Funding Sources to Support Study in New Zealand
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Want to study in universities of New Zealand but facing issue with funding sources to support Study in New Zealand expenses? Banks Loans, Scholarships, Provident Fund Accounts and Family Members as Sponsors are good options that you can use to show proof of funds for New Zealand Student Visa and more.
New Zealand receives over 100,000 admission applications per year from international students out of which 40% are Indian students only. Since 2021, New Zealand has witnessed a 28% surge in admission applications from Indian students. Students who do get admission to New Zealand and if their course duration is for over a year, then they have to prove their funding sources to support their study in New Zealand.
In order to get a student visa in New Zealand, Indian students can show their funding sources through various media. The article throws light on the same and would talk about how to go about it too.
Basic Costs Required to Study in New Zealand 2023
| NZD 20,000 - NZD 25,000 |
|
| UG: NZD 22,000 - NZD 32,000 PG: NZD 26,000 - NZD 37,000 PhD: NZD 6,500- NZD 9,000 |
|
| Cost of Student Visa in New Zealand |
NZD 430 + INR 1,010 (Receiving fee) |
| Cost of Visitor Visa in New Zealand |
NZD 246 + INR 1,010 (Receiving fee) |
| Post-Study Work Visa Cost in New Zealand |
NZD 700 + INR 1,010 (Receiving fee) |
Funding Sources to Support Study in New Zealand
International students who are admitted to New Zealand universities for higher education have to mandatorily submit their financial sources with details of how and when they will receive funding. The payment plans are basically submitted so that they can be verified by the Immigration Office of New Zealand so that students do not face deportation in the middle of their studies. Following are the funding sources that international students can opt for in order to support their education in New Zealand:
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Bank Loans
New Zealand accepts loans from students funding their studies only from nationalised and/or multinational banks only. Applicants applying for a loan to study in New Zealand will also have to prove how they would be paying back the education loan. Only after completing these formalities and verification can applicants study in New Zealand.
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Provident Fund Accounts
Those thinking of funding their studies through their parents’ provident fund accounts can go ahead with this source of income. New Zealand accepts provident fund accounts of private or public employees supported by their salary slips, Form 16, income tax return statements, etc. from applicants’ financial resources so that they can study in New Zealand.
Scholarships to Study in New Zealand
There are various scholarships available for international students in New Zealand to support their education. The scholarships vary between national, international and university specific depending upon their offering. Applicants relying on scholarships solely to support their study in New Zealand will again have to submit relevant documents to show how and when they would receive funding.
Family Members as Sponsors
Some applicants may choose a family member besides their parents to fund their studies in New Zealand. They should be immediate family members of the applicant, that is, either grandparents or in-laws or even spouses in this case. Applicants must be able to furnish their relationship with their family members and provide necessary documents to prove the same, and also how they would help them in funding their education in New Zealand.
Financial Guarantors
Financial guarantors who have held funds which have been sourced from the sale of property, gold loans or even KCC loans can be proven if they’ve had these funds for over 6 months and it can be verifiable also.
Also read: When to start thinking about finances to study abroad
Evidence for Funding Studies in New Zealand
Applications are assessed for those applicants who are submitting proofs to support funding for their studies in New Zealand based on the genuity of the funds and their sources. Plus, the assurance that the funds will reach the applicants while their study tenure in New Zealand. Additional documentation required for those seeking funding through various sources is given below for reference:
Banking Related Information
The following documents must be submitted by the applicants who would be submitting bank loan details:
- Bank statements for the past 6 months under whose name the loan has been sanctioned.
- Copies of bank deposit statements or certificates for verification.
- Statements or proofs showing fixed term deposits of at least 6 months and older.
- Education loan sanction letter from an acceptable financial institution or bank.
- Stock transaction reports, or sale of property agreements.
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Loan Sanction Letters
The loan sanction letters must include the following details upon submission to qualify to study in New Zealand:
- Security
- Moratorium period
- Interest payable
- Repayment timeline
- Details or copy of the security offered in turn for the loan
Income Related Information
Salaried working-class individuals applying for loans on behalf of the applicants to help them support their education funding in New Zealand will also have to prove their authenticity by submitting the following documents:
- Income tax returns showing income and saving patterns.
- Evidence of that income is generated from assets owned like rental properties.
- Statements showing income generated from employment only through:
- An official letter from the employer confirming the position held, and duration of employment, or
- If self-employed, then recent business tax returns with an income statement, or recent bank statements showing business transactions.
Check out: Education Loan Vs. Self Funding - Which is Better to Study Abroad?
Avoid Submitting these Sources for Funding Verification
If we cannot properly verify the source of your funds, we cannot accept them as evidence that you have enough money to support yourself while you are in New Zealand.
We find it difficult to verify some evidence of funds including:
- If the funds are not in the applicant’s name, or there’s no name of the financial guarantor or sponsor.
- Gold loans and Kisan Credit Card (KCC) loans
- Funds held by the post office or cooperative societies
- Volatility or mutual funds
- Bonds
- Property sales, and
- Agricultural income
Check: Post Study Work Permit in New Zealand
Applicants can also contact India’s significant education loan providers easily through Shiksha Study Abroad.
