Posted By: 15 April 2023
Your Go-To Finance Guide To Study In New Zealand
So you have made plans to study in New Zealand or are planning to study but are not sure about the costs involved? Well, this is what we are here for - to help you understand everything associated with funding your studies.
More than 1,00,000 students apply to New Zealand colleges and universities. Surprisingly, 40 percent of these are Indian. So if you are going to be one of these students, there is a lot you need to know about funding your degree. After all, you do not want to face financial problems while working on the documents or go broke in the middle of the course, right?
Treat this blog as your go-to finance guide to study in New Zealand and you will be all set!
Basic Cost of Studying in New Zealand for International Students
Given below is a breakdown of basic expenses regarding studying in New Zealand. Have a look at these to understand how much money you are possibly going to spend.
Cost of Studying in New Zealand for International Students: The tuition fee will depend on the
level of degree and the course you pursue. Nonetheless, the average price for an undergraduate program varies between NZD 22,000 to NZD 32,000. The same for a postgraduate degree is between NZD 26,000 and NZD 37,000. And finally, if you are going to pursue Ph.D., it can cost anywhere from NZD 6,500 to NZD 9,000.
Remember, there are several New Zealand international scholarships that can help you reduce the tuition fee or waive it entirely. Do not forget to apply for them in time to ensure you do not miss the deadline.
Living Costs: Your living expenses will entirely be based on your lifestyle. If you eat out too much, travel around more often, and go partying every weekend, your expenses will be more than those of an average student. This is between NZD 20,000 and NZD 25,000.
Cost of Student Visa: A New Zealand student visa costs NZD 430. Additionally, INR 1,010 is chargeable as the receiving fee.
Proof for Funding Studies to Study in New Zealand
Imagine a scenario wherein you are completely broke and do not even have the money to support your education in the final years. Sounds scary, right? But this is not possible since New Zealand colleges and universities require students to submit evidence to prove their funding. The applications are assessed on the basis of the genuinity of the sources of funds. In case you cannot provide proof that you are capable of funding your education throughout, you won’t be accepted.
Given below are additional documents that you will be required to submit. The requirements are entirely based on your source of funding.
1. Banking Information
To study in New Zealand, you will be required to provide all information related to banking. This includes:
- Sale of property agreements and stock transaction reports.
- Education loan sanction letter from a recognized bank or financial institution.
- Proofs or statements demonstrating fixed-term deposits of a minimum of six months.
- Copies of certificates or deposit statements of the bank for verification.
- Bank statements of the last six months under whose name the loan is sanctioned.
2. Income Information
New Zealand colleges and universities require students to provide proof of income-related information as well. These include:
- An official letter by the employer confirming the position of the salaried employee supporting education funding along with the employment duration.
- Statements demonstrating the income generated through employment.
- Proof of the revenue generated through assets, such as rental properties.
- Income tax returns representing the saving and income patterns.
- In case the person supporting the education financially is self-employed, then a recent business income statement and tax returns must be provided. Else, the latest bank statements demonstrating business transactions can be used as evidence.
3. Loan Sanction Documents
If you have applied for a loan to study in New Zealand, you will be required to provide loan sanction letters as evidence of your funding. These letters must include the following:
- Repayment timeline
- Interest payable
- Copy or details of the security or collateral offered
- Moratorium period
Are You Ready to Apply to New Zealand Colleges and Universities?
The cost of studying in New Zealand for international students is quite reasonable, especially compared to other countries. However, it is crucial to prove that you can afford to Study in New Zealand for which you need to provide evidence of funding as shared in this blog.
In case you are falling short on funds, you should apply for New Zealand international scholarships as soon as possible. If you are fortunate enough to bag one, your expenses will be way lower than expected. Besides, you can always save the extra money to spend on weekends chilling out with your friends.