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Student Visas: Changes to Financial Requirements
Australia is updating its financial requirements for student visas, effective May 10, 2024.
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Changes to Financial Requirements
📆09 May 2024
Australia is updating its financial requirements for student visas, effective May 10, 2024.
✨1 min read✨
Changes to Australia’s TGV
📆1 May 2024
The Australian government announced pending changes to the Temporary Graduate Visa Program, coming July 2024.
✨2 min read✨
GS replaces GTE
📆25 Mar 2024
Changes to Australia Student Visa coming March 23, 2024! Australia swaps GTE for GS, focusing on real course value.
✨1,5 min read✨
9 May 2024: Changes to Financial Requirements starting May 10
Australia is updating its financial requirements for student visas, effective May 10, 2024.
Here’s what you need to know: Starting May 10, 2024, Australia has increased the funds required for student visas to align with higher living expenses, manage migration effectively and protect the integrity of the international education sector.
🔍 What is the financial capacity requirement?
To obtain an Australian student visa, you must meet a list of requirements. For example, you may need to show that you can cover your travel, course fees and living expenses while you are in Australia. This ensures that you won’t face financial difficulties during your studies and helps you to focus on your education.
🔄 Why the change?
Australia updates its financial requirements regularly, with the latest revision effective from October 1, 2023. These updates aim to
- Better manage migration
- Maintain the integrity of the international education sector
- Align with the increased cost of living and ensure that students are able to cover their expenses during their stay, preventing financial hardship and reducing the need for excessive work.
Overall, the updated visa rules reflect Australia’s commitment to welcoming genuine students who can fully benefit from its world-class education system, while effectively managing skilled migration. The country remains committed to maintaining its reputation as a premier study destination.
⏰ When’s it happening?
From May 10, 2024, new applicants must adhere to the updated financial capacity requirements. Applications submitted before this date will be exempt from the new rules.
💰 New financial requirements
The below financial requirements have been updated.
- primary applicant = A$29,710 (previously A$24,505)
- spouse or de facto = A$10,394 (previously A$8,574)
- dependent child = A$4,449 (previously A$3,670)
- annual school costs = A$13,502 (previously A$9,661)
- annual income with no family member = A$87,856 (previously A$72,465)
- annual income with family member = A$102,500 (previously A$84,543)
Not sure how this affects you? Get in touch with us! We can help you calculate the exact financial requirements based on your specific situation.
🧡 Also, no worries: Not everyone has to prove this full amount. The best way to find out if this requirement applies to you, or if there are ways to meet it more easily, is to talk to one of our expert advisors.
💡 How to meet the requirement?
Provide evidence of real access to funds, such as bank statements, loan agreements, scholarship letters or income statements. The aim is to confirm that you will be able to support yourself in Australia without hardship or excessive work.
ℹ️ For more info:
Visit the Department of Home Affairs website and Official Statement.
🌟 Plan ahead:
With stricter rules, proper planning is crucial. Seek advice from accredited education agencies. At Go Study Australia, we’re the Australia experts and an ASX-listed leader in education abroad. Since 2007, we’ve helped over 42,000 people make their Australian study, living and travel adventures a reality. Get in touch today.
Please note that immigration laws change rapidly and Go Study Australia is not authorized to provide immigration assistance. We work to ensure that our content is up to date to provide you with the correct information. If you need more information, please always refer to the Department of Home Affairs website.
1 May 2024: Changes coming to Australia’s Temporary Graduate Visa Program in July 2024
The Australian government recently announced pending changes to the Temporary Graduate Visa Program, part of the 2024-2025 Migration Strategy. These changes aim to strengthen Australia’s migration system by attracting and retaining high-quality international students. The changes are set to take effect on July 1, 2024, pending final government approval.
🎓For international students and graduates, these visa policy adjustments have significant implications on post-study work rights and career pathways in Australia. We break down key adjustments so you can understand exactly what’s changing and how it may affect your plans.
🌟Don’t fret – the TGV program still gives you plenty of time to make the most of your Australian adventure and will allow most applicants to stay in Australia for up to 3 years after completing their studies – read below for more details and exceptions.
📋Key Takeaways
Here’s what’s changing from July 1st, 2024:
- Graduate Work stream becomes Post-Vocational Education Work stream with a max age of 35 for most.
- Post-Study Work stream becomes Post-Higher Education Work stream with a max age of 35 for most.
- Second Post-Study Work Stream becomes Second Post-Higher Education Work Stream.
- Students studying certain degrees, will no longer be eligible for the 2-year extension on top of the standard stay allowed by the TGV program.
- Length of stay now varies depending on the achieved degree and nationality.
- The Replacement stream (Covid-19 related) will disappear entirely.
All changes are pending government approval and might be subject to change. For more details, head to the Government’s official Statement and the Department of Home Affairs website.
📅 When Do Changes Take Effect?
