Fulfilling the financial requirements for studying in Australia is a tricky matter. Many students need clarification about handling this part. Managing three or six months of funding is difficult for them and their dream of studying in Australia looks far-fetched. In this article, we will sort out students’ confusion when they move after receiving an offer letter from an Australian university and apply for a genuine student (GS) requirement. 

How to approach genuine student requirements and what financial planning do you need to make Australia your study destination in the long term? The best thing is to take care of the financial requirements one year before you plan to move to a country for studies. However, many of us live in the illusion that we can get away with last-minute planning, and this applies to career and travel planning as well. Unfortunately, financial planning is not as easy as last-minute preparation. 

Financial planning should be done while keeping in mind your present standing, i.e., if you are in Class 12 or pursuing graduation, and the financial requirements for pursuing a particular programme in Australia.

Financial Matters for Studying in Australia 

Earlier, receiving the offer letter was half of the battle won, and the next step was to submit the tuition fees and apply at the high commission. Following a series of changes, students now have to wait for approval from the university to submit their fees. This is a logical change, for if one is refused the confirmation of enrollment (COE) after submitting the fees, it may result in financial loss for the student. There are exceptions to this as some universities interview applicants after receiving the tuition, however, it does not affect the documentation.

Talking about the documents you submit to the university and the high commission, all these documents should be verifiable online. This criterion is important because all your documents will be verified by a third party. The majority of the documents these days, including your marksheets and employment can be checked online. This applies to financial documents as well, which should be verifiable online. 

The income tax returns (ITRs) you submit should also be justifiable, verifiable, and aligned. By aligned here we mean that the financial documents should be in sync and support each other. Things might have become complicated for some here, so we bifurcate further for a better understanding.

Income Tax Returns and Finances are Different from Each Other

Talking about the annual income, which is the most important part of your financial documentation. Many people confuse finances with ITRs. However, finances refer to the sources from which you will pay your university tuition fees, such as the education loan you may have taken out. In line with the source of income, there is a myth that Australian universities do not accept agricultural income. There may be a few exceptions but most of the universities in Australia can accept such income, provided the evidence for the source is verifiable.

Here we can consider two scenarios. For example, if you have a small-scale business operating from home or a nearby market, you can show the online transactions of the money coming in and that paid to the vendors. So, here it is not about the size or types of business that you have but the evidence that you can provide for income from the source.

Moving to the income generated from agriculture. In the Indian scenario, it is not mandatory to file an ITR for agriculture income, meaning this source of income is exempted. However, it is not that one cannot file an ITR for agricultural income. If you have not filed an ITR, how will you justify this income? The way out is to show the J-forms of the past four seasons, and the income shown on these forms should match with bank transactions. Your agricultural income will be accepted by fulfilling this requirement.

Unfortunately, agricultural income is still accepted in cash and supported by colourful J-forms. There is no solution for such cases. This is why it is advised that financial planning for studying in Australia should start at least a year in advance. The objective is that what we claim to be our income should be backed by proper documents which can be cross-referenced. 

Here, one can do a simple self-check. If you can get a loan from a bank in India based on the income you are generating, Australia will certainly accept your financial documents. If you are unable to raise a home loan or personal loan based on your income documents, it could be because something is missing or incomplete in the documents you have provided. You need to address these shortcomings before you use these documents to meet the financial requirements for studying in Australia.

Overcoming the Problem of Limited Finances

Another group of people is those who do not have enough money and still want to pursue studies in Australia with their limited finances. Now, this is possible, provided you have a strong academic background, which includes not just your percentile in school or college, but the offer letter that you receive from a reputed university in Australia. If your academic profile is strong enough to gain acceptance into overseas universities, banks in India may be willing to grant you unsecured loans.

Financial planning is not just for those who are earning and want to save their earned money, it is also for students who want to pursue education overseas. Those who can think ahead of time and plan wisely will never fail in their pursuit of overseas education. The problem arises because students do not plan their finances well, and have to leave their education in between as they are not left with enough money. Plus, they don’t want to ask for money from their parents in their home country. 

The good news is that in the times to come, a student visa will be granted for studies only and not as a means to move to a new country and work. Students who seriously want to study and whose objectives align with the programme they want to study will be able to move ahead. Talk to overseas education consultants in Chandigarh well in advance to overcome any financial challenges of studying in Australia.

Also Read: Study Now, Pay Later: The Overseas Loan Hacks You Need to Know

The Takeaway

If you want to move to Australia for the July 2025 intake, you should start your financial planning now. It is a good time to gather all the documents that will be accepted by the Australian authorities when they access your student visa application file. As a word of recommendation, use your study visa strictly for its intended purpose—studying. If you use it correctly, it will help you eventually reach the stage of permanent residence.