A few sources suggest that approximately €15.6 billion is available as international student scholarships in Europe. Also, more than 500,000 students enrolled in UK universities. The key reason to choose the UK for higher education is that it is second after the USA.
Moreover, studying in the UK provides not only high-quality education but also a cultural experience, student network and new skills. It also provides access to diverse background professionals.
Therefore, UK education is a priority for many global students, especially those who couldn’t enrol in the university of choice in the USA. Students have many options to fund their education in the UK. These remain common for most of the abroad universities, colleges, and institutes.
Funding Options for Studying in the UK
● Student Loans
After completing an undergraduate course, most students prefer post-graduation. However, the possibility of scholarship or grants is given to a few select candidates. Therefore, the remaining of them often choose to opt for student loans.
A student loan is readily available from lenders, government or private banks. The money is available for completion of full, vocational, or part-time courses. Optionally, students may borrow money from foreign country banks wherein they plan to study.
There are two forms of student loans, namely, secured and unsecured. The former requires security against a tangible or intangible asset such as insurance, home, car, land, property, FD, etc. On the other hand, the latter doesn’t require security but comes at a high-interest rate during repayments.
Students that don’t have these two options could go for very bad credit loans from direct lenders. These type of loans provide emergency cash but with limitations such as low repayment duration, amount, no withdrawal before paying interest, etc.
● Grants and Scholarships
Students that prove exceptional in their field of study get an option of availing a grant. It provides a chance to study at a university without paying fees. However, grants come with qualification limitations.
Fortunately, the UK government offers hundreds of grants based upon hobbies, achievements, academics, group affiliations, and more. A grant is given on a need basis; however, a scholarship is only based on merit.
The University of Oxford and the University of Bristol offer the most scholarships in the UK. Moreover, international students also receive government financial aid.
● Other Organizations
Working-class students that want to enhance skills by studying at a UK university can do so with the help of employer scholarships. Employees receive funding from most employers because the latter believes that studying would help with role development and performance of the former.
Unfortunately, receiving an employer scholarship is a challenging task for the employee. This is because it requires convincing the employer that the employee would share the benefit of the studies with the present company.
However, employer funding isn’t the last choice for the employee. An employee can receive financing for higher studies through the UK government bodies or charitable organizations. The employee has the opportunity to reach them through online websites.
International students can check Chevening Scholarships, Commonwealth Scholarship or Fellowship Plan to study in the UK or any other country.
● Research and Teaching Assistantship
An assistantship is similar to studentship that is common in the USA. Students pursuing post-graduation can receive funding through this program but have to teach or research for specific hours. The university or other funding body even offers modest salary compensation to the student and waves off the fees.
The funding body or university often has a vested interest in the student’s field of study. The job profile of a Research Assistantship may from one department to another. However, the roles in a Teaching Assistantship often include grading papers, student counselling, laboratory teachings, etc.
● Self/Family Funding
A Kingston University UK survey of 1200 postgraduates stated that 41.2% received family funding for studying in the UK. However, the other halves had to manage their education through one of the methods mentioned above.
Another monetary option for supporting education in the UK is through self-funding. International students can work at specific places and require following the guidelines prescribed by the government. For example, self-funding international students can work for no longer than 20 hours every week during term and full-time holiday breaks.
The Closure
Student’s pursuing education in the UK shouldn’t get discouraged with high tuition fees and living expenses. They can easily overcome these types of monetary burdens through the methods mentioned above. Additionally, some of them, such as an RA, TA, etc. can prove rewarding with financial compensation.
Besides this, grants, scholarships, and other organizations can help to overcome the financial crisis by helping through various programs. Also, secured student loans come with very low-interest rates compared to unsecured loans.
Students can make use of secured loans to compensate for their education and daily expenses. They also have many repayment options based on the type of loan. Therefore, an international educational websites for student can quickly get an education in the UK.
