Financing Your Studies in the UK as an International Student Without Government Loans
As an international student from outside the European Union looking to study in the UK, one major hurdle is not having access to coveted government-funded student loans. With tuition often ranging between £10,000-£30,000 per year and living expenses on top, finding ways to fund your education can be a challenge.
But there are still avenues you can explore. This comprehensive guide covers all you need to know about financing your studies in the UK without government loans as an international student.
ALSO SEE:
Student Loan for International Students UK
Overseas Jobs with Visa Sponsorship
Scholarship Opportunities in UK for Nigerian Students
How To Get Student Loan In Nigeria To Study Abroad
Overview of Funding Options Without Government Loans
While international students unfortunately can’t access assistance like the Tuition Fee Loan or Maintenance Loan available to UK students, you can still finance your education through:
- Scholarships and grants
- Private student loans
- Part-time work
- Family contributions
- Payment plans and instalments
- Crowdfunding
This variety of options means you have to do your research to pick the best sources of funding for your situation. Aim for a balanced approach using multiple channels rather than relying on one.
Scholarships and Grants from Universities and Organizations
One of the best ways to fund your studies in the UK is through scholarships and grants that do not have to be repaid.
University Scholarships
Many UK universities offer scholarships and bursaries for international students covering partial or full tuition fees. These are awarded based on merit, athletics, academics, or other criteria.
- Awards range from 25% to 100% of tuition fees.
- For example, the University of Sussex offers Chancellor’s International Scholarships covering 50% of courses over £17,000.
- The University of York offers full tuition scholarships for students from specific countries like Nigeria, Singapore, and Indonesia.
You generally apply for university scholarships separately through the institution.
UK Government and Organizations
Scholarships are also available from the UK government and charitable institutions:
- Chevening Scholarships – Prestigious scholarships for Master’s degrees funded by the Foreign, Commonwealth & Development Office. Covers full tuition and living costs of up to £26,000. Open to students from over 160 countries including Nigeria, Kenya, India.
- Commonwealth Scholarships – Offered for PhD and Master’s study from Commonwealth countries. Covers airfare, tuition fees, and stipend for living expenses.
- Rhodes Scholarships – All-expense paid scholarship for postgraduate study at Oxford awarded to exceptional students worldwide.
- Charles Wallace India Trust – Provides full scholarships for British arts and humanities degrees to students from India.
- Denys Holland Scholarship – Covers tuition fees and stipend for undergraduate study up to £13,000 per year, for students from South Africa.
Make sure to apply for any scholarships you are eligible for to reduce your out-of-pocket costs.
Taking Out Private Student Loans
With no government loans available, private student loans become key to bridging the gap between scholarships and personal funds.
Types of Private Loans
- Loans from Nigerian banks – Some Nigerian banks provide education loans for study abroad you can explore. Do your due diligence regarding terms and conditions.
- Family and community lending – Borrowing from family members or community networks is an informal option. Make sure to formalize terms.
- International private loans – Companies like Prodigy Finance, MPOWER, Stilt, and Leap Finance offer private loans designed for international students.
Private Loan Considerations
- Interest rates are typically higher than government loans at 4% to 15%. Factor this into costs.
- May require a creditworthy cosigner or co-borrower to get approved and better rates.
- Check if there are origination/disbursement fees.
- Confirm the repayment term length and options like deferred repayment.
- Read the fine print for any hidden clauses and loan conditions.
Estimating Loan Amounts Needed
- Tuition fees – Check university website for exact costs per year.
- Accommodation – £150-£300 per week for student housing near campus.
- Living expenses – £160-£200 per week for food, transport, bills, etc.
- Books, medical insurance, leisure, other – £100-£150 per month.
- Total loan required = tuition fees + 52 x (accommodation + living costs).
Take a conservative approach when estimating to avoid any shortfalls.
Working Part-time While Studying
Part-time work allows you to earn extra income to pay bills and reduce reliance on loans.
- International students can work up to 20 hours a week during term-time.
- Full-time work up to 40 hours a week is allowed during holidays.
- Minimum wage varies by age – £9.50 an hour if over 23 years old.
- Common jobs include retail, restaurants, university roles, and remote work.
- Average part-time income ranges £600 – £1,000 a month.
- Check your visa terms so any work you do complies with regulations.
Use part-time earnings wisely for expenses like groceries, transport and mobile bills to avoid accumulating unnecessary debt.
Financial Support From Your Family
Given the high costs, funding from your family can greatly ease the financial burden of studying in the UK:
- Have an open discussion with parents/guardians about what level of support they can reasonably provide. This gives you clarity on amounts you’ll be responsible for.
- See if extended family like grandparents may be able to contribute a portion.
- Request help for specific one-time costs like flights, visa applications, or insurance payments.
- Draw up a formal written agreement stating the agreed amount and schedule of payments to avoid misunderstandings.
- Check if your family can use assets like fixed deposits or property as collateral when applying for loans to get better terms.
Every bit helps, but be realistic about expectations of family contributions.
Paying Tuition Fees in Instalments
Paying tuition fees in instalments can ease liquidity issues and improve affordability.
- Most UK universities allow splitting annual tuition into termly, monthly, or 3/6 month payments.
- This prevents you having to pay full fees upfront each year from your funds or large education loan amount.
- Payment plans differ by university – some charge admin fees while others are free.
- Budget accordingly so you have funds for each instalment available on time or face late penalties.
- Be aware that tuition can increase yearly so factor higher second year payments.
Breaking costs into smaller chunks is useful but disciplined budgeting is still required.
Crowdfunding Your Tuition Fees
Crowdfunding platforms like GoFundMe allow you to fundraise tuition fees from donors across the world:
- Create a compelling campaign page sharing your background, academic goals, and funding needs.
- Highlight extracurricular achievements to show you are well-rounded.
- Share on social media to spread the word to your networks. Follow up personally with close family and friends.
- Offer updates and progress reports for donors on how their money is helping you.
- Some platforms like Scholar Raising match eligible students with sponsors and companies.
- Can supplement 10-50% of funding but should not be sole approach.
While promising, crowdfunding requires consistent effort and may not yield your full target. Have backups in place.
Comparing Your Funding Options
| Source | Pros | Cons |
|---|---|---|
| University Scholarships | – Merit awards cover 25%-100% tuition <br> – Strong academic profile gives high chances | – Limited spots available<br> – Have to reapply annually |
| External Scholarships | – Prestigious awards like Chevening or Rhodes<br> – Covers full tuition and living costs | – Very competitive, low success rates<br> – Fixed country eligibility |
| Private Loans | – Flexible loan amounts <br>- Can fund entire cost <br>- Easy to apply | – Higher interest rates <br> – Need cosigner <br> – Credit checks required |
| Part-time Work | – Earn over £600 monthly <br>- Gain work experience <br> – Build UK credit history | – Cannot work over 20 hrs/wk in term-time<br> – Salary not enough to fully self-fund |
| Family Support | – Avoid repaying costs <br> – Lowers overall debt burden | -Have to depend on family <br> -Not guaranteed support |
| Crowdfunding | – Connects you with global donors <br> – Can raise unexpected amounts | – Very uncertain and variable <br> – Lots of effort required |
Assess your specific situation carefully to utilize the optimal mix that meets your financial needs.
Final Tips for Funding Your Studies
If you plan diligently, you can successfully finance your UK education as an international student through:
✔ Starting your funding search early – at least 12 months before you intend to study.
✔ Estimating all costs conservatively – tuition, living expenses, travel, etc.
✔ Researching and comparing all possible scholarship, grant, and loan options available.
✔ Seeing if your home country offers external scholarships or loans
✔ Maximizing your savings by working part-time and cutting living costs.
✔ Checking if you qualify for any scholarships from third-party organizations related to your field of study.
✔ Avoiding paying agency or consultant fees for scholarship applications. Apply directly.
✔ Looking into applying for scholarships and studentships directly from your chosen university department.
✔ Considering affordability when shortlisting and applying to universities.
✔ Choosing funders that allow international wire transfers of disbursements to your UK account.
✔ Setting up a UK bank account once accepted to receive transfers and payments.
✔ Creating a funding tracking spreadsheet to monitor multiple applications and deadlines.
✔ Ensuring you have at least part of the first year’s funds secured before accepting university offers.
✔ Managing any funds disbursed carefully and avoiding unnecessary expenditures.
With dedicated planning, creativity and perseverance, you can secure the resources to achieve your UK education goals as an international student. Consider all avenues and get started early.
Conclusion
In summary, while international students unfortunately can’t access UK government student loans, by tapping into scholarships, grants, private lending, family support, part-time work, crowdfunding, and payment plans, you can create a viable funding strategy. Each option has pros and cons, so a balanced approach works best.
Start planning your finances 12 months before studying, research all resources available thoroughly, estimate costs conservatively, and apply widely to put yourself in a strong position to fund your UK education successfully.
With a strategic approach, you can gain a top-class British education as an international student.
FAQs
Q: What are the main funding options available for international students in the UK?
A: The main options include university and external scholarships, private education loans, part-time work, family contributions, payment plans/instalments, and crowdfunding. Government student loans are not available.
Q: How early should you start planning finances before studying in the UK?
A: It is recommended to start planning your funding strategy at least 12 months before you intend to begin studying. This gives you time to research, apply for aid, and secure funds.
Q: Should you rely on a single source of funding?
A: No, it is risky to depend on just one funding source. Aim to diversify across 2-3 different avenues like scholarships, family funds, and part-time work. This balances affordability and lowers risk.
Q: How much can you earn working part-time as an international student?
A: International students can earn £600 – £1000+ per month working 10-20 hours a week doing part-time jobs during term-time and vacations.
Q: Are there any grants available for international students?
A: Yes, organizations like the Commonwealth Scholarship Commission and British Council offer some grant funding that does not have to be repaid. But spots are limited.