Finance

5 ways international students can finance their education in the UK

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Liberty Okechukwu
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With some of the most prestigious universities in the world, the UK is a popular choice for students from all over the world. Excitement surrounds looking forward to studying abroad, but it may also be overwhelming. There is a lot to plan and think about, particularly in terms of funding. It’s imperative to do advanced research on funding possibilities to avoid making costly mistakes. This is a thorough guide that covers five ways international students can finance their education in the UK.

ARE UK STUDY EXPENSES HIGH?

Depending on where you are studying in the UK and your study level, different UK courses have different fees.

For example, degrees in the social sciences and humanities are usually less expensive than degrees in laboratories and clinical settings.

Tuition costs for overseas postgraduate students in the UK range from £9,000 to £30,000, with an approximate annual cost of £17,109 for those who are thinking about moving there. With benefits to your finances and career, many postgraduate degree programs in the UK can be finished in a year of full-time study. Compared to regular two-year master’s programs, one-year master’s programs typically involve fewer and cheaper associated fees and offer the opportunity of a quicker entry or re-entry into employment.

Therefore, we suggest looking up specific information on the website of the university or college you are applying to, as tuition costs vary depending on the course and the institution.

WHAT IS THE COST OF STUDYING IN THE UK?

The cost of studying in the UK varies depending on your degree, level of study, and location within the country, as was previously noted. But this is a breakdown of the approximate expenses.

ExpensesApprox Cost per month (in GBP)
Accommodation680-810
Meal Plans290-410
Personal135-260
Recreational45-120
Books and Supplies45-100
Miscellaneous20-55
Total1215-1755

WHAT ARE THE BEST FINANCIAL OPTIONS FOR INTERNATIONAL STUDENTS STUDY IN THE UK?

1. Family and Savings:

In the UK, most foreign students pay for their education. Income includes personal savings,
funds from parents and relatives willing to contribute.

Read Also: How to Bring Your Family While Studying Abroad

2. Get a part-time job in the UK:

Striking a balance between lectures and individual study, think about taking part-time work in the UK to gain more experience and money. Examine your options, comprehend the work-hour regulations of the university, and be informed of any constraints on your visa.

Read Also: How to Get a UK Visa without Travel Agents

3. Consider scholarships:

University and government scholarships in the UK do exist; however, they frequently only cover a part of the overall cost of attendance. Postgraduate students are primarily eligible for competitive scholarships. Examine possibilities such as Chevening, Marshall, and Commonwealth Scholarships, as well as resources such as StudyUK and Scottish Government scholarships, among others.

Read Also: Full List of Scholarships for African Students that will Close February 2024 Apply Now!

4. University Scholarships:

Numerous academic institutions provide fully-financed postgraduate studentships. Investigate your choices through the university of your choice, specialized websites such as Prospects and Postgraduate Studentships, or consult lists like THE Student’s scholarships for overseas students in the UK.

5. Teaching and Research Assistantships:

Teaching and Research Assistantships, which are frequently available for PhD or equivalent postgraduate degrees, might help you finance your studies in the UK. Fixed hourly income, a salary, or fee exemptions through scholarships are some examples of compensation.

Read Also: 20 Graduate Assistantships in the Middle East for International Students

HOW dO I GET A PRODIGY EDUCATION LOAN TO FINANCE YOUR MBA?

Prodigy Finance gives international students wishing to pursue postgraduate studies at partnering business schools or postgraduate institutions access to financing options.

At the moment, they assist more than 1200 schools worldwide in the fields of business, engineering, law, public policy, and medicine. Therefore, kindly refer to their comprehensive list of the precise courses they support, which is available on their website.

Applying for an overseas student loan is made easier with the Prodigy MBA loan because no collateral or cosigner is needed. This expedited procedure increases your accessibility to achieving your goals. They make it easier to finance your tuition costs, whether your goal is to enroll in an MBA school in the United States, the United Kingdom, or any other country.

Read Also: Student Loan Comparison: Mpower Finance or Prodigy Finance?

