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Estimating Your Expenses & Developing a Financial Plan
As part of your eligibility to undertake an ECU exchange, you will be required to show proof that you:
• Understand the cost of the exchange; and
• Have the funds to afford the exchange
You should have sufficient funds to cover the exchange expenses outlined above and the funding can come from a number of sources including:
- Austudy/Youth Allowance - If you currently receive this benefit you will continue to do so while you are away
- Shares, assets or funding provided by a sponsor
- Scholarships
- Loans (Such as OS-HELP)
An essential step in preparing for an exchange is to develop a financial plan estimating your expenses and available funds. An idea of your estimated expenses can be obtained from reviewing the host country website, talking with international students and returned exchange students, using the internet and also by visiting the International resource room on the Churchlands campus.
Estimated Funds Estimated Expenses
Estimated Funds |
|
Estimated Expenses |
|
| Current Savings |
$ |
Airfare |
$ |
| Future Savings* |
$ |
Visa |
$ |
| Assistance provided by family |
$ |
Travel & Medical Insurance |
$ |
| Youth Allowance |
$ |
Accommodation |
$ |
| Other |
$ |
Transportation |
$ |
| Total Estimated Funds |
$ |
Living Costs (food, phone etc) |
$ |
| |
|
Spending Money |
$ |
| |
|
Total Estimated Expenses |
$ |
|
If Other, state the source
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It is your responsibility to ensure that you can support yourself financially for the duration of your exchange, as no additional funds will be available from ECU should your own funds run out before your return.
Please note that financial verification of funds is required at the time you lodge your ECU Student Exchange Application. This is not only an ECU requirement but is also required by a number of our partner institutions. In some cases, you will also have to provide this proof of funds to consular officials before they will issue you with a student visa.
Verification of funds can come in the form of bank statements, Austudy/Youth Allowance documentation, loan documentation and/or a letter from your sponsor. Please note that letters from sponsors must either be accompanied by a copy of the sponsor's bank statement or be stamped by the bank with notation stating that the sponsor has sufficient funds.
Please note that whilst it is possible to work in certain countries when on exchange, this should not be taken into account when determining if you have the finances required to undertaken an exchange as it is not guaranteed that you will find employment.
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