Financial Support to Finance Your Studies
No matter how much money you have in your savings, the cost of studying in the UK may count up quick and go over what you actually saved. There’s always an option to seek financial support for students in the UK, though.
Apart from being the world’s toppers, UK universities are amongst the priciest in the world. That’s why additional student support loans are a much appreciated help in covering the costs of pursuing a degree in the UK.
UK universities offer a wide range of degree programmes with the flexibility to choose from full-time and part-time.
The most common questions, especially among international students, revolves around the financial support of some form. Some of the most common questions include—
- Is a student loan available?
- Am I eligible for it?
- Can I get a short-term loan?
- Where should I apply for scholarships?
- What are the criteria to apply for student finance?
- What are the different expenses I have to pay?
- How will I repay my student loan?
These and queries, and help you have a better understanding of different finances needed to study in the UK.
If you are looking forward to studying in the UK, like all other countries across the world, you have to provide some proof of financial support like household income while you are there.
Different Types of Financial Support Available for Students
Tuition fees and the kind of loans available to assist with them varies in different UK countries.
However, across the whole of the United Kingdom, students from the EU take advantage of the same fee levels as UK citizens, contrary to students from outside the EU who have significantly higher fees.
Apart from the tuition fees, students in the UK also have to pay extra covering the costs of course books, transport charge and other study-related expenses.
Living costs in the United Kingdom vary immensely depending on the personal choices student’s lifestyle, and the area where they are living. It has been observed that the costs of studying in London are higher than in any other areas of the country.
Available Financial Support for International Students In the UK
There are many sources of financial help available for international students, and they come in three major categories—
Student Loans— The UK shows a higher commitment to providing the most excellent conditions for study, maintaining a rich system of student loans and merit-based or requirement-based grants.
However, not all groups of international students in the UK are eligible to governmental student loan schemes.
At present, students coming from the EU countries receive the same treatment as home students, which means they enjoy the same perks as resident students in the UK.
If you are from other than EU part of the world, you have to seek an alternative financial support for international students in the UK. There are still, however, ample of available opportunities.
Tuition fee loan and maintenance loan are two forms of available state-governed student loans in the UK.
Tuition fee loan is to pay your university fees and is given directly to the university. Maintenance loans are meant to cover household expenses as well as the extra costs of studying and are deposited to your bank account directly at the beginning of each academic year.
The amount of loan depends on the tuition fees of your university and the academic level of the selected course.
Student loans should be paid back, contrary to other types of financial supports for international students, such as merit-based grants or scholarships. You will start paying the debt after completing your course and starting a job with a salary above the repayment level.
The best part is, you will pay the debt according to your earnings, and there will be only a minimal rate applied to you.
Most of the UK universities are approved to establish their own student loan schemes for brilliant students, even for non-EU country students.
Make sure to get in contact with the university about student loan schemes and the repayment terms and conditions.
Another way to get help with your finance is in your home country. Many education authorities provide student loans or similar grants to support those who apply for studying abroad.
You can also look for private businesses to sponsor your studies abroad in return for your contribution towards the company once you graduate.
Usually, such payments can be a repayment with an interest rate or an agreement which requires you to return home after completing your graduation and work in that particular company for a particular time period.
Scholarships are an excellent financial resource for international students in the United Kingdom. There are a wide range of scholarships available and chances are higher you will find something right for you.
There are two kinds of scholarships international students in the UK can benefit from
Governmental scholarships— awarded to talented international students, and can be granted under one of the two state-governed scholarship schemes: Chevening scholarships and Commonwealth scholarships.
University scholarships— Most of the UK universities offer a wide range of various schemes to those who determined to study there, but cannot afford the costs.
Apart from governmental scholarships, there are many non-governmental organizations as well as universities providing financial support for international students in the UK.
Besides the student loans and scholarships, private grants are another great alternative source of financial support for international students in the UK. Many non-governmental organizations or companies are willing to finance your education in the UK, and the funding can come as either hardship funds or loans.
Companies are also willing to help students under the condition that after graduating they will come back to work for them. It’s a win-win situation for both— you get your degree in the UK, and the company gets an exceptional employee!
Financial Support— Financing Your Studies In the UK
With the United Kingdom being well-recognised for their high standard of education and their great universities, they also have tuition fees and living costs that are above average in Europe.
Tuition fees vary between universities across the United Kingdom. Since public support is available only for the UK or EU students, and the general living costs in cities are pretty high, students from outside the EU should ensure to have a solid, yet practical plan for financing their studies in the UK.
A Bonus Tip— Do not assume you can earn your way during your studies. Being a full-time student, you won’t get enough time to take on paid work. And, if you are a part-time student, it is vital to make sure that work will not impact on your studies.
Golden Rules to Follow When Looking for Financial Support
Get as much information as possible
Try to gather as much information about the University or college and the nearby area as possible. By collecting essential information you will get an idea of the cost of things such as accommodations and what is accessible in that area. You can get this information by asking the universities, or contacting the local information centre for that area or city.
Get in touch with other students and ask questions
Contact and speak to as many students as possible. They will be able to give the best advice on the costs of student’s life in the area.
Do your research!
Advice and information are not going to fall into your lap. That’s why take time, research online, read information. It’s the best and only way to gather the information you want!
Hopefully, this will get you going on the right path, and help you get the needed financial support!
If you want to get details about the student loan and financial support offered at Mont Rose College, please contact us!