Finances

Alongside completing your admissions applications for undergraduate 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 undergraduate 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 your course and living expenses 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. However, it is generally twice as high or higher than the rates charged for UK students, similar to out of state students studying at a state university in the US.

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.  When calculating your estimated annual expenses, it is important to consider costs for:

To give you a rough idea of what to expect in terms of expense, LSE estimates 1,000 pounds as a minimum per month; Oxford estimates 6,900 pounds for an academic year; Cambridge estimates 6,000 – 7,500 pounds for an academic year and Manchester estimates 7,700 pounds per year.

Information on tuition rates and expenses should be readily available on the university and/or department webpage(s).

University Funding

In general, university-based funding is less readily available for study in the UK than it is in the US. However, UK institutions may offer scholarships or bursaries, which you can find listed on the UCAS course search, British Council website and/or the universities' website. Scholarships 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 will vary by institution and often by department and may be limited to UK or EU students.

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

External Funding

Often, scholarships from external funding bodies can be thought of as niche scholarships, as they may be based on specific personal qualities or criteria outlined by the funding body.  These qualities often correlate to the mission of the organisation 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.

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

You may also wish to contact your US high school guidance counselor for information on local and national scholarship applications, as well as websites such as FastWeb or FinAid.

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.

US citizens and permanent residents pursuing a UK undergraduate degree are eligible for both federal loans through the FAFSA process and private US-based student loans.

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.

For further information about these opportunities you may wish to visit the British Council and FAFSA websites.