The Australian Qualifications Framework (AQF) is the national policy that encompasses guidelines for qualification types of all education and training sectors under single comprehensive framework. The key point of developing this framework is to standardize the qualification of graduates in Australia and therefore, policy makers claim that this framework is compatible to global standard. However, this policy reform has an impact on international students whereas higher education sector in Australia is considered as an export industry. This study intends to explore how the new system has impacted overseas students of the University of Newcastle and their family, what the financial implications are for the change of this policy and how university deals with the students who are affected due to this change. The nature of the study is qualitative where open ended interview was used as a data collection tool and purposive sampling technique was used to select the respondents. Furthermore, data have been analysed following thematic analysis process where themes are considered as an arrangement across data sets to explore issues related to financial, social and individual well-being of international post graduate students. The findings from this study suggest that students and staffs have different understanding about the change and this policy change has both financial and psychological impact on international students. Finally, this study proposes some recommendation for smooth implementation of this policy.