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Engineering degrees are one of the most popular courses for international and domestic students in Australia. There are huge career prospects for engineering jobs in Australia due to the huge boom in infrastructure, mining, IT services and consumer goods. But is the degree worth it compared to the high cost of study?
In general, engineering student fees are expensive. On average, one unit or subject costs $950- $1,200, which brings the minimum annual cost to $7,600 – $9,600. However, International students pay on average $40,000 annually in student fees, accommodation and daily needs. While it is always easier for local students as students can apply for government support. Studying engineering in Australia can open the path for work in Australian Engineering companies, which justifies the high cost.
International students have to pay their fees in full, while domestic students can apply for government support where the government pay some of their tuition fees by applying for The Higher Education Contribution Scheme (HECS). This means international students are at a disadvantage compared to local students.
Average engineering student fees in Australia
Student fees in Australia are measured by the cost per unit or subject. On average, one unit can range from $950- $1,200; this depends on the subject and the degree you are doing. A full 2-4 year degree will cost around:
- Engineering Bachelor Degree (3-4 years) – $22,000 – $40,000
- Postgraduate Masters Degree (2-3 years) – $22,000 -$30,000
- Doctoral Degree (2-3 years)- $20,000 – $35,000
The cost of living in Australia for International students
The cost of living in Australia is not cheap. International students can pay anything between $240 – $500 a week on rent. However, the cost can go significantly higher when you factor in food, travel and study expenses such as textbooks.
International students will have to pay their fees in full before studying. At the same time, international students are limited to only 20 hours per week of work which also add more difficulty to the cost of living in Australia.
Most courses will require the international student to enrol full-time, which means doing a minimum of 8 subjects a year. This also introduces a fixed minimum annual cost of student fees and limits students from doing anything other than study.
How long does it take to pay your student debt for domestic Students?
Based on the Australian Taxation Office (ATO), these are the average repayment thresholds:
| 2022-2023 Repayment threshold | Repayment % rate |
|---|---|
| Below $48,361 | Nil |
| $48,361 – $55,836 | 1.0% |
| $55,837 – $59,186 | 2.0% |
| $59,187 – $62,738 | 2.5% |
| $62,739 – $66,502 | 3.0% |
| $66,503 – $70,492 | 3.5% |
| $70,493 – $74,722 | 4.0% |
| $74,723 – $79,206 | 4.5% |
| $79,207 – $83,958 | 5.0% |
| $83,959 – $88,996 | 5.5% |
| $88,997 – $94,336 | 6.0% |
| $94,337 – $99,996 | 6.5% |
| $99,997 – $105,996 | 7.0% |
| $105,997 – $112,355 | 7.5% |
| $112,356 – $119,097 | 8.0% |
| $119,098 – $126,243 | 8.5% |
| $126,244 – $133,818 | 9.0% |
| $133,819 – $141,847 | 9.5% |
| $141,848 and above | 10.0% |
The most important thing to know about student debt repayments for domestic students is that students are not charged any interest. However, the value of the loan does go up in value with inflation. Therefore, rising inflation will increase the amount of student debt.
The average inflation rate in Australia is 3%. This is still significantly less than The USA student debt interest rates, around 5%-6%. Yet when inflation in Australia rises, such as in 2022, the inflation rate is around 7%, meaning Australians pay more in Student debt than Americans. Therefore, when the economy is stable, and inflation is normal, debt repayments and study costs are cheaper than in the USA, UK and elsewhere.
This puts university education in Australia in high regard; in addition to the low cost of the study compared to anywhere else, Australia is ranked among the best universities for engineering studies. Because the quality of the education is monitored by Engineers Australia, a not-for-profit organisation dedicated to tracking the advancement of the engineering field in Australia, this adds another layer of sophistication to Engineering Education within Australia.
