Higher Education in the UK: Best Ways To Fund Your Studies

Studying in the UK comes with an ocean of opportunities, and precisely this is the reason why every year thousands of students go there for higher studies. The universities in the UK are among the best in the world. In fact, four out of the top ten universities in the world are in the UK. The UK has a great pool of institutions that attracts students from various disciplines. The education standard in the UK is certainly the best in the world but equally important is the cost of education. The cost of education is pretty high when compared with the cost in India. So, it’s very important to know the ways to finance your education.

1. Cost of Higher Education in the UK
2. Ways to Finance Your Higher Studies in the UK

Once you are aware of the means to finance your education in the UK, a big part is done. Then you just have to focus on getting admission to a university in the UK and tap the most viable financial option to pay for your education. We will discuss all the means to fund your education, and you can select either one or a combination of available options to take care of the cost of education. 

Cost of Higher Education in the UK

Before going into the details of the cost of higher education in the UK you should know the cost of higher education. It will give you a brief overview of the expenses so that you can explore the options with more clarity and information. So, first, understand the components of the cost of higher education, and it includes the following:

• The tuition Fee of universities varies, and it also differs depending on the school and course. 
• The city where the university is located. Usually, metro cities like London are pretty costly in the UK than others. 
• The cost of living is also an important part of the overall cost of education in the UK. 
• The lifestyle of a student at the time of studies. 
• The readiness to work part-time as students save a lot while taking jobs in their off-time from studies. 

All the factors mentioned above help in determining the possible cost of education. If a student is ready to make some amends in their way of life by choosing a university with an affordable fee structure.  However, there shouldn’t be any compromise on the qualitative aspects. A considerable difference in the cost of education can be achieved by making small changes. As highlighted in the table above the cost of education can be reduced if a student reduces its miscellaneous expenses, lives in an affordable neighbourhood, uses public transport, reduces outings, etc. 

Ways to Finance Your Higher Studies in the UK

Financing is a crucial part of your education abroad, and you need to plan it well in advance. The cost of education is pretty high in the UK as is evident from the above discussion. We will now elaborate on the ways to finance your studies in the UK. 

Personal Savings 

If you are a working professional planning to study in the UK then your savings can be of considerable help. The personal savings will not only help you in getting studies at almost half the price than what you would have spent on interest payment but also a sense of assurance that you don’t have to get into a financial burden right after getting a degree. But as convenient it may seem, this option is limited to a rare section of professionals. However, there is a plus side to it as your savings might not be sufficient to cover your entire cost of education but at least it will reduce the quantum of loan. So, if you are a working professional then savings will help you sail through the entire process without getting into the troubled water. 

Abroad Education Loan

An Abroad education loan is perhaps the best way and most prudent way to study in the UK. It will not only help you in covering your tuition fee but also help you in covering your entire expense at the time of your studies in the UK. Education loans also cover expenses like travel fare, insurance, computer or laptop, and any other expense that a student might have during their studies. Abroad education loans are now available with almost all the lenders.

To know more about Expenses Covered Under Education Loan, click here.

Earlier only Public Sector Banks were there but now Private Banks, NBFCs and International lenders are there to give abroad education loans. The new entrants in the market have substantially raised the competition which is helping students in getting better loan offers at competitive rates of interest. The UK is one of the most preferred destinations for education abroad, and Indian lenders readily sanction loans for universities over there.

The best option for students is to go ahead with Public Sector Banks as they lend at least interest rates, reasonable terms of repayment, and let the borrowers claim for government subsidies. However, there is one big issue, and that is the collateral that banks ask for at the time of the loan. There is no unsecured loan option with PSBs. One has to pledge collateral valued more than the loan amount. This bone of contention brings us to the second-best option, Private Banks. They have unsecured loan offers too for those who don’t have collateral to pledge. The rate of interest is high but one can claim government subsidies with these loans.

The last option is NBFCs as they give unsecured loans, and that too within a week. The rate of interest is pretty high which makes it the least preferred choice but it’s the best option for those who failed in getting a loan from PSBs or Private banks. 

Read Also:

• Top Universities in UK
• UK Universities Application Deadlines 2022
• Best Courses to Study in the UK for International Students
• 5 High-Paying Degree Courses in the UK in 2023
• The Five Best Universities To Study In The UK
• Educational Loan Options For UK

Scholarships and Other Financial Grants

Students from humble financial backgrounds struggle in getting a high-value loan as they don’t usually have high valued collateral or family income. So, even a loan amount that can be sanctioned is usually less than the tuition fee, and doesn't suffice to cover the entire expenses. Scholarships help in these cases as meritorious students get financial help from private organisations, government bodies, NGOs, and foreign universities to study in the UK. Many scholarships are available for Indian students to study in the UK. Commonwealth Scholarship is one such financial assistance that helps students in covering almost all the expenses. There are other program-specific scholarships too.

To know more about UK Scholarships for Indian Students, click here.

Teaching and Research Assistantships 

Teaching assistantship helps students pursuing masters or doctoral programs in financing their entire studies in the UK. TAs and RAs help you in studying virtually free of cost as you will be taking classes. In return either you will be paid a salary or a scholarship which help you in funding your entire education in the UK. Most universities offer TAs and RAs to deserving students so that they can complete their studies without getting a financial burden. 

Taking Part-time Jobs

Part-time jobs will help you a lot in covering your daily expenses. Students save a lot of money while doing part-time work as it reduces their dependence on the loan amount. It will also help you in covering your miscellaneous expenses. You should know the rules for working part-time in the UK as an International student:

• You can work for a maximum of 20 hours per week. You can work for the said duration only if you are studying in a degree or higher-level program. 
• You can work for a maximum of 10 hours per week if you are enrolled in a language course. 
• You can’t work full-time when your classes are going on. However, full-time work is allowed during vacations. 
• If you are enrolled in a part-time course then you can’t take up part-time jobs. 
• Freelancing, Consultancy or for that matter any type of self-employment is strictly barred in the UK for international students. 

On average a student can comfortably earn 10 GBP per hour which means around 200 GBP per week. However, a student should always bear in mind that their prime objective is to study, and not to earn money. Sacrificing studies for money might be a fatal mistake that will cost you dearly in your future. 

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Friends and Families

If you have a friend or someone from your who is well-off then taking help from them will certainly help you in financing your studies in the UK. Friends and families can help in different ways at their convenience. They can help directly by lending you money for studying or can act as a cosigner in the abroad education loan. Almost all the lenders allow friends and families to act as cosigners or co-applicant in the loan. Public sector banks also allow third-party guarantors who can offer their property as collateral.

To know more about Types of Collateral Security Acceptable for an Education Loan, click here.

Some NBFCs also allow multiple cosigners for those students who don’t have the financial means to cover their loans on their own. In contemporary times there is no dearth of funding options. The UK is a prominent destination for Indian students, and you can explore these means to fund your studies. An investment today will give a return for a lifetime, so don’t hesitate in walking that extra mile.