Studying in New Zealand can be a very rewarding experience, but it can also be quite expensive.
Fortunately, there are a variety of ways to secure funding for your studies in New Zealand.
In this guide, we will provide a comprehensive overview of the different types of funding available, as well as tips and advice on securing the funding you need to study in New Zealand.
Table of Contents
Cost to study in New Zealand
The cost of studying in New Zealand depends on several factors, including the type of program, the institution and the location. Generally speaking, the cost of tuition, accommodation and other living expenses can vary significantly from institution to institution.
Tuition fees
The tuition fees at universities and institutes of technology and polytechnics (ITPs) in New Zealand can range from NZD 18,000 to NZD 35,000 per year for undergraduate programs and NZD 25,000 to NZD 40,000 per year for postgraduate programs.
Accommodation
Accommodation costs in New Zealand vary depending on the accommodation type and location. Student accommodation in New Zealand can range from NZD 130 to NZD 500 per week.
Living expenses
Living expenses in New Zealand can vary greatly depending on where you live and your lifestyle. The average cost of living in New Zealand is around NZD 18,000 per year. This includes rent, food, transport, entertainment, and other essential costs.
Additional costs
Additional costs, such as international student fees, textbooks, health insurance, and travel costs, will also need to be considered when budgeting for your studies in New Zealand.
Overall, the cost of studying in New Zealand can range from NZD 22,000 to NZD 55,000 per year, depending on the type of program, the institution and the location.
Steps to secure funding for your studies in New Zealand
Whether you’re a student from overseas or a local, there are a number of steps you can take to ensure you have the financial resources necessary to pursue your educational goals.
Step 1: Research funding options
Before you start applying for scholarships and grants, it is important to research to find out which funding options are available to you. Depending on your circumstances, various funding options may be available, such as scholarships, grants, bursaries, loans, and work-study programs. These options may be available through your university, the government, or private and corporate sponsors.
Step 2: Apply for scholarships and grants
Once you have identified the potential funding options available, the next step is to apply for any scholarships or grants you may be eligible for. You can search for and apply for scholarships and grants online or through your university. You should also consider speaking to any potential sponsors you may have, such as your employer or an organisation you are involved with, to see if they offer any funding opportunities.
Step 3: Consider student loans and a student line of credit
Student loans and student lines of credit are other potential funding sources for your studies. Student loans are typically available through the government and are typically given on a needs-based basis. Student lines of credit are open through banks and other financial institutions and are typically based on your credit rating.
Step 4: Consider work-study programs
Work-study programs are an excellent way to finance your studies in New Zealand. These programs allow you to work part-time or full-time while studying to earn money to pay for your studies. You can find work-study programs through your university or job search websites.
Step 5: Finalize your funding
Once you have identified and applied for any potential funding sources, it is important to finalise your funding before you begin your studies. You should evaluate the various funding options available to you and determine which one is the best fit for your situation. Once you have determined the best funding option, you should have all the necessary paperwork, such as contracts and loan documents, before you begin your studies.
Different types of funding
There are a number of different ways to finance your studies in New Zealand. The most common ways to secure funding for your studies in New Zealand are
1. Scholarships
Scholarships are a popular form of funding for students in New Zealand. These are usually offered by universities and colleges or private organisations and are generally awarded based on academic merit, financial need, or a combination of both.
The most common types of scholarships include:
- Academic scholarships: These are awarded to students with high academic achievement.
- Merit-based scholarships: These are awarded based on criteria such as leadership experience or community involvement.
- Need-based scholarships: These are awarded to students with financial needs.
- Cultural scholarships: These are awarded to applicants of certain ethnic backgrounds.
- International scholarships: These are awarded to international students.
- Scholarships for Māori and Pasifika students: These are awarded to students of Māori and Pasifika descent.
2. Student loans
Student loans are another popular form of funding for students in New Zealand. These are available from the government to assist with tuition fees and living costs. Student loans are repaid once the student completes their studies and earns a certain income. Interest rates are set at a fixed rate, so the loan amount does not increase with inflation.
3. Bursaries & grants
Bursaries and grants are a form of financial assistance usually offered by universities and colleges or private organisations. Bursaries are awarded based on financial need and are usually given in the form of cash or vouchers. Grants are awarded based on criteria such as academic achievement or financial need.
4. Work-study programs
Work-study programs are financial aid programs that help students pay for college by providing them with part-time jobs. These jobs typically involve working on campus or at an approved off-campus location. The money earned can be used to help pay for tuition, books, and other college-related expenses.
5. Private donations
Private donations are usually offered by private organisations or individuals and are awarded based on criteria such as academic achievement or financial need.
6. Crowdfunding
Crowdfunding is a form of funding in which people donate money online to help a person or organisation reach a specific goal. Crowdfunding campaigns can be used to raise money for tuition fees, travel costs, or other expenses related to studies in New Zealand.
Tips to secure funding for your studies in New Zealand
Here are some tips that could help you secure funding for studying in New Zealand
1. Do your research
Take the time to research all the different types of financial aid available to you so that you can make an informed decision about which one will best suit your needs. Make sure to explore both government and private organisations; many universities also offer their bursaries and scholarship opportunities.
2. Ask for help
Many universities and educational institutions have dedicated staff members who can provide support and guidance on funding your studies in New Zealand. It is important to use these services and ask them for help locating and applying for available funding options.
3. Apply early
Many funding sources have deadlines that are months in advance of the start of your studies, so it’s important to plan ahead and apply as soon as possible. This will ensure that you don’t miss out on any opportunities for financial aid.
4. Take advantage of online resources
Many websites and resources are available online to help you with your funding search. These include government-sponsored sites such as NZ StudyLink, which provide information about scholarships, grants and other forms of financial aid, and websites like MyScholarships that allow you to compare different options side-by-side.
5. Think outside the box
Consider taking on a part-time job or applying for a loan from an alternative lender. You could even look into crowdfunding platforms such as GoFundMe, which allow individuals and organisations to donate money towards a specific cause or project.
Conclusion
Securing funding for studies in New Zealand is no easy task, but it is far from impossible. With the right research and preparation, numerous funding options available to international students can cover the cost of tuition, living expenses, and other associated costs. From scholarships and loans to grants and bursaries, students should take the time to explore each of their options to ensure they are making the most informed decision.
Frequently asked questions
1. What are the different types of funding available to secure your studies in New Zealand?
The most common ways to secure funding for your studies in New Zealand are scholarships, student loans, bursaries, grants, work-study programs, private donations, and crowdfunding.
2. What are the factors that determine the cost of studying in New Zealand?
The cost of studying in New Zealand depends on several factors, including the type of program, the institution and the location. Generally speaking, the cost of tuition, accommodation and other living expenses can vary greatly from institution to institution.
