I planned to endeavour my graduation degree in Australia; I came here 5 year back. I had zeal to carry by higher education and was excited to experience something worthwhile. I came here with the perception of experiencing a friendly culture but when I came I found it difficult in communicating due to the cultural gap. The expectation by me was quie different from which I faced in reality.
While studying over here there are various common challenges that are faced by the people. The cost of course is quiet high as they need to pay a fixed amount for a particular course. “It is found that in Australia the prices of education has just double of other countries”. But it is quiet true that opportunities that are available for the student is quiet worthwhile. They travel internationally to experience and explore themselves in higher studies. The major consequences are the extreme different culture and language fatigue. The only language that is understood is English that act as barrier for students to communicate and share their ideas with others.
Apart from that, in academic field the Australian culture follow a learning mechanism based on research wherein Asia students basically focus over memorizing the things. This is a problem faced by the aboard students as they are not in the practise of working in groups and learning through a collective research way. For this reason they become stressed and can exhausted them at every initial level. When carried a survey and similar questions were asked to many people over there it was found that travelling to a different country was difficult.
One of the students from Asia stated that “Studying abroad was a unique opportunity to learn about a new culture as well as teach others about my own”.
In Australia, the financial crises are one of the main challenges faced by the students. (Lochner & Monge-Naranjo, 2016). The international students also faces issue on the basis of high living cost as they are they lack their standard of living. The Australian economy is increasing due to the educational system. The local students do not face much financial crises but overseas candidate faces issue in the entire department (Banjong, 2015). “They face financial failure for finding out a place to live in and paying high study prices”.
An international student faces no difference like men and woman, they are treated equally and the only challenge that could be faced by them is cultural issue (Reserve bank of austrillai, 2017). The right is provided to the students that they can follow any culture, in fact they are allowed to follow pluralism that is they can experience more than one culture at the same time which is not allowed in other countries. In Australia, students are highly independent as they take their own decisions and the lifestyle is also different which can be an issue initially to adjust.
The risk of finical crises is due to the strict banking system of the country. The finical crises have spread globally due to change in economic system. The Australian market has higher growth in the economy scale as compared to others countries. Thus, students face an issue due to the change in environmental conditions (Lochner & Monge-Naranjo, 2016). Government have launched many programs through which students could be beneficial and have designed various policies so that financial crises could be collapsed. In the interview the other student from Europe told that “It was a learning experience about respect, confidence, challenges, and independence. I’m so glad I had this opportunity and would do it again in a second”. The other students also stated that “Being in Spain was an eye-opening experience. It made me much more aware of how much cultures differ and gave me a new perspective on the world”.
If taking estimation the number of students in Australia is increasing day by day. It has become one of the premium locations for higher education. Many students travel from Asian, European and other countries for perusing their higher studies. They face various challenges; one of the main concerns of students studying in Australia is adjustment in socio cultural field. There is a cultural shock faced by the students from Asian, African and other European countries (Reserve bank of austrillai, 2017). To overcome such barriers various universities offer remedies so that students get sufficient resources so that they can get settled. They offer a training assistance so that they can undertake all the activities without facing any barriers (Lusardi, 2015). The educational expectations from the professors are quiet high in the universities of Australia as they enough students to think critically. The issue faced is poor co-ordination with the activities and performance deteriorates. The other issue that is faced by Australian students is loneliness, racism and poverty. The foreign student often struggle in communicating with the other people in their native language. “To overcome this Australia is more sophisticated as they have provided opportunities to students so that they can ample of opportunities to support the members”. (Reserve bank of austrillai, 2017) It becomes difficult for them to make friends as they are not aware about their customs, gesture and language (Mitchell & Lusardi, 2015). The other challenges faced by Australian students are keeping up with other students as they experience an entirely different academic side.
There are various sources that are available to help the students some take parental support. The government also provides student loans so that they can pay their fees. Not only loans students are offered part time and holiday job so that they can earn some penny (Greenglass, Antonides, Christandl, Foster, Katter, Kaufman & Lea, 2014). Apart from that, government have started up with many online resources so that students can use them and save their financial budget. “The government funding is also offered to many students by checking their background” (Newsome & Cooper, 2016). Not only funding them also provides some books and other resources so that financial crises could be reduced.
The government authorities have increased their funding in employment and educational sector. They offer good asserts to the students so that they support the students. The interest rates are lowered so that students can take loan and work accordingly. The banks in Australia have opened up various policies for the students at lower leverages so that short term loan can be customers. The Australian bank also offers benefits in domestic lending so that they can gain additional benefits (Wanna, Lindquist & De Vries, 2015). The Australian economy is one of the reasons that offer huge number of resources for the betterment of students. Due to the financial crises Australian government have kept interest rate relatively low. (Lee, Jon & Byun, 2017). The government of Australia have focused on spending 2 per cent of the year budget for the welfare of students and also allow them to recover their taxes by maintaining a strong commitment between the taxation and GDP. The government maintains the growing trend of economy by balancing the annual expenditure. The also offer free accommodation in initial time period whenever students visit the country. There are various training programs to deal with the financial position of the education segment (Kyrkou, et. al, 2018). The government has also made sustainable investment that helped in boosting up the overall education agenda by ensuring them high quality of education is offered to them (Australian government , 2017). They promote the students education by supporting their families and also offering them extra benefits. The benefits can be in terms of health care support, accommodation and several extra benefits.