Prodigy Finance application process.

  • Minutes after opening an account and entering some basic personal information, the applicant receives a customized, non-binding offer.
  • Supporting documents should be uploaded for evaluation 14 days after acceptance.
  • After verification, a matching round of funding is allocated, and the loan confirmation is given, which expedites the visa application process. Verification of a loan requires school approval if attending a U.S. institution.
  • There are no complicated foreign transfers involved because the loan is paid straight to the school. For full-time students, repayments begin six months after the end of their studies.
  • Prodigy Finance supports financing for further study periods and permits multiple applications.

FREQUENTLY ASKED QUESTIONS ABOUT STUDENT FINANCE IN THE UK 

What are the main financial options available for international students in the UK?

The primary funding sources for overseas students attending UK universities are family funds, individual savings, grants, and scholarships.

Can an international student work part-time while studying in the UK?

Yes, student visas are granted to the majority of overseas students studying for longer than six months. These visas allow the students to work part-time throughout their studies, usually up to 20 hours per week during the academic year and full-time during the summer. Note that it is important to verify the terms of your visa and the university’s part-time employment policies nonetheless.

Are there restrictions on the type of part-time work international students can undertake?

Recent changes to UK post-study work visa regulations have made it possible for international students to work there after they graduate. Nonetheless, there are particular guidelines for working part-time while on a student visa. Deportation could occur if certain regulations are broken. Under certain restrictions, students may work both on and off campus:

  • Students pursuing a degree or above may work up to 20 hours a week, either for pay or unpaid.
  • For language center students, a maximum of 10 hours per week of paid or unpaid employment during the course term.
  • The student visa needs to be approved for a full-time course and be valid.
  • It is acceptable to work full-time on vacation.
  • In the UK, students who are enrolled in part-time courses are not allowed to work.
  • Work permits are needed for full-time employment (Tier 2).
  • Contract labor, freelancing, and self-employment are prohibited.

How does university funding work, and what kinds of financial support can I expect?

International students who want to study in the UK have access to a range of funding options. These options include full funding, which covers program fees, living expenses, and return airfare to the UK, as well as partial funding, which requires you to contribute to your fees.

Are there student loans available for international students studying in the UK?

It is unlikely that a non-EU international student will get a student loan from the UK government. Even for students from outside the EU, certain universities may create their student loan schemes for highly qualified students who are struggling financially. Please do not hesitate to contact the university you would like to attend to find out if their student loan program is available as well as the requirements for eligibility.

How can I manage my finances as an international student in the UK?

Below are some tips to assist international students in handling their finances in the UK, although managing your budget will depend on your circumstances and the location of your education:

  • Investigate online and offline student discounts to effectively manage your living expenses while studying in the UK.
  • Make your own food and choose home-cooked meals for a more economical way to eat while you study.
  • Buying used furniture, clothes, and textbooks can help you keep your spending under control and save money.
  • Invest in a National Railcard to get the most out of your rail travel savings—it will save you 30% on transportation.
  • Split-ticketing is a wise way to reduce train costs and save money on your travels. Start saving today.

Start With Us

Do you want to study abroad? Note that obtaining a bachelor’s degree or a master’s degree in this field helps to improve your chances in the labor market. Studying abroad is no joke for international students due to the cost. However, you can achieve your dreams without breaking the bank by applying for student loans, which you can pay for as long as 10 years. 

MPower Finance and Prodigy Finance are some of the best student loan providers for international students. They also do not require a cosigner or collateral before an application. Reach out to us today, and let’s help you get started. 

Read Also:

3 UK Loan Institutions for International Students

New UK Immigration Regulations for 2024: What Does It Mean for You?

UK GREAT Scholarships 2024/2025 for Developing Countries

Author

  • Okechukwu Liberty is a graduate of Mass Communication and a content writer for AfterSchoolAfrica. He is dedicated to researching scholarship and empowerment opportunities to students looking to study abroad.

    Content Research Writer

This post was last modified on January 3, 2024 4:08 pm

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