After Canada recently increased the funds required for student visas, Australia has made a similar decision.
Effective on May 10, 2024, students applying for Australian visas are required to show funds equivalent to 75 percent of the national minimum wage.
Australia increases fund requirement for student visas by over 21 pc
Currently, the fund required for an Australian student visa for the primary applicant is AUD 24,505, which will be increased to AUD 29,710 after May 10, 2024. This marks a hike of over 21 percent.
The decision was made to ensure that students can afford basic living expenses in Australia.
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Earlier, Australia increased the funds required for student visas from AUD 21,041 to AUD 24,505 in October last year.
Canada doubles fund required for student visas
Effective on January 1, 2024, the fund requirement for student visas in Canada increased to CAD 20,635 from the previous CAD 10,000.
The Immigration, Refugees, and Citizenship Canada (IRCC) decided to ensure that international students arrive well-prepared.
The fund requirement for student visas in Canada further increases based on the number of dependents. The following are the fund requirements based on family members.
| Number of family members (including the applicant) | Amount of funds required per year in CAD (not including tuition) |
| 1 | 20,635 |
| 2 | 25,690 |
| 3 | 31,583 |
| 4 | 38,346 |
| 5 | 43,492 |
| 6 | 49,051 |
| 7 | 54,611 |
| In case of more than 7 people, each additional family member | 5,559 |
Canada revises work hour cap
Recently, Canada announced work hour cap for student visa holders including those from India.
“The temporary policy allowing students to work more than 20 hours per week off campus will come to an end on April 30, 2024, and it will not be extended,” Marc Miller, Minister of Immigration, Refugees and Citizenship, said in a press release issued on Monday.
However, students will be able to work off-campus for up to 24 hours per week starting in September.
As both Canada and Australia are top destinations where Indian students usually pursue higher studies, the rise in fund requirements is likely to impact the number of applicants for student visas.
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