Finances

Alongside completing your admissions applications for graduate study in the UK, you will also want to research and consider financial matters.

Overview

As the cost of higher education increases in both the US and UK, it is important for students to know what costs to expect and to develop a plan to cover these. Finding funding for graduate study in the UK is a challenge for both UK and international students alike. The key is starting early and putting in the necessary time and effort to seek out and apply for scholarships. Keep in mind you will need to demonstrate access to funding for the first year of study in order to apply for a visa.

Expenses

International students from outside of the EU will be charged the ‘overseas’ tuition rate. Overseas tuition rates vary by both institution and department. This information should be readily available on the university and/or graduate degree programs webpage(s).

In addition to tuition fees, it is also important to take into account cost of living and additional expenses you will likely incur during the duration of your degree program. When calculating your estimated annual expenses, it is important to consider costs for:

room and board
books and supplies
transportation (which may include both local transport and international airfare for holidays)
personal expenses (food, clothing, entertainment, etc.)

University Funding

In general, university-based funding is less readily available than in the US. However, UK institutions may offer scholarships, also referred to as studentships, and/or assistantships for graduate study. Scholarships can be thought of as an outright grant, while assistantships are funding offered in return for services provided to the university - either teaching, research or lab supervision for up to 20 hours per week.

University funding tends to be more readily available for Ph.D. students and students in a research-focused Master’s degree than for professional degree students. Further, programs in the sciences generally have more funding to pass on to students than programs in the humanities.

Both scholarship and assistantship packages may include a reduced rate or waiver for tuition and fees and/or a living stipend. However, it is important to note the number and type of scholarships and assistantships will vary by institution and often by department.

For detailed information about what aid is available and how to apply, visit universities’ websites.

External Funding

A scholarship from an external funding body is a financial award that does not have to be repaid. Often, scholarships from external funding bodies can be thought of as niche scholarships, as they may be based on very specific personal qualities outlined by the funding body. These qualities often correlate to the mission of the organization and could include country of origin, ethnicity, religious faith, interest in a particular field, gender, interests, talents, etc. Scholarships from external funding bodies may also be awarded on the basis of merit. Merit can include not only outstanding academic performance, but also special talent in performing arts, community service participation or extracurricular involvement.

Many UK and EU students applying for graduate study in the UK expend the majority of their effort applying for external funding from a number of UK discipline-specific research councils. However, international students are not eligible for such awards, so you will need to concentrate your efforts on identifying alternative sources of external funding, such as the Fulbright Awards Program.

To conduct a search for external funding sources for UK graduate study, you may wish to visit the British Council website.

Loans

As the cost of higher education rises in the US and UK, more students require loans to fund all or part of their studies.

When considering a loan to finance your studies, be sure to examine carefully all of the terms and conditions of the loan. Explore repayment options, as the conditions of each loan program will vary. Interest rates may also add to the total cost of the loan, particularly if it is accrued while you are studying. Although you might find all of the general information about costs and interest rates when enquiring about a particular loan scheme, it is important to read the fine print before signing any agreement.

US citizens and permanent residents pursuing a UK graduate degree are eligible for both federal and private US-based student loans. For further information about these opportunities, including how to apply, you may wish to visit the British Council and FAFSA websites.