The idea of budgeting for university can be daunting, but with the right knowledge and preparation, you can make the most of your time studying in the UK. Whether you’re an international student or a domestic student, this article will provide you with the tips and guidance you need to ensure that you have a successful and stress-free university journey.
Tuition Fees
The first item on your list of budgeting considerations will almost certainly be tuition fees. The cost of tuition in the UK varies depending on the type of course you are taking and the institution that you are attending, however the maximum cost you should expect to pay for any course is capped at £9,250 per year of study for both domestic and international students.
It is important to note that, although this cap applies to any course, there are a number of exceptions. For example, some courses in some universities may incur additional fees, such a lab or materials fees. It's also important to be aware that some universities charge higher tuition fees for international students. Therefore, it's important to weigh up the pros and cons of the different course fees before making a final decision.
Student Loans
Once you have an estimate of the cost of your tuition fees, you can consider the different student loan options available for UK higher education.
Both domestic students and international students can access UK student finance. Domestic students can apply for a 'Tuition Fee Loan' to cover their tuition fees, and a 'Maintenance Loan' to cover accommodation, living costs, and other expenses. International students cannot, however, access the Maintenance Loan, but they can apply for the Tuition Fee Loan. In both cases, loans should be repaid after graduating, and any loans not repaid in full after the repayment period has ended will result in interest being accrued on the remaining balance.
For domestic students, the tuition fee loan is also supplemented by a 'Maintenance Grant'. This grant is intended to cover accommodation and living costs for students who have a household income of less than £25,000. Domestic students whose household income exceeds this amount are not eligible for the grant, and must instead seek alternative sources of funding.
Scholarships and Bursaries
In addition to loans, many universities in the UK offer scholarships and bursaries to students who have high academic achievement or special circumstances. These are usually merit- or need-based awards, and can range from a small cash award to full tuition fee waivers.
UK universities may also have partnerships in place with organisations that offer scholarships or bursaries for certain courses. For example, there may special partnerships in place for studying medicine, engineering or business, which can award students with scholarships or bursaries for studying at the university.
It is also worth researching what kind of financial assistance the university offers. For example, some universities offer special bursaries for students from disadvantaged backgrounds, and universities may also have special funds available for foreign students.
Finding Part-Time Work
Finally, part-time work can be an effective way of helping to supplement your income while studying in the UK. Most full-time students are allowed to work up to 20 hours per week during term time, and up to 40 hours per week during the holidays. Employers will usually be understanding of a student's academic studies taking precedence over work, so make sure you let them know that you may not able to work during peak times.
It is important to note that foreign students may need to obtain a visa in order to work in the UK. Depending on their nationality, foreign students may be required to apply for a Tier 4 student visa, which will require certain evidence in order to be issued. It is also important to be mindful not to take on more work than you can manage in order to avoid dropping your grades as a result of exhaustion.
Conclusion
Knowing about the various sources of funding available for UK higher education and budgeting for university can make the process a lot less overwhelming. As a student studying in the UK, it's important that you research and apply for all the loans, grants, scholarships, and bursaries that are available to you in order to ensure that you make the most of your university journey.