- Effective date: July 1, 2024, marks the start of the revised temporary graduate visa program.
- Transition Period: Until June 30, 2024, the current program and post-graduation work arrangements will remain unchanged.
🔍Changes: Explained
Graduate Work Stream Changes
- Name: From July 1, 2024, it will be called the Post-Vocational Education Work Stream.
- Age Limit: Most can apply up to the age of 35, but if you’re a Hong Kong or British National Overseas passport holder, you can apply up to the age of 50.
- Study Requirements: Education requirements remain the same. Stick to associate degree, diploma or trade qualifications that match your area of work on the MLTSS List.
- Length of Stay: Length of stay also remains unchanged at up to 18 months for most. Hong Kong and British National Overseas passport holders may be eligible for up to 5 years.
Post-Study Work Stream Changes
- Name: The Post-Study Work stream will be renamed the Post-Higher Education Work stream starting July 1, 2024.
- Age Limit: The age limit will be reduced from 50 to 35 years old, except for Hong Kong and British National Overseas passport holders who can still apply until age 50.
- Study Requirements: Education requirements remain the same. Applicants must hold a degree level qualification or higher, such as a bachelor’s, master’s, or doctoral degree.
- Length of Stay: The length of stay permitted will change as follows:
- The 2-year extension for “select degrees” will be terminated.
- For all applicants except Indian nationals:
- Bachelor’s (including honors): up to 2 years
- Master’s coursework: up to 2 years
- Master’s research and Doctoral degrees: up to 3 years
- Hong Kong and British National Overseas passport holders may stay up to 5 years
- For Indian nationals:
- Bachelor’s: up to 2 years
- Bachelor’s with first class honours in STEM: up to 3 years
- Master’s coursework and research: up to 3 years
- Doctoral degrees: up to 4 years
Second Post-Higher Education Work Changes
- Name: The Second Post-Study Work stream will be named Second Post-Higher Education Work stream.
- All other eligibility conditions for this stream will remain unchanged.
Select Degree 2-Year Extension
One of the major changes announced for the Temporary Graduate Visa Program is the termination of the ‘select degrees‘ 2-year extension option.
This means that you can no longer extend your post-graduate visa by an extra 2 years on top of the permitted stay, regardless of your field of study.
Before, graduates in fields such as engineering and education could snag up to 4 years post-study. Now they will have to stay within the standard post-graduate visa lengths. Bachelor’s holders are limited to 2 years after their studies, while Master’s holders get 2-3 years, depending on their program.
So while the bonus years may be over, there’s still plenty of time to make the most of your Australian adventure through the TGV program.
Replacement Stream Terminated
This visa is for current and former Temporary Graduate visa holders affected by COVID-19 travel disruptions. The Australian government has decided to end the Replacement Post-Study Work stream of the Temporary Graduate visa starting July 1, 2024.
The Replacement stream currently allows recent graduates who lost time on their original visa due to COVID-19 travel restrictions to remain in Australia for an additional 12 months after their initial Temporary Graduate visa expires
🚀 What’s in it for you
While things are changing, there’s still plenty of time to make the most of your Australian adventure through the Temporary Graduate Visa Program. Most applicants will be able to stay in Australia for up to 3 years after completing their studies, with exceptions, depending on their chosen program and nationality.
Go Study Australia has in-depth knowledge of Australian education possibilities. As a certified educational agency with +17 years of experience assisting students, we are well-equipped to help you navigate these changes and craft a study path that matches your needs. We provide tailor-made and free support for students and have over 365 reputable partners. Contact us today to discuss your options and create a clear study plan forward.
For more details, head to the Government’s official Statement, the Department of Home Affairs website and social media channels!
Please note that immigration laws change rapidly and Go Study Australia is not authorized to provide immigration assistance. We work to ensure that our content is up to date to provide you with the correct information. If you need more information, please always refer to the Department of Home Affairs website.
25 Mar 2024: Changes to Australia Student Visa – GTE replaced by GS
🇦🇺 Breaking News: GTE Replaced by GS for Australian Student Visas, starting March 23, 2024! 🎓
📢 Stay up-to-date with the Latest News Today: From 23 March 2024, significant changes are coming to Australian student visas. The Genuine Temporary Entrant (GTE) requirement will be replaced by the Genuine Student (GS) assessment.
🔍 Dive into the details: The GS requirement aims to identify students genuinely seeking quality education in Australia without future migration intentions. The new GS assessment will include targeted questions covering various aspects of applicants’ circumstances, study choices, and reasons for selecting Australia.
📋 What’s changing? Changes include amendments to the Student visa application form, such as replacing the 300-word statement. Get ready for a new set of questions painting a clear picture of applicants’ backgrounds and intentions. Answers must be written in English. The maximum number of words per question is 150.
