Written by Jennifer Aranda
Posted on March 27, 2016 | Updated March 26, 2016 |
If you are looking to study in Australia and your application is at Assessment Level 3, make sure you know what the acceptable sources of funds are to ensure your visa application is approvable.
Once you and your family have determined that it is in your best interests to study, you'll need some time to compile your credentials and other documents so you can lodge your visa application early. At the very least, you won't be biting your nails wondering if your visa application will be approved before your classes start!
The principle underlying your student visa application is this: you must be able to prove that you are both a Genuine Temporary Entrant (GTE) and a Genuine Student.
Most applicants tend to focus on the financial requirements as that is after all, one factor that will definitely affect a family. You are obliged to provide evidence that you have sufficient resources to cover your tuition fee and other schools costs, travel, living expenses.
The regulations require international students to show evidence of funds to cover tuition, travel, living costs and school costs for school aged dependents (if applicable). The Assessment Level (AL) of the student determines the amount of funds that need to be shown, who can provide these funds and for how long these funds must be held.
If your application is at Assessment Level 3 under current regulations, the Department of Immigration and Border Protection (or DIBP) has certain conditions regarding the fund that you will be using for your studies:
And if you intend to take out a loan, there is a list of acceptable financial institutions where you may take out a loan if your student visa application (Assessment Level 3). And you cannot just take out a huge loan: you must submit further evidence that you will be able to cover payments for that loan.
Sources of funds that may be acceptable when assessing a student visa application are as follows:
These are the current requirements. Watch out for changes once Australia implements the Simplified Student Visa Framework in the middle of this year!
Consider a career in the immigration industry.
There's always room for hard-working professionals with integrity.
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