The UK stands as a favoured destination for students worldwide, housing some of the most esteemed global universities. Anticipating studies in a foreign land brings excitement, but it can also be overwhelming. There’s much to prepare and contemplate, especially concerning funding. Researching funding options in advance is crucial to sidestep any costly errors. Here’s a comprehensive guide covering all aspects to consider when strategizing how to finance your studies.
Are UK study expenses high?
Fees for UK courses vary depending on your study level and where in the UK you are studying.
For instance, degrees in humanities and social sciences typically incur lower costs, whereas laboratory and clinical degree programs generally have higher expenses.
For those considering relocating to the UK for international postgraduate studies, tuition fees range from £9,000 to £30,000, with an average estimated cost of around £17,109 per year. Many postgraduate degree programs in the UK can be completed within a year of full-time study, offering financial and career advantages. A one-year master’s program usually involves fewer and lower associated costs and provides the option of a quicker entry or re-entry into employment compared to traditional two-year master’s programs.
Given the variation in tuition fees by course and institution, we advise consulting the website of the university or college you are applying to for detailed information.
Expense of Education in the UK: What is the cost of studying in UK?
As mentioned above, the cost of studying in UK depends on your course, level of study and where in the UK you are studying. However, here’s a break up of the estimated costs
| Expenses | Approx Cost per month (in GBP) |
| Accommodation | 680-810 |
| Meal Plans | 290-410 |
| Personal | 135-260 |
| Recreational | 45-120 |
| Books and Supplies | 45-100 |
| Miscellaneous | 20-55 |
| Total | 1215-1755 |
What are the best Finance Options Available to Study in UK
1. Family and Savings:
Most international students in the UK are self-funded. Income includes personal savings,
funds from parents, and relatives willing to contribute.
2. Part-Time Work in the UK:
Balancing between lectures and independent study, consider a part-time job in the UK for a richer experience and additional income. Research available opportunities, understand university rules on work hours, and be aware of visa-related conditions.
3. External Scholarships:
While UK government and university scholarships exist, they often cover only a portion of total study costs. Scholarships are competitive, mainly for postgraduate students. Explore resources like StudyUK, Scottish Government scholarships, and others, and consider options like Chevening, Marshall, and Commonwealth Scholarships.
4. University Scholarships:
Many universities offer fully funded postgraduate studentships. Explore options through your chosen university, specialised websites like Postgraduate Studentships, Prospects, or refer to lists such as THE Student’s scholarships for international students in the UK.
5. Teaching and Research Assistantships:
Funding your UK study is possible with Teaching and Research Assistantships, often available for PhD or related postgraduate degrees. Compensation may include fixed hourly pay, salary, or fee waivers via scholarships.
How to Finance Your MBA with Prodigy Education Loan?
Prodigy Finance is a fintech company that allows financing options for international students wanting to pursue postgraduate in a participating business school or postgraduate institution.
Presently they support over 1200 schools globally across Business, Engineering, Law, Public Policy, and Medical. However, please check their detailed list of exact courses they support available on their website. With Prodigy MBA loan, applying for an international student loan becomes hassle-free, as no cosigner or collateral is required. This streamlined process makes it more accessible for you to pursue your dreams. Regardless of whether your ambition is to enrol in an MBA program in the USA, UK, or various other regions,they facilitate the financing of your tuition expenses.
The application process with Prodigy Finance is quick and straightforward:
- After creating an account and providing basic personal details, the applicant receives a personalised, non-binding offer within minutes.
- Upon acceptance within 14 days, supporting documents are uploaded for review.
- Following verification, funding is assigned in a matching round, and the loan confirmation is sent, facilitating the visa process. If attending a U.S. school, loan confirmation requires school approval.
- The loan is disbursed directly to the school, eliminating complex international transfers. Repayments start six months after classes conclude for full-time students.
- Prodigy Finance allows multiple applications and supports funding for subsequent study periods.
Can a consultant help you in selecting the optimal financial option?
Certainly! Study abroad consultants offer invaluable support in securing scholarships and financial aid. Trusted study abroad consultants, such as Ternien Edu, play a pivotal role in facilitating scholarships and financial aid for aspiring students. As the best UK education consultant in India, Ternien Edu offers a profound grasp of the diverse scholarships available, tailoring solutions that align with your academic accomplishments. Our expert team navigates you through the scholarship application journey, offering valuable insights and strategies to craft compelling scholarship essays.
Frequently Asked Questions about Student Finance in UK
- What are the main finance options available for international students in the UK?
Family funds, personal savings, Scholarships and grants are some main finance options available for international students in the UK.
- Is it possible to work part-time while studying in the UK as an international student?
Yes, most international students studying for more than six months are given student visas allowing them to work part-time during their studies, typically up to 20 hours per week during term time and full-time during vacations. However, it’s crucial to check your visa conditions and university regulations regarding part-time work.
- Are there specific restrictions on the type of part-time work international students can undertake?
The UK has recently eased post-study work visa rules, allowing international and Indian students to work in the UK after completing their studies. However, there are specific regulations for part-time work on a student visa. Failure to adhere to these rules may result in deportation. Students can engage in on-campus or off-campus work within certain limitations:
- A maximum of 20 hours per week of paid/unpaid work for degree-level or higher students.
- A maximum of 10 hours per week of paid/unpaid work during the course term for language centre students.
- The student visa must be valid and issued for a full-time course.
- Full-time work is allowed during vacations.
- Students enrolled in part-time courses are not permitted to work in the UK.
- Full-time work requires a work permit (Tier 2).
- Self-employment, freelance, and contract work are not allowed.
- How does university funding work, and what types of financial support can I expect?
Various funding options are accessible for international students aspiring to study in the UK, spanning from partial funding, which involves contributing to your fees, to comprehensive funding that encompasses program fees, living costs, and round-trip flights to the UK.
- Are there specific loans available for international students studying in the UK?
As an international non-EU student, securing a student loan from the UK Government is improbable. However, certain universities may establish their own student loan programs for highly skilled students with financial constraints, even for non-EU students. Feel free to reach out to the university you wish to enrol in to inquire about the availability of their student loan scheme and the associated eligibility criteria.
- How can I effectively budget and manage my finances as an international student in the UK?
While managing your budget depends on the location of your education and your circumstances, here are some points that can help you as an international students to manage your finances in the UK:
- Explore student discounts both online and offline to manage your living costs efficiently during your studies in the UK.
- Opt for home-cooked meals by preparing your food, ensuring a cost-effective approach to sustenance while studying.
- Reduce expenses by purchasing textbooks, clothing, and furniture second-hand, a practical way to keep your budget in check.
- Maximise your savings on train travel by investing in a National Railcard, providing a 30% discount on your transportation costs.
- Cut down on train fares by utilising split ticketing, a smart strategy to save money on your journeys.