- Current circumstances: Family, community, employment, and economic ties
- Course choice explanation: Reasons for choosing Australia and the specific education provider
- Course benefits: Advantages for the applicant after completing the course
- Study history details for past Australian students
- Reasons for applying for a Student visa for non-Student visa holders
- Additional relevant information as desired by the applicant
🗣️ Applicants must support their claims with solid evidence of previous studies, current employment, living arrangements and economic circumstances. The Student Visa Declaration will also be updated to ensure that applicants understand their obligations and the limited availability of post-study migration pathways.
📢 Stay tuned for further updates, including changes to the English language requirements for student visa applicants and temporary graduate visa applicants.
For more details, head to the Government’s official Statement, the Department of Home Affairs website and social media channels!
We understand that the visa application form will change. Applicants won’t be asked to write a 300-word GTE anymore, but answer specific questions related to their circumstances, study choices, and intentions. Moreover, applicants will have to support their statements with relevant proof and documents. It’s essential to proceed with caution when applying for a student visa and ensure all documents are provided in the correct format to avoid any delays or complications in the process. Share your plans with us, and we’ll guide you through the entire study experience.
Please note that immigration laws change rapidly and Go Study Australia is not authorized to provide immigration assistance. We work to ensure that our content is up to date to provide you with the correct information. If you need more information, please always refer to the Department of Home Affairs website.
23 Mar 2024: Australia Student Visa News – English Requirement Changes
🔵 Update: Changes to English Language Requirements for Student Visas and Temporary Graduate Visas in March 2024! 📚
📢 Here’s everything you need to know: The Australian Government is updating English language requirements for Student Visas and Temporary Graduate visas, starting March 23, 2024. When applying for a student visa, applicants are generally not required to provide a language certificate. The responsibility for assessing English proficiency rests with the educational institution, not the immigration authorities. Therefore, this adjustment does not directly affect the visa application process or required documentation at this time.
📝 Stay tuned for more updates through the Department of Home Affairs website and social media channels!
For Student Visas:
- Student Visa: Minimum IELTS score increases from 5.5 to 6.0 (or equivalent).
- ELICOS Course: Minimum score increases from IELTS 4.5 to 5.0 (or equivalent) for enrollments up to 20 weeks of ELICOS AND from IELTS 5.0 to 5.5 (or equivalent) for enrollments up to 10 weeks of ELICOS.
- Recognized university foundation or pathway programs require IELTS 5.5.
We understand that the 0.5-point increase in the IELTS requirement mainly affects applicants from specific countries where an English test score is already necessary. There’s no indication that this change will apply to all nationalities.
Please note that immigration laws change rapidly and Go Study Australia is not authorized to provide immigration assistance. We work to ensure that our content is up to date to provide you with the correct information. If you need more information, please always refer to the Department of Home Affairs website.
For Temporary Graduate Visas (TGV) 485:
- TGV 485: Minimum IELTS score rises from 6.0 to 6.5 (or equivalent)
- Test validity window shortens to one year.
- Exceptions for Hong Kong and BNO passport holders: IELTS 6.0 remains valid.
We understand that the validity of English language tests for Temporary Graduate Visa (TGV) applications has been shortened from three years to one year before applying, and the required score has been raised from 6.0 to 6.5. These adjustments are likely to encourage students to dedicate more time to IELTS preparation before applying for a Temporary Graduate Visa. Improved English skills mean more opportunities to excel in study, work, and life Down Under.
Please note that immigration laws change rapidly and Go Study Australia is not authorized to provide immigration assistance. We work to ensure that our content is up to date to provide you with the correct information. If you need more information, please always refer to the Department of Home Affairs website.
17 Mar 2024: Impact of English Proficiency on Career
💼 Recent research underscores the vital link between English proficiency and career advancement. 📚
As the regulations for student visa applicants change, stay on top of the game with your English.
📢 Here’s everything you need to know:
In a survey conducted by Pearson, an overwhelming majority (80%) of respondents in Japan, Saudi Arabia, Brazil, Italy and Florida (United States) believe that English proficiency is directly correlated with earning potential. They expect up to an 80% increase in salary with strong English skills.
Career satisfaction is significantly higher among advanced English speakers, with 75% satisfied with their income and 88% satisfied with their job. In contrast, only 47% of beginning English speakers are satisfied with their income and 64% are satisfied with their job.
In addition, more than half of respondents (51%) believe that learning English opens up a wider range of career options, while 40% see it as a catalyst for faster career advancement.
As visa regulations continue to evolve, English language skills are becoming increasingly important. Not only does mastering the language open up opportunities to enroll in prestigious universities, but it also improves prospects for securing coveted job placements and a more fulfilling career and experience Down Under.
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Please note that immigration laws change rapidly and Go Study Australia is not authorized to provide immigration assistance. We work to ensure that our content is up to date to provide you with the correct information. If you need more information, please always refer to the Department of Home Affairs website.
