The United Kingdom is the world’s second most popular destination for higher education, the first being the USA.
The United Kingdom offers a world-class education, giving its students ample opportunity to experience a new culture, network with students and professionals from diverse backgrounds, and gain new skills.
Collectively, more than 500,000 international students enroll each year in various universities in the UK.
College fees can be a bit of an additional burden if you have not saved for the same.
Although many people have a habit of saving for their college fees as a separate fund there are many you forget to do so.
We have consolidated a list of financial aids that can help you lessen the burden of college fees in the UK
1. Student Loans
It is one of the most common and trusts worthy approaches to help a person lessen the burden of college fees in the UK.
It is also the most well-known and common route taken by most of the students.
Many students do not get grants or scholarships and most of them opt for going for post-graduate studies right after their undergraduate course is completed.
In that case, the chances of an employer’s funding are minimal.
Also, many students do not have financial support in the form of fixed deposits or ULIPS, etc. saved for them. In that case, education loans have proved to be a great source to lessen the burden of college fees in the UK.
There are two ways for applying for a student loan:
1. Public/Private bank
2. NBFCs (Non- Banking Financial Corporations)
Expenses Covered in Education loan for students
- Student’s tuition fees
- Student’s hostel fees
- Insurance premium
- Student’s cost of stationary related to studies like (books/equipment/instruments/uniform)
- Any examination/laboratory/library fees
- Student’s cost of a computer/laptop
- Any caution deposit, building fund/refundable deposit supported by institution bills/receipts
- Other expense related to study tours/thesis/project work
Types of Education Loans for students
Education loan is a far better option to an opt-in place of self-funding. Mostly an education loan is given by financial institutions like Private and Public banks.
They are secured and that is why they are called Secured Education Loan.
On the other hand, when the same amount of money is offered to a student by a non-financial institution or NBFC’s it is called an Unsecured Loan.
2. Scholarships and Grants
Grants are also termed as a “gift aid” because they are a type of financial aid that does not have to be repaid.
For students performing in an outstanding manner in their studies, universities offer them research in their field of study.
Although it is not given to all the students who fall on the merit list but after reviewing rules and regulations regarding who qualifies, it is granted to students.
It is advisable to check directly with your respective institution when applying for them.
Also read, Popular Student Friendly area in London
The UK government and universities offer scholarships to students based on many criteria’s:
- Affiliations with various groups
Grants are usually need-based, scholarships are mostly merit-based but they both are effective measures to lessen the burden of college fees in the UK.
Maximum numbers of scholarships are offered by the University of Bristol and the University of Oxford; this is because UK universities have a high percentage of inflow of international students
3. External Organisations
Many employers offer funding options to their employees based on the criteria that their further studies will aid in their business expansion, company’s performance, and development in the employee’s role.
In addition, many charitable organizations or government bodies also fund studies for students looking to fund their higher studies.
A student can directly contact these charitable organizations through their websites to enquire about their funding options.
These are also one of the most approached measures to lessen the burden of college fees in the UK.
4. Research Assistance
Assistantships (also known as studentships in the US) are another accepted way of providing funds for postgraduate students.
Compensation is given in the form of a modest salary or fee waiver is offered by the university department or by an external funding body.
5. Self or Family Funding
A survey of more than 1,200 postgraduates in the UK was conducted and the results revealed that 41.2% of students had their parents as the main source of funding.
Self-funding is also an option where a student can opt for a job in a foreign land.
Although it is subjected to the rules set by the country on whether an international student is allowed to work.