjustments to student visa prerequisites and work access regulations demonstrate the government’s dedication to maintaining a well-balanced and sustainable educational environment for international students in Australia.

Also Read : Australia Phasing Out COVID-era Student Visas by Feb 2024

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