“The government has come up with various policies that affected the financial crises and economy trade of the country. The banking system has changed especially for the students so that crises related to financial status is resolved” (Kyrkou, et. al, 2018). The global recession also impacted the students thus loan policies are designed so that there is lower interest rate on the loans (Junankar, 2015).
There are various financial institutes that are opened up in that support the financial crises faced by the students (Rogers, Lee & Yan, 2015). In addition to this, the government and its advisers had absorbed all the financial crises and then designed the infrastructure by focusing mid-scale people. They offer funds to the students so that they can extra benefits. Apart from that, global systemically important banks support students by supervising them so that risk and challenges is not faced while fulfilling their basic need.
My overall experience while studying in Australia was great it was just some financial issues that made by journey difficult. The reason of financial issue was due to higher economy of the country as compared to other. The easy loan policies helped me in fulfilling the basic needs and requirements. Apart from that, the Reserve Bank has also lowered the cash rate that helped me in making my entire journey easy.Especially the entire culture is different from my country and there were various challenges that are faced by students in terms of financial crises. Apart from this, the decision proved to be a positive reinforcement in the life. I got to know about the culture and how to manage my lifestyle in the country that was entirely different. I faced an issue in terms of financial condition as the accommodation and the fees was quiet high which was not possible to deal with. Though, the government of Australia proved to be very supportive as they came up with various laws and policies so that they can support us. The stand of qualification is quiet high as compared to other country, thus I failed to meet the standards initially as the study as more research based. I overcome the financial crises as there were various packages that was provided by the government that too at lower interest rate.
References
Australian government. (2017). Responsible Economic Management. Retrieved from https://www.budget.gov.au/2010-11/content/economic_statement/html/economic_statement-04.htm.
Banjong, D. N. (2015). International Students’ Enhanced Academic Performance: Effects of Campus Resources. Journal of International Students, 5(2), 132-142.
Greenglass, E., Antonides, G., Christandl, F., Foster, G., Katter, J. K., Kaufman, B. E., & Lea, S. E. (2014). The financial crisis and its effects: Perspectives from economics and psychology. Journal of Behavioral and Experimental Economics, 50, 10-12.
Junankar, P. R. (2015). The impact of the Global Financial Crisis on youth unemployment. In Economics of the Labour Market (pp. 173-203). Palgrave Macmillan, London.
Kyrkou, C., Tsakoumaki, F., Fotiou, M., Dimitropoulou, A., Symeonidou, M., Menexes, G., … & Michaelidou, A. M. (2018). Changing Trends in Nutritional Behavior among University Students in Greece, between 2006 and 2016. Nutrients, 10(1), 64.
Lee, J., Jon, J. E., & Byun, K. (2017). Neo-racism and neo-nationalism within East Asia: The experiences of international students in South Korea. Journal of Studies in International Education, 21(2), 136-155.
Lochner, L., & Monge-Naranjo, A. (2016). Student loans and repayment: theory, evidence, and policy. In Handbook of the Economics of Education (Vol. 5, pp. 397-478). Elsevier.
Lusardi, A. (2015). Financial literacy skills for the 21st century: Evidence from PISA. Journal of consumer affairs, 49(3), 639-659.
Mitchell, O. S., & Lusardi, A. (2015). Financial literacy and economic outcomes: Evidence and policy implications. The journal of retirement, 3(1), 107.
Newsome, L. K., & Cooper, P. (2016). International Students’ Cultural and Social Experiences in a British University:” Such a Hard Life [It] Is Here”. Journal of International Students, 6(1), 195-215.
Reserve bank of austrillai. (2017). The Regulatory Response to the Global Financial Crisis. Retrieved from https://www.rba.gov.au/publications/submissions/financial-sector/financial-system-inquiry-2014-03/regulatory-response-to-the-global-financial-crisis.html.
Rogers, D., Lee, C. L., & Yan, D. (2015). The politics of foreign investment in Australian housing: Chinese investors, translocal sales agents and local resistance. Housing Studies, 30(5), 730-748.
Wanna, J., Lindquist, E. A., & De Vries, J. (Eds.). (2015). The Global Financial Crisis and Its Budget Impacts in OECD Nations: Fiscal Responses and Future Challenges. Edward Elgar Publishing.
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