Q: Â Is New Zealand good for Indian students?
With a good educational system, excellent quality of life, and a number of research opportunities, New Zealand offers a lot to international students. Auckland, the largest city in New Zealand has a 39 percent population of overseas citizens, making it a culturally diverse city. Moreover, the post-study work visa in New Zealand can offer up to three years of stay back. As per Stats New Zealand, its unemployment rate is 3.4 percent. Students enrolled in a course of 12 months or more can also work part-time in New Zealand for up to 20 hours a week during the semester and holidays.
Q: Â What is the acceptance rate for Lincoln University New Zealand?
According to various unofficial sources, Lincoln University New Zealand acceptance rate is around 60%. The acceptance rate indicated that the university is moderately selective at the time of admission. So, to get into the university, make sure to have a good academic record and meet the entry requirements such as having 12 years of schooling and minimum percentage for admission to bachelor’s courses. For admission to postgraduate courses, a relevant degree is required with the minimum grade.
Q: Â How much funds are needed for a New Zealand study visa?
International students need to show sufficient funds for getting a New Zealand student visa. Students need to show NZ$ 20,000 for a full year of study or NZ$ 1,250 per month for getting a New Zealand study visa.
Cost of New Zealand Student Visa Application
- New Zealand Visa Cost: Students who are submitting their Student Visa Application online are required to pay a base Visa fee of NZD 375 which is INR 19,200 (approximately).
- Candidates who are applying for their Student Visa online from New Delhi are required to pay NZD 430 which is INR 22,000 (approximately) as the receiving centre fees.
- Those applying for a student visa in New Zealand on paper (offline mode) should note that the immigration costs would be INR 22,600, in addition to this students are required to pay a receiving Centre fee of INR 1,520.
Q: Â Which course is better, Master in Management or Master in Project Management at the University of Auckland, New Zealand?
The University of Auckland offers the best UG and PG programs for international students at an affordable tuition fees. Auckland Unversity Master in Project Management is slightly better than the Master in Management because of its tuition fees for first year. Mentioned below is the tuition fees for first-year for international students:
| Program | First Year Tuition Fees |
|---|---|
| Master in Project Management | INR 25.11 L |
| Master in Management | INR 26.11 L |
Q: Â What is the cost of studying in New Zealand?
The tuition fees that a student would need to pay will depend on the type of qualification and the university they are looking at to pursue their education. While courses such as humanities, education, and arts are likely to cost less pursuing subjects such as medicine and engineering costs on the higher side.
The below table sheds light on the tuition fee charged level-wise in New Zealand from international students applying to their universities:
Study Program Level | Annual Costs in NZD |
|---|---|
Diploma or Certificate courses | NZD 23,000 - NZD 47,000 |
English Language courses | NZD 350 (per week) |
Undergraduate degree | NZD 22,000 - NZD 32,000 |
Master's degree | NZD 26,000 - NZD 37,000 |
Doctoral degree | NZD 6,500 - NZD 9,000 |
Q: Â Is living in New Zealand expensive?
The cost of living does not includes only the tuition fee but also other expenses like textbooks, NON-tuition fee, accommodation cost and other personal expenses. The moment a student lands in New Zealand, they need to pay $35 international visitor and tourism conservation levy. The living cost can vary as per the accommodation option, location and personal spending habits.
In addition to your tuition and insurance fees, you will need between $20,000 and $25,000 per year ($380–480 per week) for accommodation/rent, food expenses, transportation costs, phone bills, internet usage and entertainment.
Q: Â How much will it cost to study in New Zealand?
The cost of study in New Zealand for international students will vary from student to student. The cost of living will depend on many factors such as lifestyle, type of course and accommodation. Here we have given a breakdown of cost of living in New Zealand for international students.
Tuition Fees
Level of Study | Estimated Tuition Fees |
|---|---|
Diplomas/Certificates | NZD 23,376 to NZD 46,752 |
Bachelor’s Degree | NZD 20,000 to NZD 40,000 |
Postgraduate Degree | NZD 20,000 to NZD 45,000 |
PhDs | NZD 6,500 to NZD 7,500 |
Living Expenses
Type of Expenses | Cost |
|---|---|
Accommodation | NZD 140 – NZD 484 (per week) |
Entertainment | NZD 55 (per week) |
Food | NZD 80 – NZD 120 (per week) |
Electricity | NZD 200 – NZD 300 (per month) |
Transportation | NZD 37 (per week) |
Phone | NZD 19 (per month) |
Internet | NZD 90 (per month) |
Q: Â Is New Zealand good for international students to study?
New Zealand is one of the top destinations for international students going abroad for higher education. All of eight universities in New Zealand are ranked among the top 3% universities in the world. New Zealand education sets up students with a globally recognised qualification and real-world skills. Each year thousands of students from India apply for various universities in the New Zealand. As per Govt. of India, there are more than 2,500 Indian students that went to study in 2022 in various universities in New Zealand.
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