Payments
Both Singapore and Australia are among the most expensive places for students. In Australia, you’ll need approximately AU$20,290 per year just for living expenses. Similarly, Singapore ranks as one of Asia’s priciest cities, with estimated living costs for students around S$4,700 annually. Hence, managing your finances effectively is essential to completing your education.
One of the most advantageous options for financial support is securing a merit-based scholarship or fellowship. Numerous scholarships are available, including those offered by universities, governments, and sports organisations. Some institutions even provide scholarships based on gender or ethnic background, allowing you to explore various avenues to reduce educational costs.
If scholarships aren't feasible, you can consider education loans. Indian banks and NBFCs often offer these loans, and you may qualify for tax rebates on the interest paid. However, be aware that taking out a loan increases the overall cost of education, as you’ll need to repay it once you start earning after completing your studies.
While studying, you can also gain part-time employment, which can significantly aid in managing your finances. In Singapore, international students on a Student Pass can work up to 16 hours a week during term time. There are no restrictions on working hours during official breaks.
Similarly, Australian students can work up to 20 hours per week during terms and have unlimited working hours during holidays. Volunteer and unpaid work count towards this limit, but it’s essential to note that work related to your course doesn’t count towards the hour limit in Australia.
In Singapore, any employment during term time must be through an industrial attachment programme linked to your course, ensuring that your work aligns with your studies. Fortunately, many universities have partnerships with local businesses, making it easier to find suitable roles.
Housing is one of the most significant expenses for students studying abroad. In both Australia and Singapore, on-campus living is not always the norm. Many students opt for off-campus accommodations or shared living arrangements. In Australia, accommodation costs range from AU$85 to AU$440 per week, with on-campus housing generally being the most economical option.
In Singapore, private shared flats can cost around S$400 per person monthly. If you live in a private hostel, prices vary depending on the facilities, ranging from S$140 to S$440 per month. Renting your own flat is the priciest option, often exceeding S$1,000 monthly, while Housing Development Board (HDB) flats can offer more affordable rates, from S$250 per month for a single room.
If you manage to save some money while studying, consider remitting it back to your family in India or your own bank account. HDFC Bank offers a straightforward and secure wire transfer service, allowing you to send money home. You’ll need to provide essential details such as your bank account number, the recipient's information, and the recipient bank’s SWIFT code.
The process involves filling out a wire transfer form, either online or offline. Once you submit the form and pay any applicable fees, the transfer typically takes 24 to 48 hours.
Studying in Singapore or Australia can be a rewarding experience if you plan your finances wisely. By exploring scholarships, securing part-time work, and managing accommodation costs effectively, you can ensure a successful academic journey while keeping your financial health in check. With careful planning, you can make the most of your time abroad without breaking the bank.
*Terms and conditions apply. The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances.