How to Fund Your Studies as an International Student in the UK
The UK is home to some of the most prestigious universities in the world. However, as an international student, financing your studies there can be very challenging without access to government student loans.
While limited, there are still a few ways you can fund your education and live as a student in the UK:
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Explore Private Student Loans
Certain private lenders and fintech companies offer student loans to international applicants studying in the UK. Some popular options include:
- Prodigy Finance – Loans specifically tailored for international postgraduate students. Requires a co-signer.
- MPower Financing – Loans for international undergrads and grads without requiring a co-signer or collateral.
- Credila – Education loans for Indian students in the UK and globally.
- Stilt – Loans for international students from select countries like India, Canada, etc.
The key benefit of private student loans is they are open to international students. However, you need to meet strict eligibility criteria related to:
- Citizenship of an approved country
- Minimum income requirements
- Credit score standards
- Finding a eligible co-signer
Interest rates are also typically higher than government loans. Do your research to find the best lender for your situation.
Apply for Scholarships and Grants
Scholarships and grants are the most affordable way to fund your UK education as an international student. Different options include:
- University scholarships – Many UK universities offer merit-based and financial aid scholarships for international applicants.
- External scholarships – Numerous charitable organizations and companies offer scholarships for studies in the UK.
- Government scholarships – Check if your home country offers scholarships or grants for studying abroad.
- Athletic scholarships – If you excel at sports, you may be able to secure funding from UK universities.
- Subject-specific scholarships – There are specialized scholarships for students pursuing degrees in fields like technology, business, arts, etc.
The amount of funding can range from a few hundred pounds to covering your full tuition and living costs. You need to thoroughly research and apply to increase your chances.
Look Into University Loan Schemes
Certain UK universities have their own loan schemes to support international students, for example:
- University of Sussex offers student loans worth £5000 to £15000 towards living costs.
- University of York provides tuition fee loans and hardship funds for international students.
- London School of Economics gives interest-free loans up to £6000.
- University of Essex provides interest-free emergency loans.
These university loan schemes generally offer lower interest rates and more flexibility than private loans. However, eligibility criteria and loan amounts vary across different universities.
Seek Contributions From Family and Friends
As an international student, financial assistance from your family and personal network can make a huge difference. Ways they can help cover your costs include:
- Direct financial gifts or contributions
- Interest-free or low-interest loans
- Sponsoring part of your tuition or living expenses
- Helping pay for flights, visa costs, etc.
- Monthly pocket money to supplement your budget
Even relatively small contributions like £100-200 per month can significantly ease the financial stress. Make sure to communicate your situation openly with them.
Work Part-Time During Your Studies
International students on Tier 4 visas are allowed to work up to 20 hours per week during term time. You can take up part-time jobs like:
- Working in cafes, restaurants or shops
- Tutoring other students
- Freelance online work
- On-campus jobs at libraries, labs, etc.
Working up to the 20 hour/week limit and earning around £800-1000 per month is feasible. This gives you a steady income flow alongside your studies. Just ensure it does not impact your academics.
Budget Diligently And Lower Your Living Costs
To make your funds last longer, meticulous budgeting and cutting living costs is essential, for example:
- Find the most affordable accommodation near your university
- Get student discounts and deals for transportation, food, supplies, etc.
- Minimize leisure and entertainment expenses
- Cook your own food and limit eating out
- Share or rent textbooks, clothes and other expensive items
- Open a student bank account to save on fees and get other perks
With prudent saving and budgeting, you can significantly reduce your cost of attendance in the UK.
Consider Taking a Loan From Your Home Country
Some banks and NBFCs in countries like India offer education loans for studies abroad in the UK. These include:
- State Bank of India
- Bank of Baroda
- Punjab National Bank
- HDFC Credila
- Avanse Financial Services
The interest rates are higher than government loans but lower than private UK lenders. Repayment options may also be more flexible. This can be a viable option along with the other financing sources discussed.
Conclusion
Funding your education in the UK as an international student requires creativity and resourcefulness. Blending together scholarships, part-time work, family support, loans from your home country and careful budgeting can make it feasible to cover your costs. With thorough planning and researching all options, don’t let financing challenges deter you from accessing a world-class UK university education.
FAQs on Financing Studies in the UK
How much does it cost annually for an international student in the UK?
The average annual cost including tuition and living expenses ranges between £ 20000 to £30000. Total costs for a 3 year course can be £60000 to £90000.
What is the maximum part-time hours international students can work in the UK?
International students can work up to 20 hours per week during term periods and full-time during holidays.
What are some reputed external scholarships for international students?
Chevening, Commonwealth, Felix, Rhodes, Gates Cambridge, and Marshall Scholarships are prominent external scholarships open to international applicants.
What is the minimum loan amount international students can get in the UK?
Private student loans often have a minimum amount of £5000 to £10000. University loan schemes may start from £2000-3000.
What are the documents required for education loans from Indian banks?
You’ll need proof of admission, ID/age proof, education credentials, cost estimates, financial statements, income documents, co-applicant/guarantor details, etc.